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14天逆回购规则调整后，其与7天逆回购的关系从既补充又替代转变为完全的补充关系

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14天逆回购规则调整后，其与7天逆回购的关系从既补充又替代转变为完全的补充关系_第2页

14天逆回购规则调整后，其与7天逆回购的关系从既补充又替代转变为完全的补充关系_第3页

14天逆回购规则调整后，其与7天逆回购的关系从既补充又替代转变为完全的补充关系_第4页

14天逆回购规则调整后，其与7天逆回购的关系从既补充又替代转变为完全的补充关系_第5页

所属报告：

【信达证券】2025年10月流动性展望：流动性宽松或为当前债市最大的确定性-251008（18页）.pdf

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而 9 月央行还将 14 天逆回购调整为固定数量、利率招标、多重价位中标，这可能还是由于此前 7 天与 14 天逆回购 15BP 的利差在买断式逆回购与 MLF 利率市场化调整后显得过高，因此相关调整可能使 14 天逆回购利率下降。但在 14天逆回购招标方式调整后不再有政策利率属性，7天逆回购仍需每日操作，14天逆回购无法像过去可在一段时间替代 7 天，而是变成了对于 7 天逆回购的补充，7 天定位为满足日常需求，14 天更聚焦于提供跨季资金，并需要与节后 7 天逆回购到期日错开。因此在固定数量的招标方式下，14 天逆回购并未每日操作，而是在 9 月 22 日与 26 日大额投放，但最终的投放规模仍反映了央行对跨季流动性的呵护。此外，9 月央行宣布14天逆回购操作调整为固定数量、利率招标、多重价位中标。由于当前 3M买断式逆回购若按市场利率定价可能不超过 1.55%，而若按照过去 14 天与 7天逆回购的利差推算 14 天逆回购利率也将达到 1.55%，这就显得过高。因此央行本次调整的主要目的可能是为了使 14天逆回购的实际利率下降。但在以往，7天和 14天逆回购的关系既有补充又有替代，例如在 2025 年春节前一周央行就完全以 14 天逆回购替代了 7 天逆回购作为主要流动性投放工具。而在调整为“固定数量、利率招标”后，由于没有固定利率，即便 14 天逆回购投放，7 天逆回购也不能缺席，二者的关系就完全变成补充。考虑 7 天逆回购已能在一定程度上满足机构的日常需求，14 天逆回购就更多定位为缓解季末、长假前机构的预防性资金需求，在操作上可能也要考虑错开节后 7 天逆回购的到期。因此在固定数量的招标方式下，央行选择在 9月 22 日与 26 日分别操作了 3000亿和 6000 亿 14 天逆回购，尽管中间的暂停一度使市场怀疑央行的态度，但最终的投放规模仍然相对可观，对于跨季流动性带来了呵护。

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