<p>[北京] 中国央行正采取进一步措施，以控制其金融系统中的流动性过剩，减少向银行提供的中期资金数量。</p>
<p>中国人民银行计划在四月份通过其一年期中期借贷便利净回笼 2000 亿元人民币（373 亿新元）。根据彭博社基于周五晚间发布的操作计划的计算，这将是自 2025 年 2 月以来首次通过该工具进行的回笼。净回笼反映出操作规模小于到期贷款的金额。</p>
<p>这一举措进一步表明央行正在减少一些中长期流动性支持，同时通过每日公开市场操作保持短期融资条件的稳定。这是在其持续注入现金和疲弱的信贷需求导致银行间市场流动性过剩的背景下，推动借贷成本降至多年低点，并助长债券反弹。</p>
<p>澳新银行中国区高级策略师邢兆鹏表示，央行可能正在通过移除一些长期资金并提供一些短期资金来重新平衡流动性，并指出人民银行周一通过七天逆回购协议注入现金。</p>
<p>中国的主权债券下跌，10 年期国债收益率上升一个基点至 1.77%。30 年期债券期货下跌最多 0.6%，为六周以来最大跌幅。</p>
<p>通过中期借贷便利的净减少跟随了人民银行在三个月和六个月的逆回购协议中的类似操作，后者在三月份出现近一年来的首次净回笼。在四月份，逆回购的回笼量从上个月的 3000 亿元增加至 4000 亿元。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/59a705d512f57b42445539a904d60a30bd1313fce806dfdbe98033006f9dec1d/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/59a705d512f57b42445539a904d60a30bd1313fce806dfdbe98033006f9dec1d/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>人民银行在流动性充裕的情况下注入现金，助长债券反弹</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/662350ff5e6e19f530c92d4d3d59bf0a59138eb6728af7047b1751dd7142a5be/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/662350ff5e6e19f530c92d4d3d59bf0a59138eb6728af7047b1751dd7142a5be/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>中国将在强劲的 GDP 数据后保持基准贷款利率稳定</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/4b6682671530bb12116acaca69a3e4a7615c541f5bff1a7778bff1c11a44a0d3/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/4b6682671530bb12116acaca69a3e4a7615c541f5bff1a7778bff1c11a44a0d3/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>中国的信贷增长令人失望，贷款需求疲弱持续</h3>
<h3>在新的全球秩序中导航亚洲</h3>
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<p>中国的隔夜银行间回购利率略微上升至 1.24%，相比于四月初触及的三年低点 1.2%。一年期可转让存单的成本，上周创下 1.44% 的历史低点。这低于人民银行在一月份报告的一年期中期借贷便利的 1.5% 成本。</p>
<p>“与其说反映出主动收紧，不如说资金回笼更与市场流动性需求不足相关，” 国盛证券分析师杨叶伟在一份报告中写道。他补充道，当前银行间融资成本低于人民银行流动性的成本。</p>
<p>虽然这些操作从市场中移除了一些现金，但正常化流动性状况的关键——反映出信贷疲弱和储蓄水平高企——在于改善贷款需求，他写道。彭博社</p>
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上证指数

沪深300

<p>中国央行计划在四月份通过其一年期中期借贷便利净回笼 2000 亿元人民币（373 亿新元），这是自 2025 年 2 月以来的首次回笼。此举旨在应对金融系统中的流动性过剩，因现金注入和疲弱的信贷需求。央行正在通过减少长期资金来平衡流动性，同时保持短期稳定。因此，中国主权债券的收益率上升，反映了银行间市场的持续调整</p>

<p>[BEIJING] China’s central bank is taking a further step to rein in a liquidity glut in its financial system by reducing the amount of medium-term funds it lends out to banks.</p>
<div class="lb-trans"><p>[北京] 中国央行正采取进一步措施，以控制其金融系统中的流动性过剩，减少向银行提供的中期资金数量。</p>
</div><p>The People’s Bank of China is set to withdraw a net 200 billion yuan (S$37.3 billion) via its one-year medium-term lending facility in April. That would mark the first withdrawal under this tool since February 2025, according to Bloomberg calculations based on the operation plan released late on Friday. The net drain reflects an operation size that was smaller than the amount of maturing loans.</p>
<div class="lb-trans"><p>中国人民银行计划在四月份通过其一年期中期借贷便利净回笼 2000 亿元人民币（373 亿新元）。根据彭博社基于周五晚间发布的操作计划的计算，这将是自 2025 年 2 月以来首次通过该工具进行的回笼。净回笼反映出操作规模小于到期贷款的金额。</p>
</div><p>The move is another indication that the central bank is dialling back on some of its medium- to long-term liquidity support, while keeping short-term funding conditions stable via daily open-market operations. That’s after its continued cash injections and weak credit demand led to surplus liquidity in the interbank market, driving borrowing costs to multi-year lows and fuelling a bond rally.</p>
<div class="lb-trans"><p>这一举措进一步表明央行正在减少一些中长期流动性支持，同时通过每日公开市场操作保持短期融资条件的稳定。这是在其持续注入现金和疲弱的信贷需求导致银行间市场流动性过剩的背景下，推动借贷成本降至多年低点，并助长债券反弹。</p>
</div><p>The central bank is likely re-balancing liquidity by removing some long-term funds and offering some short-term ones, said Zhaopeng Xing, senior China strategist at ANZ Bank China, noting the PBOC’s cash injection via seven-day reverse repurchase agreements on Monday.</p>
<div class="lb-trans"><p>澳新银行中国区高级策略师邢兆鹏表示，央行可能正在通过移除一些长期资金并提供一些短期资金来重新平衡流动性，并指出人民银行周一通过七天逆回购协议注入现金。</p>
</div><p>China’s sovereign bonds fell, with the yield on 10-year government notes rising one basis point to 1.77 per cent. Futures on 30-year bonds dropped as much as 0.6 per cent, most in six weeks.</p>
<div class="lb-trans"><p>中国的主权债券下跌，10 年期国债收益率上升一个基点至 1.77%。30 年期债券期货下跌最多 0.6%，为六周以来最大跌幅。</p>
</div><p>The net reduction via the MLF follows similar PBOC operations in three- and six-month outright reverse repurchase agreements, which saw the first net drain in almost a year in March. In April, withdrawals under outright reverse repos increased to 400 billion yuan from 300 billion a month earlier.</p>
<div class="lb-trans"><p>通过中期借贷便利的净减少跟随了人民银行在三个月和六个月的逆回购协议中的类似操作，后者在三月份出现近一年来的首次净回笼。在四月份，逆回购的回笼量从上个月的 3000 亿元增加至 4000 亿元。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/59a705d512f57b42445539a904d60a30bd1313fce806dfdbe98033006f9dec1d/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/59a705d512f57b42445539a904d60a30bd1313fce806dfdbe98033006f9dec1d?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>PBOC injects cash despite flush liquidity, fuelling bond rally</h3>
<div class="lb-trans"><h3>人民银行在流动性充裕的情况下注入现金，助长债券反弹</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/662350ff5e6e19f530c92d4d3d59bf0a59138eb6728af7047b1751dd7142a5be/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/662350ff5e6e19f530c92d4d3d59bf0a59138eb6728af7047b1751dd7142a5be?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China to keep benchmark lending rates steady after strong GDP data</h3>
<div class="lb-trans"><h3>中国将在强劲的 GDP 数据后保持基准贷款利率稳定</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/4b6682671530bb12116acaca69a3e4a7615c541f5bff1a7778bff1c11a44a0d3/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/4b6682671530bb12116acaca69a3e4a7615c541f5bff1a7778bff1c11a44a0d3?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China’s credit growth disappoints as weak loan demand persists</h3>
<div class="lb-trans"><h3>中国的信贷增长令人失望，贷款需求疲弱持续</h3>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
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</div><p>China’s overnight interbank repo rate edged up slightly to 1.24 per cent, versus a three-year low of 1.2 per cent touched earlier in April. Cost on one-year negotiable certificate of deposits, a popular funding tool issued by banks, hit a record low of 1.44 per cent last week. That’s below the 1.5 per cent cost of the PBOC’s one-year MLF reported in January.</p>
<div class="lb-trans"><p>中国的隔夜银行间回购利率略微上升至 1.24%，相比于四月初触及的三年低点 1.2%。一年期可转让存单的成本，上周创下 1.44% 的历史低点。这低于人民银行在一月份报告的一年期中期借贷便利的 1.5% 成本。</p>
</div><p>“Rather than reflecting a proactive tightening, the fund withdrawals are more relevant to insufficient demand for liquidity in the market,” Yang Yewei, an analyst at Guosheng Securities, wrote in a note. Interbank funding costs are currently lower than the cost of PBOC’s liquidity, he added.</p>
<div class="lb-trans"><p>“与其说反映出主动收紧，不如说资金回笼更与市场流动性需求不足相关，” 国盛证券分析师杨叶伟在一份报告中写道。他补充道，当前银行间融资成本低于人民银行流动性的成本。</p>
</div><p>While the operations remove some cash from the market, the key to normalising the liquidity situation – which reflects weak credit and elevated savings – lies in improving loan demand, he wrote. BLOOMBERG</p>
<div class="lb-trans"><p>虽然这些操作从市场中移除了一些现金，但正常化流动性状况的关键——反映出信贷疲弱和储蓄水平高企——在于改善贷款需求，他写道。彭博社</p>
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</div>

China taps another tool to drain excess cash from market

- 中国央行计划四月份通过中期借贷便利净回笼 2000 亿元人民币。  
- 这一举措旨在控制流动性过剩，响应疲弱的信贷需求。  
- 银行间融资成本低于央行流动性成本，彰显市场流动性不足。

中国动用另一工具从市场中抽取过剩的现金