中国人民银行（PBoC）于12月25日通过一年期中期贷款工具（MLF）向金融机构发放了3000亿元人民币，利率不变，为2.0%。相比之下，本月到期的MLF贷款为1.45万亿元，净现金提取为1.15万亿元，为2014年以来的最高水平。这是继9月份创纪录地下降30个基点后，MLF利率连续第三个月保持稳定。12月初，政策制定者发誓要实施“适度宽松”的货币政策，这是14年来首次改变立场，同时采取“更积极”的财政措施来援助经济。然而，他们尚未透露任何细节，预计当选总统唐纳德·特朗普可能会提高关税。近几个月来，中国央行降低了MLF作为主要政策利率的作用，转而选择使用7天反向回购利率来影响市场借贷成本。自9月底降息20个基点以来，7天利率一直稳定在1.5%。

The People’s Bank of China (PBoC) launched a total of CNY 300 billion into financial institutions via a one-year medium-term lending facility (MLF) on December 25th at an unchanged rate of 2.0%. That compared with CNY 1.45 trillion of MLF loans due this month, marking a net cash withdrawal of CNY 1.15 trillion, the most since 2014. It was the third consecutive month of a steady MLF rate following a record 30bps reduction in September. Policymakers in early December vowed a "moderately loose" monetary policy, the first change in stance in 14 years, alongside "more proactive" fiscal measures to aid the economy. However, they have yet to reveal any details, anticipating the potential higher tariffs by President-elect Donald Trump. In recent months, the PBoC has reduced the role of the MLF as the main policy rate, opting instead to use the 7-day reverse repo rate to influence market borrowing costs. The 7-day rate has remained steady at 1.5% since a 20bps cut in late September.

石油新闻：中国4110亿美元的刺激计划将推动石油需求和价格增长。原油价格上涨，因为中国4110亿美元的刺激计划提振了2025年的需求预期。

Oil News: China's $411B Stimulus to Drive Oil Demand and Price Growth.Crude oil prices rise as China's $411B stimulus announcement fuels demand expectations for 2025.

中国4110亿美元的债券提振会提振全球经济增长还是引发新的贸易紧张局势？。中国将在2025年发行4110亿美元债券以促进经济增长。亚洲股市上涨，但美国国债收益率可能攀升。

Will China's $411B Bond Boost Lift Global Growth or Trigger New Trade Tensions?.China to issue $411B bonds in 2025 to boost growth. Asian equities rise, but U.S. yields may climb.

上证综指飙升42点，涨幅1.3%，收于3394点，而深证综指飙升1.3%，收于10671点，在北京加大财政支持力度以重振疲软的经济后，停止了前一交易日的下跌。中国当局已同意明年发行3万亿元人民币（4110.4亿美元）的特别国债，这将是有史以来支持经济增长的最高水平。中国官方媒体《环球时报》的一篇报道加剧了乐观情绪，该报道称，外国机构对2025年中国资本市场持积极态度，预计经济将逐步稳定。受大型科技股和半导体股强劲表现的支撑，该指数触及近两周高点，追随华尔街隔夜强劲上涨。表现最好的是湖北万润新能源科技（14.3%）、ASR微电子（12.4%）、吉林联合聚合物（11.9%）、南京华迈科技（10.0%）和新亚强硅化学（10.0%。

The Shanghai Composite surged 42 points, or 1.3%, to close at 3,394, while the Shenzhen Component soared 1.3% to 10,671, halting losses from the previous session, after Beijing ramped up fiscal support to revive a faltering economy. Chinese authorities have agreed to issue CNY 3 trillion (USD 411.04 billion) in special treasury bonds next year, which would be the highest on record to support economic growth. Adding to the bullish mood was a report from Chinese state media, Global Times, stating that foreign institutions maintain a positive outlook on China's capital market for 2025, anticipating gradual economic stabilization. The indices hit a near two-week high, tracking strong gains on Wall Street overnight, supported by robust performances from big tech and semiconductor stocks. Among the top performers were Hubei Wanrun New Energy Tech (14.3%), ASR Microelectronics (12.4%), Jilin Joinature Polymer (11.9%), Nanjing Huamai Tech (10.0%), and Xinyaqiang Silicon Chemistry (10.0%).