<p>[北京] 中國央行正採取進一步措施，以控制其金融系統中的流動性過剩，減少向銀行提供的中期資金數量。</p>
<p>中國人民銀行計劃在四月份通過其一年期中期借貸便利淨回籠 2000 億元人民幣（373 億新元）。根據彭博社基於週五晚間發佈的操作計劃的計算，這將是自 2025 年 2 月以來首次通過該工具進行的回籠。淨回籠反映出操作規模小於到期貸款的金額。</p>
<p>這一舉措進一步表明央行正在減少一些中長期流動性支持，同時通過每日公開市場操作保持短期融資條件的穩定。這是在其持續注入現金和疲弱的信貸需求導致銀行間市場流動性過剩的背景下，推動借貸成本降至多年低點，並助長債券反彈。</p>
<p>澳新銀行中國區高級策略師邢兆鵬表示，央行可能正在通過移除一些長期資金並提供一些短期資金來重新平衡流動性，並指出人民銀行週一通過七天逆回購協議注入現金。</p>
<p>中國的主權債券下跌，10 年期國債收益率上升一個基點至 1.77%。30 年期債券期貨下跌最多 0.6%，為六週以來最大跌幅。</p>
<p>通過中期借貸便利的淨減少跟隨了人民銀行在三個月和六個月的逆回購協議中的類似操作，後者在三月份出現近一年來的首次淨回籠。在四月份，逆回購的回籠量從上個月的 3000 億元增加至 4000 億元。</p>
<p>另見</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>人民銀行在流動性充裕的情況下注入現金，助長債券反彈</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>中國將在強勁的 GDP 數據後保持基準貸款利率穩定</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>中國的信貸增長令人失望，貸款需求疲弱持續</h3>
<h3>在新的全球秩序中導航亞洲</h3>
<p>獲取洞察信息，送達您的郵箱。</p>
<p>中國的隔夜銀行間回購利率略微上升至 1.24%，相比於四月初觸及的三年低點 1.2%。一年期可轉讓存單的成本，上週創下 1.44% 的歷史低點。這低於人民銀行在一月份報告的一年期中期借貸便利的 1.5% 成本。</p>
<p>“與其説反映出主動收緊，不如説資金回籠更與市場流動性需求不足相關，” 國盛證券分析師楊葉偉在一份報告中寫道。他補充道，當前銀行間融資成本低於人民銀行流動性的成本。</p>
<p>雖然這些操作從市場中移除了一些現金，但正常化流動性狀況的關鍵——反映出信貸疲弱和儲蓄水平高企——在於改善貸款需求，他寫道。彭博社</p>
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上證指數

滬深300

<p>中國央行計劃在四月份通過其一年期中期借貸便利淨回籠 2000 億元人民幣（373 億新元），這是自 2025 年 2 月以來的首次回籠。此舉旨在應對金融系統中的流動性過剩，因現金注入和疲弱的信貸需求。央行正在通過減少長期資金來平衡流動性，同時保持短期穩定。因此，中國主權債券的收益率上升，反映了銀行間市場的持續調整</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] 中國央行正採取進一步措施，以控制其金融系統中的流動性過剩，減少向銀行提供的中期資金數量。</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>中國人民銀行計劃在四月份通過其一年期中期借貸便利淨回籠 2000 億元人民幣（373 億新元）。根據彭博社基於週五晚間發佈的操作計劃的計算，這將是自 2025 年 2 月以來首次通過該工具進行的回籠。淨回籠反映出操作規模小於到期貸款的金額。</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>這一舉措進一步表明央行正在減少一些中長期流動性支持，同時通過每日公開市場操作保持短期融資條件的穩定。這是在其持續注入現金和疲弱的信貸需求導致銀行間市場流動性過剩的背景下，推動借貸成本降至多年低點，並助長債券反彈。</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>澳新銀行中國區高級策略師邢兆鵬表示，央行可能正在通過移除一些長期資金並提供一些短期資金來重新平衡流動性，並指出人民銀行週一通過七天逆回購協議注入現金。</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>中國的主權債券下跌，10 年期國債收益率上升一個基點至 1.77%。30 年期債券期貨下跌最多 0.6%，為六週以來最大跌幅。</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>通過中期借貸便利的淨減少跟隨了人民銀行在三個月和六個月的逆回購協議中的類似操作，後者在三月份出現近一年來的首次淨回籠。在四月份，逆回購的回籠量從上個月的 3000 億元增加至 4000 億元。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</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>人民銀行在流動性充裕的情況下注入現金，助長債券反彈</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>中國將在強勁的 GDP 數據後保持基準貸款利率穩定</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>中國的信貸增長令人失望，貸款需求疲弱持續</h3>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>獲取洞察信息，送達您的郵箱。</p>
</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>中國的隔夜銀行間回購利率略微上升至 1.24%，相比於四月初觸及的三年低點 1.2%。一年期可轉讓存單的成本，上週創下 1.44% 的歷史低點。這低於人民銀行在一月份報告的一年期中期借貸便利的 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>“與其説反映出主動收緊，不如説資金回籠更與市場流動性需求不足相關，” 國盛證券分析師楊葉偉在一份報告中寫道。他補充道，當前銀行間融資成本低於人民銀行流動性的成本。</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>雖然這些操作從市場中移除了一些現金，但正常化流動性狀況的關鍵——反映出信貸疲弱和儲蓄水平高企——在於改善貸款需求，他寫道。彭博社</p>
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<div class="lb-trans"><p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，送達您的郵箱，免費。</p>
</div>

China taps another tool to drain excess cash from market

- 中國央行計劃四月份通過中期借貸便利淨回籠 2000 億元人民幣。  
- 這一舉措旨在控制流動性過剩，響應疲弱的信貸需求。  
- 銀行間融資成本低於央行流動性成本，彰顯市場流動性不足。

中國動用另一工具從市場中抽取過剩的現金