新华财经北京9月26日电（高二山）人民银行26日开展1658亿元7天期逆回购操作，操作利率1.40%，同时以固定数量、利率招标、多重 价位中标方式开展了6000亿元14天期逆回购操作；鉴于当日有3543亿元逆回购到期，公开市场实现净投放4115亿元。本周，人民银行开 展15674亿元7天期逆回购操作、9000亿元14天期逆回购和6000亿元MLF操作，因本周有18268亿元7天期逆回购和3000亿元1年期中期借 贷便利（MLF)到期，公开市场实现净投放9406亿元。 上海银行间同业拆放利率（Shibor）隔夜和7天品种明显下行，14天品种小幅上涨。具体来看，隔夜Shibor下跌15.10BP，报1.3210%；7天 Shibo下跌8.30BP，报1.5010%；14天Shibor上涨2.10BP，报1.6460%。 据上海国际货币经纪公司交易员消息，26日资金面早盘均衡，午盘均衡偏松。早盘国股大行均有融出，受调休日影响，开盘隔夜成交在 1.45%附近，3天押利率存单成交在1.53%-1.55%区间，押信用3天成交在1.58%-1.60%区间；7天14天成交在1.88%-1.95%区间，最低成交 到1.85%位 ...

Core Viewpoint - The LPR rates for September remain unchanged, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5%, consistent since May, indicating a stable monetary policy environment in China [1][4]. Summary by Sections LPR Rates - The 1-year LPR is set at 3.0% and the 5-year LPR at 3.5%, both unchanged for five consecutive months [4]. - The stability of the LPR is attributed to the consistent 7-day reverse repurchase rate, which has remained at 1.40% since May [4]. Market Expectations - Analysts expected the LPR to remain unchanged, aligning with market predictions [3][4]. - Factors such as rising market interest rates and banks' low net interest margins have reduced the motivation for banks to lower LPR quotes [4]. Economic Context - Recent macroeconomic data has shown declines in consumption, investment, and industrial production due to various factors, including extreme weather and external fluctuations [5]. - The fiscal policy has been strengthened, with a target deficit rate of 4.0% and an issuance of 2.9 trillion yuan in government bonds, contributing to the current economic environment [5]. Future Monetary Policy Outlook - There is potential for a new round of interest rate cuts and reserve requirement ratio reductions in the fourth quarter, driven by the need to stimulate domestic demand and stabilize the real estate market [6][7]. - The recent rate cut by the Federal Reserve may provide more room for China's monetary policy to adopt a looser stance [6][7]. Central Bank's Position - The People's Bank of China emphasizes a supportive monetary policy stance, aiming to create a favorable environment for economic recovery and financial market stability [8][9]. - The central bank's approach is data-driven, adjusting policies based on macroeconomic conditions and trends [9].

新华财经北京9月12日电（高二山）人民银行12日开展2300亿元7天逆回购操作，操作利率为1.40%，与此前持平；鉴于当日有1883亿元 逆回购到期，公开市场实现净投放417亿元。本周人民银行共进行12645亿元逆回购操作，因当周有10684亿元逆回购到期，公开市场合 计实现净投放1961亿元。 上海银行间同业拆放利率（Shibor）隔夜和7天品种微跌，14天品种小幅上涨。具体来看，隔夜Shibor下跌0.20BP，报1.3670%；7天 Shibor下跌0.60BP，报1.4600%；14天Shibor上涨1.40BP，报1.5240%。 上海银行间同业拆放利率（9月12日） 银行间质押式回购市场方面，多数品种小幅下跌，R007成交占比降至9.5%。具体看，DR001、R001加权平均利率下行0.6BP、1.1BP，报 1.3646%、1.3979%，成交额分别减少608亿元、2058亿元；DR007、R007加权平均利率分别下行2.4BP、2.2BP，报1.4575%、1.4651%， 成交额分别减少152亿元、644亿元；DR014、R014加权平均利率分别上行1.1BP、下行1.3BP，报1.5387 ...

Group 1 - The People's Bank of China (PBOC) conducted a reverse repurchase operation of 405.8 billion yuan at a fixed rate of 1.40%, maintaining the previous rate, resulting in a net liquidity withdrawal of 174.5 billion yuan due to 580.3 billion yuan of reverse repos maturing on the same day [1] - The MLF (Medium-term Lending Facility) saw a net injection of 300 billion yuan this month, marking the sixth consecutive month of increased MLF operations, with a total of 600 billion yuan injected in August [1] - The net liquidity injection of 600 billion yuan in mid-August is the largest since February, indicating a continued moderately loose monetary policy stance [1] Group 2 - The focus of current monetary policy is shifting towards effective implementation and flexibility, with a low probability of a reserve requirement ratio (RRR) cut in the short term [2] - The PBOC is likely to maintain market liquidity through reverse repos and MLF, with expectations for further increases in MLF operations [2] - The Shanghai Interbank Offered Rate (Shibor) showed a slight decline across short-term maturities, with overnight Shibor down by 3.9 basis points to 1.3170% [2]

Group 1 - The People's Bank of China conducted a reverse repurchase operation amounting to 283.2 billion yuan, with a bidding volume of 283.2 billion yuan and a winning amount of 283.2 billion yuan [1] - The operation interest rate was set at 1.40%, remaining unchanged from previous rates [1]

Core Viewpoint - The People's Bank of China conducted a reverse repurchase operation amounting to 214.8 billion yuan on July 22, 2025, using a fixed interest rate and quantity tendering method [1] Group 1 - The operation was aimed at providing liquidity to the financial system [1] - The fixed interest rate and quantity tendering method indicates a strategic approach to manage monetary policy [1] - The amount of 214.8 billion yuan reflects a significant intervention in the market [1]

Group 1 - The People's Bank of China (PBOC) conducted a total of 700 billion yuan reverse repurchase operations on May 30, 2025, to maintain ample liquidity in the banking system [1] - The reverse repurchase operations included 400 billion yuan for a 3-month term and 300 billion yuan for a 6-month term [2] - Additionally, the PBOC executed a 7-day reverse repurchase operation amounting to 291.1 billion yuan at a fixed interest rate of 1.40%, consistent with the previous trading day [3][4] Group 2 - On the same day, various funding rates showed mixed movements, with the overnight Shanghai Interbank Offered Rate (Shibor) remaining unchanged at 1.411%, while the 7-day Shibor increased by 2.4 basis points to 1.602% [5] - The weighted average rate of the DR007 repo rose to 1.633%, exceeding the policy rate level, indicating a potential short-term disturbance in the funding environment [5] - The Shanghai government announced that during the upcoming Lujiazui Forum, significant financial policies will be released by central financial management departments [5][6] Group 3 - The PBOC is accelerating the development of policies to support the construction of Shanghai as an international financial center, with several initiatives already launched this year [6] - Recent policies include enhancing cross-border financial services and supporting the establishment of a "technology board" in the bond market [6] - The Lujiazui Forum, scheduled for June 18-19, 2025, has been a significant platform for discussing major economic and financial issues since its inception in 2008 [6]

Group 1 - The People's Bank of China (PBOC) conducted a reverse repurchase operation of 1.2 trillion yuan on April 30, 2025, using a fixed quantity, interest rate bidding, and multiple price bidding method [1][6] - The operation included 700 billion yuan for a 3-month term and 500 billion yuan for a 6-month term [5] - Additionally, the PBOC carried out a reverse repurchase operation of 530.8 billion yuan with a fixed interest rate of 1.5% on the same day [6][11] Group 2 - The PBOC did not conduct any public market treasury bond transactions in April 2025 [12] - The liquidity in the market showed mixed trends, with the overnight Shanghai Interbank Offered Rate (Shibor) decreasing by 6.2 basis points to 1.541%, while the 7-day Shibor increased by 2.5 basis points to 1.748% [15] - Analysts predict a relatively large liquidity gap in May, but expect the PBOC to maintain a supportive stance on liquidity, keeping interest rates loose [15]