图源：央行网站截图 | | 逆回购操作情况 | | | | --- | --- | --- | --- | | 期限 | 操作利率 | 投标量 | 中标量 | | 7곳 | 1.40% | 3105亿元 | 3105亿元 | | | 中国人民银行公开市场业务操作室 | | | | | 二〇二五年十一月十九日 | | | 中新网11月19日电据央行网站消息，2025年11月19日中国人民银行以固定利率、数量招标方式开展了 3105亿元7天期逆回购操作。具体情况如下： （文章来源：中国新闻网） ...

Core Viewpoint - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 403.8 billion yuan at a fixed interest rate of 1.40% on November 11, 2025 [1] Summary by Category Monetary Policy - The operation was executed using a fixed rate and quantity tendering method [1] - The total amount of the reverse repurchase operation was 403.8 billion yuan, with the same amount being the winning bid [1] Market Impact - The interest rate for the 7-day reverse repurchase operation was set at 1.40% [1]

Core Points - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 141.7 billion yuan at a fixed interest rate of 1.40% on November 7, 2025 [1][2] Summary by Category Operation Details - The operation was carried out using a fixed rate and quantity tendering method [1] - The total amount bid and the amount awarded were both 141.7 billion yuan [2] Interest Rate - The interest rate for the 7-day reverse repurchase operation was set at 1.40% [2]

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 700 billion yuan reverse repurchase operation on November 5, indicating a continuation of liquidity support in the market [1][4] Group 1: Reverse Repo Operations - The PBOC will conduct a 700 billion yuan reverse repo operation with a term of 3 months, which is equivalent to rolling over the same amount of maturing reverse repos [1] - Market institutions expect another 6-month reverse repo operation in November, indicating a continued net injection of liquidity [1][4] - Since June, the PBOC has been conducting two different term reverse repo operations each month, maintaining a stable liquidity environment [4] Group 2: Government Bond Operations - In October, the PBOC resumed government bond trading operations, injecting 20 billion yuan into the market, which is seen as a significant signal despite the small amount [1][7] - The resumption of government bond operations is expected to improve market sentiment and reverse bearish expectations in the bond market [8] - The 10-year government bond yield has decreased from 1.8423% to 1.7984% following the announcement of resumed operations, indicating a positive market response [8] Group 3: Market Impact and Expectations - The PBOC's actions are aimed at addressing potential liquidity tightening and maintaining a stable funding environment [4][5] - Analysts suggest that the PBOC will continue to use reverse repos and medium-term lending facilities (MLF) to inject liquidity into the market [5] - The need for the PBOC to buy government bonds is driven by the maturity of previously purchased bonds, with estimates suggesting a need to buy between 700 billion to 1 trillion yuan to maintain stable holdings [9]

Core Points - The People's Bank of China conducted a 1,175 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net withdrawal of 3,578 billion yuan due to 4,753 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the overnight Shibor decreasing by 0.10 basis points to 1.3150%, while the 7-day and 14-day Shibor increased by 0.30 and 0.90 basis points, respectively, to 1.4150% and 1.4780% [1][2] Market Rates Summary - The weighted average rates for the interbank pledged repo market showed minor increases for DR001 and DR007, while other products experienced slight declines. Specifically, DR001 and R001 increased by 0.2 basis points to 1.3148% and 1.3621%, with transaction volumes rising by 155 billion yuan and 2,653 billion yuan, respectively [4] - The overall funding environment appeared relaxed, with significant liquidity in the market. The overnight repo rates fluctuated, with the lowest transaction rate reaching 1.30% by the end of the trading day [10] Upcoming Operations - To maintain liquidity in the banking system, the People's Bank of China plans to conduct a 700 billion yuan reverse repurchase operation on November 5, 2025, with a term of three months [13]

Group 1 - The People's Bank of China conducted a reverse repurchase operation of 117.5 billion yuan with a fixed interest rate of 1.40% for a 7-day term on November 4, 2025 [1] - The total bidding amount matched the amount awarded, indicating strong demand in the market [1]

Monetary Policy Operations - The People's Bank of China (PBOC) conducted a 7-day reverse repurchase operation of 355.1 billion yuan at an interest rate of 1.40%, maintaining the previous rate [1] - With 168 billion yuan of reverse repos maturing on the same day, the net injection into the market was 187.1 billion yuan [1] - This week, the PBOC executed a total of 2.068 trillion yuan in reverse repos and 900 billion yuan in one-year Medium-term Lending Facility (MLF) operations, resulting in a total net injection of 1.4008 trillion yuan due to maturing repos and MLFs [1] Interbank Rates - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the overnight Shibor rising by 0.40 basis points to 1.3210%, while the 7-day Shibor fell by 4.50 basis points to 1.4390% [2][3] - The 14-day Shibor increased by 1.10 basis points to 1.5480% [2] Repo Market - In the interbank pledged repo market, the overnight rate slightly increased, while the 7-day and 14-day rates decreased [4] - The weighted average rate for DR001 rose by 0.7 basis points to 1.3184%, while DR007 and DR014 rates fell by 4.7 and 1.4 basis points, respectively [4] Market Liquidity - The funding environment was reported to be loose, with overnight funding rates declining throughout the day, reaching a range of 1.40% to 1.45% by the end of trading [9] - A total of 53 interbank certificates of deposit (CDs) were issued, amounting to 79.28 billion yuan [9] CD Market - In the primary CD market, trading was subdued, with rates for various maturities declining, particularly for the 1-month CD which fell by 7 basis points to around 1.41% [10] - The yield curve showed a widening in the spread between 1-year and 1-month CDs, indicating changes in market sentiment [10]

Core Viewpoint - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 355.1 billion yuan on October 31, 2025, using a fixed rate and quantity tender method [1] Group 1 - The operation was aimed at providing liquidity to the banking system [1] - The fixed rate and quantity tender method indicates a controlled approach to managing monetary policy [1] - The amount of 355.1 billion yuan reflects a significant intervention in the short-term money market [1]

Core Viewpoint - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 342.6 billion yuan at a fixed interest rate of 1.40% on October 30, 2025 [1] Summary by Category Reverse Repo Operation Details - The operation was for a 7-day term with an interest rate of 1.40% [1] - The total bidding amount was 342.6 billion yuan, which matched the amount awarded [1]

Core Points - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 342.6 billion yuan on October 30, 2025 [1] - The operation interest rate was set at 1.40%, remaining unchanged from previous levels [1] Summary by Category Monetary Policy - The fixed-rate reverse repurchase operation indicates the central bank's approach to managing liquidity in the financial system [1] - The consistent interest rate of 1.40% suggests a stable monetary policy environment [1]