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欧洲央行货币政策及操作梳理
欧洲央行货币政策及操作梳理
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【研报】美国市场专题系列：海外风险何去何从？-20200331[28页].pdf
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图表24货币政策工具梳理
| 类别         | 工具名称                     | 操作频率       | 期限               | 操作方式                                                                 | 操作利率                     | 使用情景                                                                 |
|--------------|------------------------------|----------------|--------------------|--------------------------------------------------------------------------|------------------------------|--------------------------------------------------------------------------|
| 公开市场业务 | 逆回购                       | 工作日常态化   | 隔夜               | 固定利率、数量招标                                                         | 央行未公布，推测为1.25%       | 匹配银行体系短期流动性需求                                                 |
| 公开市场业务 | 逆回购                       | 工作日常态化   | 7天                | 固定利率、数量招标                                                         | 1.40%                        | 常态下每日操作                                                           |
| 公开市场业务 | 逆回购                       | 工作日常态化   | 14天               | 固定数量、利率招标、多重价位中标                                             | -                            | 通常跨节期间使用                                                         |
| 公开市场业务 | 隔夜正逆回购工具             | 触发式         | 隔夜               | 采用固定利率、数量招标                                                     | 1.15%~1.65%                   | 在DR001持续低于或高于相应工具操作利率时，中国人民银行将结合一级交易商需求启动相应操作。 |
| 公开市场业务 | 境外央行类机构回购工具       | 未公开频率     | 7天、1个月、3个月   | 操作方式包括质押式和买断式。回购债券种类包括中国国债、央行票据、政策性金融债等人民银行认可的高等级人民币债券 | 在1.4%上加点确定             | 向符合条件的境外央行类机构提供人民币流动性                                   |
| 公开市场业务 | 买断式逆回购操作工具         | 每月操作       | 目前主要是3个月和6个月 | 采用固定数量、利率招标、多重价位中标，回购标的包括国债、地方政府债券、金融债券、公司信用类债券等。 | 利率招标、多重价位中标       | 保持银行体系流动性总体平稳适度                                             |
| 公开市场业务 | 证券、基金、保险公司互换便利 | 未公开频率     | 互换期限1年，可视情展期。 | 支持符合条件的证券、基金、保险公司以债券、股票ETF、沪深300成分股等资产为抵押，从人民银行换入国债、央行票据等高等级流动性资产。 | 互换费率由参与机构招投标确定 | 通过这项工具获取的资金只能投向资本市场                                       |
| 公开市场业务 | 公开市场国债买卖             | 按需操作       | 并未被露期限       | -                                                                        | -                            | 综合考虑基础货币投放需要、债券市场供求情况、收益率曲线形态变化等因素           |
| 公开市场业务 | 香港人民币央行票据发行       | 常态化、定期发行 | 3个月，6个月，一年   | 采用荷兰式招标方式发行，招标标的为利率                                         | 招标形成利率                  | 为丰富香港高信用等级人民币金融产品，完善香港人民币收益率曲线                   |
| 公开市场业务 | 国库现金管理                 | 按需操作       | 一般在1年（含1年）以内 | 利率通过招标形成                                                           | 利率通过招标形成，1个月以上期限单一价格招标，1个月以内期限多重价格招标         | 提高国库现金使用效益                                                       |
| 存款准备金   | 人民币存款准备金             | 按需操作       | -                  | -                                                                        | 加权平均存款准备金率6.2%      | 金融机构为保证客户提取存款和资金清算需要而准备的资金，金融机构按规定向中央银行缴纳的存款准备金占其存款总额的比例就是存款准备金率 |
| 存款准备金   | 外汇存款准备金               | 按需操作       | -                  | -                                                                        | 外汇存款准备金率4%            | 适用于在中华人民共和国境内吸收外汇存款的金融机构                             |
| 再贷款       | 常备借贷便利（SLF）          | 触发式         | 隔夜、7天、1个月    | 由金融机构主动发起，金融机构可根据自身流动性需求申请常备借贷便利               | 隔夜、7天、1个月SLF利率分别为2.25%、2.4%、2.75% | 为满足金融机构临时性流动性需求                                             |
| 再贷款       | 中期借贷便利（MLF）          | 每月操作       | 以一年期为主       | 固定数量、利率招标、多重价位中标                                             | 利率招标、多重价位中标       | 为保持银行体系流动性总体平稳适度，支持货币信贷合理增长                         |
| 再贷款       | 抵押补充贷款（PSL）          | 按需操作       | 原则上最长约5年     | 采取质押方式发放，合格抵押品包括高等级债券资产和优质信贷资产。                   | 1.75%                        | 支持国民经济重点领域、薄弱环节和社会事业发展而对金融机构提供的期限较长的大额融资。 |
| 再贷款       | 支小支农再贷款               | 按需操作       | 3个月、6个月、1年   | 合并后并未公布，按照合并前表述，对符合要求的贷款，按贷款本金的100%予以资金支持     | 一年期为1.25%                 | 激励引导地方法人金融机构进一步加大对涉农、小微和民营企业的信贷投放               |
| 再贷款       | 再贴现                       | 按需操作       | 通常不超过6个月     | 对金融机构持有的已贴现票据进行贴现的业务                                     | 一年期为1.25%                 | 重点用于支持扩大涉农、小微和民营企业融资                                     |
| 再贷款       | 碳减排支持工具               | 按季操作       | 1年，可展期2次，最长3年 | 通过“先贷后借”的直达机制，对金融机构向碳减排重点领域内相关企业发放的符合条件的碳减排贷款，按贷款本金的60%提供资金支持 | 一年期为1.25%                 | 支持清洁能源、节能环保、碳减排技术以及节能改造、绿色升级、能源绿色低碳转型等具有直接碳减排效应的项目 |
| 再贷款       | 科技创新和技术改造再贷款     | 按季操作       | 1年，可展期2次，最长3年 | “先贷后借”的直达机制，按季度发放，按照支持范围内且期限6个月及以上科技企业贷款本金的60%提供科技创新再贷款资金支持 | 一年期为1.25%                 | 激励引导金融机构进一步加强对科技创新和大规模设备更新的金融服务                 |
| 再贷款       | 服务消费与养老再贷款         | 未公开频率     | 1年，可展期2次，最长3年 | 对于符合政策支持领域的贷款，26家金融机构可按照贷款本金的100%，按季向中国人民银行申请再贷款 | 一年期为1.25%                 | 引导金融机构精准支持住宿餐饮、文旅体娱、教育养老等服务领域加大高质量供给       |
| 再贷款       | 保障性住房再贷款             | 按季操作       | 1年，可展期4次，最长5年 | 中国人民银行向金融机构发放再贷款的比例为100%                                   | 一年期为1.25%                 | 为支持地方国有企业以合理价格收购已建成未出售商品房用作保障性住房，进一步增强对金融机构和收购主体的市场化激励 |
| 再贷款       | 股票回购增持再贷款           | 按季操作       | 再贷款1年，可展期   | 发放贷款后于次季度第一个月向中国人民银行申请再贷款，中国人民银行按贷款本金的100%向金融机构发放再贷款。 | 一年期为1.25%                 | 激励引导金融机构向符合条件的上市公司和主要股东提供贷款，支持其回购和增持上市公司股票。 |
| 再贷款       | 科技创新与民营企业债券风险分担工具 | 未公开频率     | 未公开披露         | 由人民银行提供低成本再贷款资金，通过担保增信、直接投资等方式，同时也加强与地方政府、市场增信机构合作 | 未公开披露                   | 共同分担债券投资人的违约损失风险，支持股权投资机构发行低成本、长期限的科创债券。 |

资料来源：wind，华创证券
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政策法规
2026-07-20
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政府工作报告对于货币政策数量目标的表述
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政策法规
2026-07-06
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欧央行货币政策最终目标
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政策法规
2026-07-06
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25年年末以来中国货币政策定调以“适度宽松”为主
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政策法规
2026-07-02
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中美货币政策的降息周期存在重叠
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政策法规
2026-07-02
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图4：货币政策立场）（经通胀调整后的央行政
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政策法规
2026-07-01
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图6：货币政策（央行政策利率，经通胀调整
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政策法规
2026-07-01
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图9、宽松货币政策下股市迎来长牛
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政策法规
2026-06-25
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货币与财政政策协同背景下PSL净投放增加与经济增速抬升密切相关
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政策法规
2026-06-25
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一季度货币政策执行情况与下阶段工作部署详情
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政策法规
2026-05-19
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图表8810年期美债利率仍是标准的“货币政策交
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图表76经济修复期间，债市走势与货币政策相关性相对更高
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图表894月中旬以来美股行情与货币政策预期脱敏
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图15、滞胀压力进一步掣肘货币政策宽松
fCDml7bpl7QgICB8IOe+juWbvSB8IOasp+a0siB8IOaXpeacrCB8CnwtLS0tLS0tLXwtLS0tLS18LS0tLS0tfC0tLS0tLXwKfCAyNi0wMSAgfCAtMi4zIHwgMC4xICB8IDEuOCAgfAp8IDI2LTAyICB8IC0yLjEgfCAtMC4xIHwgMi41ICB8CnwgMjYtMDMgIHwgLTIuMyB8IC0wLjQgfCAxLjkgIHwKfCAyNi0wNCAgfCAwLjIgIHwgMy4xICB8IDIuMCAgfAoK6LWE5paZ5p2l5rqQ77yaQmxvb21iZXJn77yM5YW05Lia6K+B5Yi457uP5rWO5LiO6YeR6J6N56CU56m26Zmi5pW055CG
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图14、美欧日货币政策宽松空间本已不大
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【研报】美国市场专题系列：海外风险何去何从？-20200331[28页].pdf
欧洲央行货币政策及操作梳理
美联储货币政策及操作梳理
2008年金融危机前的加息周期与MBS利差快速走扩
2005年开始，美国住房贷款利率抬升，次级贷款拖欠比例也逐渐增加
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