同时，央行还持续开展7天期逆回购操作。以逆回购口径统计，9月22日至9月30日，央行累计开展 逆回购操作31799亿元，逆回购到期23434亿元，实现净投放8365亿元。 9月下旬以来，临近季度末，又恰逢国庆中秋双节假期，央行的流动性投放力度明显加码。9月22 日，央行重启14天期逆回购操作，当日投放规模3000亿元。9月26日，14天期逆回购操作规模扩大至 6000亿元。 9月30日，中国人民银行以固定利率、数量招标方式开展了2422亿元7天期逆回购操作，操作利率为 1.4%。今日公开市场有2761亿元7天期逆回购到期，实现净回笼339亿元。 前一日，中国人民银行以固定利率、数量招标方式开展了2886亿元7天期逆回购操作，操作利率同 样为1.4%。因为当天有2405亿元7天期逆回购到期，实现净投放481亿元。 ...

9月29日，中国人民银行以固定利率、数量招标方式开展了2886亿元7天期逆回购操作。因当日有2405亿 元7天期逆回购到期，实现净投放481亿元。 专家表示，面对国庆假期、跨季等因素扰动，近期央行综合运用多种货币政策工具，呵护流动性态度明 显。后续央行将继续把握好政策实施的力度和节奏，灵活运用货币政策工具，保持流动性充裕。 对于14天期逆回购操作，华西证券（002926）宏观首席分析师肖金川表示，央行通常在春节和国庆前一 周左右开启类似操作。提前操作的优势在于能帮助央行更合理地安排节后投放到期规模，避免大额资金 集中到期引发市场资金面超预期波动，为假期前后流动性平稳过渡筑牢防线。 专家表示，央行在一周内两度开展14天期逆回购操作，体现了其呵护流动性平稳跨季的意图。"14天期 逆回购操作是季末流动性的重要补充，有利于跨季资金价格回落。"信达证券（601059）首席固收分析 师李一爽说。 资金利率中枢料下移 专家认为，为持续保持流动性处于充裕状态，后续央行或将灵活运用多种货币政策工具。 "展望10月，流动性缺口或和9月不相上下，但考虑到10月央行或重启国债买卖，以及四季度多数情况下 资金利率中枢低于三季度，因此， ...

Group 1 - The People's Bank of China (PBOC) conducted a 7-day reverse repo operation of 288.6 billion yuan, resulting in a net injection of 48.1 billion yuan after 240.5 billion yuan matured on the same day [1] - The PBOC is expected to continue using various monetary policy tools to maintain ample liquidity, especially considering the upcoming National Day holiday and quarter-end factors [1][2] - Recent actions by the PBOC, including significant mid-term liquidity injections, aim to enhance the precision and effectiveness of liquidity management [1] Group 2 - The PBOC's two 14-day reverse repo operations within a week indicate its intention to ensure stable liquidity across the quarter [2] - Experts predict that the central bank may flexibly use multiple monetary policy tools to keep liquidity abundant, with expectations for a decrease in the central rate of funding in October compared to September [2] - The PBOC aims to support consumption and effective investment while maintaining financial market stability and ensuring the RMB exchange rate remains stable [2]

央行网站截图。 | 2025年9月26日,中国人民银行以固定利率、数量招标方式开展了1658亿元7天期逆回购操作。 | 7天期逆回购操作情况 | | | | --- | --- | --- | --- | | 期限 | 操作利率 | 投标量 | 中标量 | | 7天 | 1.40% | 1658亿元 | 1658亿元 | | 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。 | | | | | 中国人民银行公开市场业务操作室 | | | | | 二〇二五年九月二十六日 | | | | 据央行网站消息，9月26日，中国人民银行以固定利率、数量招标方式开展了1658亿元7天期逆回购操 作。 (责任编辑：王晨曦) 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。 ...

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。 人民财讯9月26日电，2025年9月26日，中国人民银行以固定利率、数量招标方式开展了1658亿元7天期 逆回购操作，操作利率1.40%。 ...

Core Viewpoint - The People's Bank of China (PBOC) has made a significant adjustment to the 14-day reverse repurchase operation mechanism, introducing a new model of "fixed quantity, interest rate bidding, and multiple price bidding," marking a key step in the transition to a price-oriented monetary policy framework [2][3]. Summary by Sections Adjustment of Reverse Repo Operations - The PBOC's announcement on September 19, 2025, states that the 14-day reverse repo operation will now be conducted using a fixed quantity, interest rate bidding, and multiple price bidding method to better meet the differentiated funding needs of various participating institutions [3]. - This adjustment enhances the policy signaling function of the 14-day reverse repo rate, which previously had limited practical implications as it was typically priced at the 7-day repo rate plus 15 basis points [3]. Flexibility in Liquidity Management - The new rules increase the flexibility of the 14-day reverse repo operation, allowing the PBOC to make more precise arrangements regarding the timing and scale of operations based on liquidity management needs, rather than only using it before long holidays [4]. Continuous Optimization of Monetary Policy Framework - The PBOC has been continuously optimizing its monetary policy operation framework, introducing several important reforms since 2024, including new tools like government bond trading and various types of repos, which enhance its liquidity management capabilities [5]. - Future efforts should focus on improving the price-oriented monetary policy framework, ensuring the core position of policy rates in monetary policy transmission, and enhancing the market-oriented pricing ability of short-term interest rates [5].

9月19日，中国人民银行将公开市场14天期逆回购操作由单一价位中标调整为多重价位中标。这意 味着，14天期逆回购不再有统一的中标利率，可充分发挥机构市场化自主定价能力，更好反映机构差异 化的资金需求。 近年来，中国人民银行通常在国庆和春节长假前启动14天期逆回购操作。"本次14天期逆回购操作 的启动时间略早于往年，有利于保障跨季、跨节资金面平稳，体现了适度宽松的货币政策取向。"东方 金诚首席宏观分析师王青表示，此举是对央行流动性管理工具箱的进一步优化，同时也强化了7天期逆 回购操作利率的政策地位。 记者了解到，22日，中国人民银行还以固定利率、数量招标方式开展了2405亿元7天期逆回购操 作。（记者任军、吴雨） 中国人民银行9月22日发布公告称，当日，中国人民银行以固定数量、利率招标、多重价位中标方 式开展了3000亿元14天期逆回购操作。这是中国人民银行9月19日宣布调整这项工具的操作规则后，首 次开展这一操作。 【纠错】 【责任编辑:王頔】 ...

智通财经APP获悉，9月22日，中国人民银行以固定利率、数量招标方式开展了2405亿元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3000亿元14天期逆回购操作。 本文编选自"央行官网"，智通财经编辑：徐文强。 | 期限 | 操作利率 | 投标量 | 中标量 | | --- | --- | --- | --- | | 7天 | 1.40% | 2405亿元 | 2405亿元 | ...

Core Viewpoint - The People's Bank of China (PBOC) has announced adjustments to the 14-day reverse repurchase operations to maintain ample liquidity in the banking system and better meet the differentiated funding needs of various institutions [1][3]. Group 1: Policy Adjustments - The 14-day reverse repurchase operations will now be conducted through fixed quantity, interest rate bidding, and multiple price-level bidding, with operation time and scale determined based on liquidity management needs [1][4]. - This adjustment is expected to occur slightly earlier than in previous years, providing institutions with preemptive funding ahead of holidays [3]. Group 2: Market Impact - The PBOC has already injected 300 billion yuan through reverse repos, which will help alleviate the preventive funding needs of institutions before the quarter-end and holidays [3]. - The new bidding method allows for market-driven pricing, enhancing the ability of institutions to reflect their differentiated funding needs [3]. Group 3: Future Outlook - The PBOC aims to flexibly combine long, medium, and short-term operation varieties based on liquidity conditions and institutional demands, leading to more precise and efficient liquidity management [5].

9月19日，中国人民银行官网发布公告，宣布将14天期逆回购操作调整为固定数量、利率招标、多重价 位中标（即美式招标）。业内专家告诉记者，启动14天期逆回购操作提前投放跨节资金，展现适度宽松 的货币政策取向。 近年来央行通常在"十一"和春节长假前启动14天期逆回购操作，启动时间根据节假日安排和机构需求灵 活调整，以提前为机构提供跨节资金，保持流动性充裕。本次14天期逆回购操作的启动时点略早于往 年，使得实际占款日达到17天。 记者关注到，此次14天期逆回购调整为采用美式招标，业内专家分析称，这也进一步强化了7天期逆回 购操作利率的政策地位。记者还了解到，此次启动并调整14天期逆回购操作，是对央行流动性管理工具 箱的进一步优化。 叠加前期央行已经通过买断式逆回购净投放了3000亿元资金，这有利于进一步缓解季末、长假前机构的 预防性资金需求，保障跨季、跨节资金面平稳。 责编:陈玉尧 | 审核:李震 | 监审:古筝 （来源：央视财经 ） ...