\u0642\u062f \u064a\u064f\u0642\u062f\u0645 \u0628\u0646\u0643 \u0627\u0644\u0634\u0639\u0628 \u0627\u0644\u0635\u064a\u0646\u064a (PBOC) \u0639\u0644\u0649 \u0627\u062a\u062e\u0627\u0630 \u062a\u062f\u0627\u0628\u064a\u0631 \u0625\u0636\u0627\u0641\u064a\u0629 \u0641\u064a \u0623\u0648\u0627\u062e\u0631 \u0639\u0627\u0645 2025\u060c \u0645\u062b\u0644 \u062a\u0642\u0644\u064a\u0644 \u0646\u0633\u0628\u0629 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0625\u0644\u0632\u0627\u0645\u064a (RRR) \u0625\u0630\u0627 \u0643\u0627\u0646 \u0630\u0644\u0643 \u0636\u0631\u0648\u0631\u064a\u064b\u0627. \u064a\u0647\u062f\u0641 \u0647\u0630\u0627 \u0627\u0644\u0625\u062c\u0631\u0627\u0621 \u0625\u0644\u0649 \u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644 \u0648\u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0633\u064a\u0648\u0644\u0629 \u0648\u0641\u064a\u0631\u0629 \u062e\u0644\u0627\u0644 \u0645\u0646\u062a\u0635\u0641 \u0648\u0646\u0647\u0627\u064a\u0629 \u0639\u0627\u0645 2025\u060c \u0645\u0645\u0627 \u064a\u0639\u0632\u0632 \u0628\u064a\u0626\u0629 \u0646\u0642\u062f\u064a\u0629 \u062f\u0627\u0639\u0645\u0629 \u0644\u062a\u0639\u0627\u0641\u064a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f.<\/p>\n
\u0645\u0624\u062e\u0631\u064b\u0627\u060c \u0623\u0636\u0627\u0641 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0627\u0644\u0635\u064a\u0646\u064a \u062d\u0648\u0627\u0644\u064a \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u064a\u0648\u0627\u0646 \u0625\u0644\u0649 \u0627\u0644\u0633\u0648\u0642 \u0645\u0646 \u062e\u0644\u0627\u0644 \u062e\u0641\u0636 \u0646\u0633\u0628\u0629 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0625\u0644\u0632\u0627\u0645\u064a. \u062a\u064f\u062d\u062f\u062f \u0646\u0633\u0628\u0629 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0625\u0644\u0632\u0627\u0645\u064a \u0627\u0644\u062d\u062f \u0627\u0644\u0623\u062f\u0646\u0649 \u0644\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a \u0627\u0644\u062a\u064a \u064a\u062c\u0628 \u0639\u0644\u0649 \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0628\u0647\u0627 \u0636\u062f \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0648\u062f\u064a\u0639\u064a\u0629. \u0641\u064a \u0627\u0644\u0635\u064a\u0646\u060c \u064a\u062a\u062d\u0643\u0645 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u0646\u0633\u0628\u0629\u060c \u0645\u0645\u0627 \u064a\u0624\u062b\u0631 \u0639\u0644\u0649 \u0642\u062f\u0631\u0629 \u0627\u0644\u0628\u0646\u0648\u0643 \u0639\u0644\u0649 \u0627\u0644\u0625\u0642\u0631\u0627\u0636. \u0631\u0641\u0639 \u0646\u0633\u0628\u0629 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u064a\u0645\u0646\u0639 \u0639\u0631\u0636 \u0627\u0644\u0646\u0642\u0648\u062f \u062d\u064a\u062b \u064a\u062a\u0639\u064a\u0646 \u0639\u0644\u0649 \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0628\u0645\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0641\u064a \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a\u060c \u0628\u064a\u0646\u0645\u0627 \u062e\u0641\u0636\u0647\u0627 \u064a\u0633\u0645\u062d \u0644\u0644\u0628\u0646\u0648\u0643 \u0628\u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0625\u0642\u0631\u0627\u0636\u060c \u0645\u0645\u0627 \u064a\u0639\u0632\u0632 \u0639\u0631\u0636 \u0627\u0644\u0646\u0642\u0648\u062f \u0648\u064a\u062f\u0641\u0639 \u0628\u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a.<\/p>\n
\u0628\u0627\u0644\u0641\u0639\u0644\u060c \u0645\u0627 \u0641\u0639\u0644\u0647 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0647\u0646\u0627 \u0647\u0648 \u0625\u0637\u0644\u0627\u0642 \u0642\u062f\u0631\u0629 \u0627\u0644\u0625\u0642\u0631\u0627\u0636 \u0625\u0644\u0649 \u0627\u0644\u0646\u0638\u0627\u0645. \u0645\u0646 \u062e\u0644\u0627\u0644 \u062a\u0642\u0644\u064a\u0644 \u0646\u0633\u0628\u0629 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0625\u0644\u0632\u0627\u0645\u064a – \u0627\u0644\u062c\u0632\u0621 \u0645\u0646 \u0627\u0644\u0648\u062f\u0627\u0626\u0639 \u0627\u0644\u0639\u0645\u0644\u0627\u0621 \u0627\u0644\u0630\u064a \u064a\u062c\u0628 \u0639\u0644\u0649 \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0628\u0647 – \u062a\u0645 \u062a\u062d\u0631\u064a\u0631 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644. \u064a\u0645\u0643\u0646 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0622\u0646 \u062a\u0642\u062f\u064a\u0645 \u0627\u0644\u0645\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u0642\u0631\u0648\u0636\u060c \u0648\u062a\u062f\u0648\u064a\u0631 \u0623\u0645\u0648\u0627\u0644 \u0625\u0636\u0627\u0641\u064a\u0629 \u0641\u064a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u0635\u064a\u0646\u064a. \u0644\u064a\u0633\u062a \u062d\u0642\u0646\u064b\u0627 \u0646\u0642\u062f\u064a\u064b\u0627 \u0645\u0628\u0627\u0634\u0631\u064b\u0627\u060c \u0648\u0644\u0643\u0646 \u0648\u0633\u064a\u0644\u0629 \u0645\u062d\u0633\u0648\u0628\u0629 \u0644\u062c\u0639\u0644 \u0627\u0644\u0627\u0626\u062a\u0645\u0627\u0646 \u0623\u0643\u062b\u0631 \u062a\u0648\u0641\u0631\u064b\u0627 \u062f\u0648\u0646 \u0627\u0644\u0644\u062c\u0648\u0621 \u0625\u0644\u0649 \u0627\u0644\u062a\u062f\u0627\u0628\u064a\u0631 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u062a\u0648\u0633\u0639\u0629.<\/p>\n
\u0647\u0630\u0627 \u0627\u0644\u0646\u0648\u0639 \u0645\u0646 \u0627\u0644\u0633\u064a\u0627\u0633\u0627\u062a \u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u064a\u0634\u064a\u0631 \u0625\u0644\u0649 \u0646\u064a\u0629 \u0644\u062a\u0648\u062c\u064a\u0647 \u0627\u0644\u0634\u0639\u0648\u0631 \u0627\u0644\u0639\u0627\u0645. \u0639\u0646\u062f\u0645\u0627 \u062a\u0643\u0648\u0646 \u0645\u0633\u062a\u0648\u064a\u0627\u062a \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0645\u062e\u0641\u0641\u0629 \u0628\u0647\u0630\u0627 \u0627\u0644\u0634\u0643\u0644\u060c \u064a\u0645\u064a\u0644 \u0630\u0644\u0643 \u0644\u0644\u0631\u062f \u0639\u0644\u0649 \u0645\u0624\u0634\u0631\u0627\u062a \u0646\u0645\u0648 \u0623\u0636\u0639\u0641 \u0623\u0648 \u0627\u062e\u062a\u0644\u0627\u0644\u0627\u062a \u062f\u0627\u062e\u0644\u064a\u0629 \u062a\u062a\u0637\u0644\u0628 \u062a\u062f\u062e\u0644\u064b\u0627 \u0628\u0633\u064a\u0637\u064b\u0627 \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0625\u0635\u0644\u0627\u062d\u0627\u062a \u062c\u0630\u0631\u064a\u0629. \u062a\u0648\u0642\u064a\u062a \u0627\u0644\u062e\u0637\u0648\u0629 \u064a\u0648\u062d\u064a \u0628\u0631\u063a\u0628\u0629 \u0641\u064a \u062a\u0633\u0647\u064a\u0644 \u0634\u0631\u0648\u0637 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0642\u0628\u0644 \u0646\u0642\u0627\u0637 \u0636\u063a\u0637 \u0645\u062d\u062a\u0645\u0644\u0629 \u0641\u064a \u0627\u0644\u0646\u0635\u0641 \u0627\u0644\u062b\u0627\u0646\u064a \u0645\u0646 \u0627\u0644\u0639\u0627\u0645. \u0627\u0644\u0641\u0643\u0631\u0629 \u0647\u064a \u0627\u0633\u062a\u0628\u0627\u0642 \u062a\u0634\u062f\u062f \u0641\u064a \u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0627\u0626\u062a\u0645\u0627\u0646 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0645\u0646\u062d \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u062d\u0631\u064a\u0629 \u0627\u0644\u0622\u0646\u060c \u0648\u0644\u064a\u0633 \u0643\u0631\u062f\u0629 \u0641\u0639\u0644 \u0639\u0644\u0649 \u0645\u0634\u0643\u0644\u0629 \u0644\u0627\u062d\u0642\u0629.<\/p>\n
Zhou’s earlier comments about prioritising “reasonably ample” liquidity underline the methodical approach being taken. There\u2019s no urgency to flood the markets, simply a preference to provide oxygen to the right parts of the financial system as needed. That should prompt a reassessment of short vol positions, especially across longer-dated interest rate optionality. We\u2019ve noticed increasingly directional skew developing since the start of the quarter.<\/p>\n
Looking ahead, those of us modelling liquidity metrics should also give more weight to potential phantom tightening\u2014where liquidity appears stable on paper, but interbank lending and repo market signals deteriorate. That creeping dynamic has been observed before, especially when modest easing masks deeper structural pressures. Over-hedging against immediate rate cuts may prove inefficient, but building layered protection against a shift in slope seems more prudent.<\/p>\n
Finally, the sheer scale of the last injection brings some clarity. A round figure like RMB1 trillion has a psychological effect on traders. It suggests a willingness to act in size, possibly again. That creates an anchor for policy expectations, which in practice reduces the unpredictability of short-term rates. What\u2019s less obvious is how much that filters through to private credit extensions or risk sentiment.<\/p>\n
We\u2019re already seeing the effect in local funding curves. As spreads tighten between state and commercial lenders, cross-asset volatility correlations are drifting lower. That\u2019s a modestly supportive signal for carry structures, though duration exposure needs to be watched carefully.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u062a\u0648\u0642\u0639 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0627\u0644\u0635\u064a\u0646\u064a \u0627\u062a\u062e\u0627\u0630 \u062a\u062f\u0627\u0628\u064a\u0631 \u0625\u0636\u0627\u0641\u064a\u0629 \u0641\u064a \u0623\u0648\u0627\u062e\u0631 2025\u060c \u0645\u062b\u0644 \u062e\u0641\u0636 \u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0628\u0646\u0648\u0643\u060c \u0644\u0636\u0645\u0627\u0646 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0648\u062f\u0639\u0645 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f. \u0627\u0644\u062a\u0648\u062c\u0647 \u064a\u0639\u0643\u0633 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0645\u062f\u0631\u0648\u0633\u0629 \u0644\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u062a\u062d\u062f\u064a\u0627\u062a \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0645\u062d\u062a\u0645\u0644\u0629. – vtmarkets.com<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-19549","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/ar-mena\/wp-json\/wp\/v2\/posts\/19549","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/ar-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/ar-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/ar-mena\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/ar-mena\/wp-json\/wp\/v2\/comments?post=19549"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/ar-mena\/wp-json\/wp\/v2\/posts\/19549\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/ar-mena\/wp-json\/wp\/v2\/media?parent=19549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/ar-mena\/wp-json\/wp\/v2\/categories?post=19549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/ar-mena\/wp-json\/wp\/v2\/tags?post=19549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}