北京商报讯（记者 岳品瑜 实习生 岳雯艳）11月24日，财政部、中国人民银行以利率招标、单一价位中 标方式进行了2025年中央国库现金管理商业银行定期存款（十一期）招投标。此期存款期限为1个月， 中标总量为1200亿元，中标利率为1.73%，较上期1.76%的中标利率小幅下降3个基点，进一步释放出银 行体系流动性合理充裕的信号。 国库现金定存，是指财政部和人民银行将国库现金存入商业银行的操作，其利率由投标过程中的竞争决 定。这一利率走低通常意味着商业银行对这部分资金的需求意愿有所减弱，反映出当前银行体系的流动 性整体处于合理充裕的水平，并不十分"缺钱"。 对于这一分化现象，中信证券首席经济学家明明指出，其根源在于两类资金的定价逻辑不同。国库现金 定存利率由财政部、人民银行通过招标方式确定，资金来源于国库闲置资金，期限固定，商业银行需将 其纳入一般性存款管理；而shibor是银行间市场的短期拆借资金，用于满足银行当日或近期的流动性缺 口，因此定价更注重即时性，受短期资金供需扰动更大。由于临近月末而资金跨月压力加大，两者走势 分化属于短期因素。 针对短期资金利率的波动，人民银行近期通过多种货币工具持续注入流动性。 ...

Core Viewpoint - China's macroeconomic policy is entering a critical period for stable growth in the fourth quarter, with coordinated monetary and fiscal measures aimed at creating a favorable financial environment for economic recovery [1]. Group 1: Monetary Policy - The People's Bank of China (PBOC) announced a 7-day reverse repurchase operation of 212.5 billion yuan, maintaining the operation rate at 1.40%, while net draining 23.5 billion yuan on the same day due to 236 billion yuan of reverse repos maturing [1]. - Despite a slight tightening in market liquidity due to tax periods and month-end factors, the overall liquidity remains stable under the PBOC's management, with expectations for the upcoming 700 billion yuan Medium-term Lending Facility (MLF) to be rolled over or slightly increased to stabilize market expectations [1]. Group 2: Credit Expansion Measures - The three major policy banks have disclosed that nearly 300 billion yuan of a new 500 billion yuan policy financial tool has been deployed, which is expected to drive total project investments exceeding 4 trillion yuan, with full deployment anticipated by the end of the year [3]. - Compared to 2022, the current round of tools has a broader scope, including sectors like service consumption, digital economy, artificial intelligence, and technological innovation, aiming to leverage project capital to support economic structural transformation [3]. Group 3: Fiscal and Banking Coordination - The Ministry of Finance and the PBOC conducted a 120 billion yuan one-month treasury cash deposit auction, enhancing the coordination between fiscal and monetary policies [4]. - Regional small and medium-sized banks have initiated a new round of deposit rate cuts to alleviate pressure on net interest margins, creating conditions to support the real economy [4]. Group 4: Future Outlook - Professionals generally anticipate that monetary policy will continue to strengthen in the fourth quarter, with the PBOC expected to utilize various tools and potentially implement reserve requirement ratio (RRR) cuts and interest rate reductions to enhance support for the real economy [5]. - The synergistic effect of monetary and fiscal policies is expected to provide strong support for achieving the annual economic and social development goals [5].