值得注意的是，央行同时开展7天期与14天期逆回购，显示出在期限结构上的灵活安排。国家金融与发 展实验室特聘高级研究员庞溟表示，此举既满足跨年资金需求，又防止流动性过度累积，时隔近3个月 重启14天期逆回购操作，旨在直接覆盖元旦假期的资金需求，提前熨平可能出现的短期利率波动，体现 了货币政策调控的预见性和精细度。 王青表示，预计年底央行将通过各类流动性工具搭配组合，提升短中长期流动性管理的科学性和精准 性。这不仅有助于保持市场流动性充裕，引导金融机构加大货币信贷投放力度，也将释放数量型政策工 具持续加力信号，显示货币政策延续支持性立场。 展望后续，庞溟表示，预计央行将继续以公开市场操作作为主要流动性管理工具，调控将更突出"精 准"与"有效"。货币政策的重点仍将是为实体经济创造稳定适宜的金融环境，各项流动性工具将继续在 平抑短期波动、引导合理利率水平中发挥作用，确保金融体系运行平稳。在保持流动性合理充裕的同 时，着力畅通货币政策传导机制，引导资金更有效率地进入国民经济重点领域和薄弱环节，为经济高质 量发展提供有力支撑。 12月18日，央行发布公告表示，当天以固定利率、数量招标方式开展883亿元7天期逆回购操作，利 ...

12月18日金融一线消息，2025年12月19日，中国人民银行以固定利率、数量招标方式开展了562亿元7天 期逆回购操作。同时，以固定数量、利率招标、多重价位中标方式开展了1000亿元14天期逆回购操作。 责任编辑：王馨茹 12月18日金融一线消息，2025年12月19日，中国人民银行以固定利率、数量招标方式开展了562亿元7天 期逆回购操作。同时，以固定数量、利率招标、多重价位中标方式开展了1000亿元14天期逆回购操作。 责任编辑：王馨茹 ...

专家表示，后续央行将通过各类流动性工具搭配组合，提升短中长期流动性管理的科学性和精准性，保 持市场流动性充裕，引导金融机构加大货币信贷投放力度。 中央财办有关负责同志此前在详解2025年中央经济工作会议精神时表示，货币政策工具箱既包括降准降 息，也包括其他短期、中期、长期流动性投放工具。明年将灵活搭配、高效运用多种工具，使社会融资 规模、货币供应量增长同经济增长、价格总水平预期目标相匹配。 "货币政策的重点仍是在保持流动性充裕的同时，着力畅通货币政策传导机制，引导资金更有效率地进 入国民经济重点领域和薄弱环节，为经济高质量发展提供有力支撑。"庞溟说。 12月18日，人民银行同时开展了7天期与14天期逆回购操作，显示出在期限结构上的灵活安排。国家金 融与发展实验室特聘高级研究员庞溟认为，临近年末，人民银行选择以期限结构调整为抓手，进行"削 峰填谷"。既满足了银行体系因现金投放、财政收支等因素产生的临时性缺口，也避免了可能引发的资 金空转和杠杆攀升。 "预计年底前后人民银行将持续通过7天期和14天期逆回购操作，有效控制短期流动性的波动幅度。"东 方金诚首席宏观分析师王青分析。 在王青看来，12月以来，人民银行已通 ...

中国人民银行12月18日发布公告称，当天以固定利率、数量招标方式开展了883亿元7天期逆回购操作。 同时，以固定数量、利率招标、多重价位中标方式开展了1000亿元14天期逆回购操作。对于央行此次时 隔近3个月重启14天期逆回购操作，市场机构认为主要目的是满足跨年资金需求，维护年末资金面平稳 有序。 逆回购是央行向一级交易商购买有价证券，并约定在未来特定日期将有价证券卖给一级交易商的交易行 为。今年9月，央行将公开市场14天期逆回购操作由单一价位中标调整为多重价位中标，至此14天期逆 回购不再有统一的中标利率，更聚焦于短期流动性投放工具定位。 （文章来源：证券时报） 临近年末，银行体系短期流动性常遭到多方因素扰动，包括财政集中支出、企业结算需求增大以及居民 提现等。国家金融与发展实验室特聘高级研究员庞溟对证券时报记者表示，开展14天期逆回购操作旨在 直接覆盖元旦假期的资金需求，提前熨平可能出现的短期利率波动。面对年末复杂的流动性环境，央行 选择以期限结构调整为抓手而非在总量上大幅宽松，既满足了银行体系的临时性缺口，也避免了"大水 漫灌"可能引发的资金空转和杠杆攀升。 根据央行党委会议要求，明年将灵活高效运用降准 ...

"这是央行时隔近三个月再次启用14天逆回购工具，释放出适度宽松货币政策灵活高效的信号。"国家金 融与发展实验室特聘高级研究员庞溟表示，可以看出央行意在通过适度的流动性注入，平衡流动性供 需、稳定市场预期，维护年末资金面的平稳有序。 值得注意的是，央行同时开展7天与14天期逆回购，显示出在期限结构上的灵活安排。庞溟表示，面对 年末的流动性环境，央行选择以期限结构调整为抓手，进行"削峰填谷"。这既满足了银行体系因现金投 放、财政收支等因素产生的临时性缺口，也避免了可能引发的资金空转和杠杆攀升。 中国人民银行消息，12月18日，中国人民银行以固定利率、数量招标方式开展了883亿元7天期逆回购操 作。同时，以固定数量、利率招标、多重价位中标方式开展了1000亿元14天期逆回购操作。 展望后续，庞溟认为，央行将继续以公开市场操作作为主要流动性管理工具，其调控将更突出"精 准"与"有效"。货币政策的重点仍将是为实体经济创造稳定适宜的金融环境，在保持流动性充裕的同 时，着力畅通货币政策传导机制，引导资金更有效率地进入国民经济重点领域和薄弱环节，为经济高质 量发展提供有力支撑。 ...

北京商报讯（记者 刘四红）12月18日，中国人民银行官网公告称，以固定利率、数量招标方式开展了 883亿元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 1000亿元14天期逆回购操作。 北京商报记者注意到，人民银行上次开展14天期逆回购操作是在9月26日，因此，这是人民银行时隔近 三个月重启14天期逆回购操作。 数据显示，当日1186亿元逆回购到期，据此计算，单日净投放697亿元。 ...

12月18日金融一线消息， 2025年12月18日，中国人民银行以固定利率、数量招标方式开展了883亿元7 天期逆回购操作。同时，以固定数量、利率招标、多重价位中标方式开展了1000亿元14天期逆回购操 作。 责任编辑：王馨茹 责任编辑：王馨茹 12月18日金融一线消息， 2025年12月18日，中国人民银行以固定利率、数量招标方式开展了883亿元7 天期逆回购操作。同时，以固定数量、利率招标、多重价位中标方式开展了1000亿元14天期逆回购操 作。 ...

Core Viewpoint - The People's Bank of China (PBOC) has adjusted its 14-day reverse repo operations to a fixed quantity, interest rate bidding, and multiple price winning method, enhancing market liquidity management and reflecting the demand for short-term funds among financial institutions [1][2][3] Group 1: Adjustment Details - The PBOC conducted a 300 billion yuan 14-day reverse repo operation, marking the first implementation after the adjustment announced on September 19 [1] - The adjustment shifts from a "fixed rate, quantity bidding" model to a "fixed quantity, interest rate bidding, multiple price winning" model, allowing banks to bid at different interest rates [1][2] - This change aims to improve the precision and flexibility of monetary policy, catering to the diverse short-term funding needs of financial institutions [1][2] Group 2: Implications for Market Liquidity - The adjustment allows for clearer market expectations and reduces uncertainties related to operational scale, which can stabilize market conditions [2][3] - The PBOC will determine operation timing and scale based on real-time liquidity management needs, enhancing its ability to maintain ample liquidity in the banking system [2] - Historically, the PBOC has initiated 14-day reverse repo operations before major holidays to ensure sufficient liquidity, with the current operation starting earlier than in previous years [2][3] Group 3: Future Outlook - The adjustment is expected to focus the 14-day reverse repo as a short-term liquidity tool, furthering interest rate marketization and improving financial institutions' pricing capabilities [3] - The PBOC's liquidity management toolbox is being optimized, allowing for a more flexible combination of long, medium, and short-term operations to smooth out the rhythm of fund injection and withdrawal [3]

Core Viewpoint - The People's Bank of China (PBOC) has adjusted its 14-day reverse repo operations to a fixed quantity, interest rate bidding, and multiple price winning method, enhancing liquidity management and reflecting market demand more accurately [1][2]. Group 1: Adjustment Details - The PBOC conducted a 300 billion yuan 14-day reverse repo operation, marking the first implementation after the recent adjustment announcement [1]. - The adjustment shifts from a "fixed rate, quantity bidding" model to a "fixed quantity, interest rate bidding, multiple price winning" model, allowing banks to bid at different interest rates [1]. - This change aims to improve the precision and flexibility of monetary policy, catering to the varying short-term funding needs of financial institutions [1][2]. Group 2: Implications for Market Liquidity - The adjustment indicates a more proactive and flexible approach by the PBOC in managing liquidity based on real-time factors such as banking system liquidity and market interest rate trends [2]. - Historically, the PBOC has initiated 14-day reverse repo operations before major holidays to ensure liquidity, with this year's timing being slightly earlier than in previous years [2]. - The early initiation of the operation, combined with previous liquidity injections, is expected to alleviate funding pressures for institutions ahead of the quarter-end and holiday periods [2]. Group 3: Future Outlook - The adjustment is seen as a step towards further market-oriented interest rate reforms, enhancing financial institutions' pricing capabilities and better reflecting market supply and demand [3]. - The PBOC's liquidity management toolbox is being optimized, allowing for a more flexible combination of long, medium, and short-term operations to smooth out funding flows [3].

Core Viewpoint - The People's Bank of China (PBOC) has adjusted its 14-day reverse repo operations to a fixed quantity, interest rate bidding, and multiple price winning method, enhancing liquidity management and reflecting market demand more accurately [1][2][3] Group 1: Adjustment Details - The PBOC conducted a 300 billion yuan 14-day reverse repo operation, marking the first implementation after the recent adjustment announcement [1] - The adjustment shifts from a "fixed rate, quantity bidding" model to a "fixed quantity, interest rate bidding, multiple price winning" model, allowing banks to bid at different interest rates [1][2] - This change aims to improve the precision and flexibility of monetary policy, catering to the varying short-term funding needs of financial institutions [1][2] Group 2: Implications for Liquidity Management - The PBOC will determine operation timing and scale based on real-time liquidity management needs, allowing for a more proactive approach to maintaining ample liquidity in the banking system [2] - Historically, the PBOC initiates 14-day reverse repo operations before major holidays to ensure sufficient liquidity, with this year's timing being slightly earlier than in previous years [2][3] - The adjustment is expected to enhance the PBOC's ability to smooth market fluctuations and provide a more suitable monetary environment for the real economy [2] Group 3: Market Positioning and Future Outlook - The 14-day reverse repo rate has traditionally been viewed as having policy attributes, but the recent adjustment aims to focus it more on short-term liquidity provision [3] - The reform is anticipated to deepen interest rate marketization and improve financial institutions' pricing capabilities, better reflecting market supply and demand [3] - The PBOC's liquidity management toolbox is being optimized, allowing for flexible combinations of long, medium, and short-term operations to enhance the efficiency of liquidity management [3]