9月25日，中国人民银行（PBoC）通过其为期一年的中期贷款机制（MLF）向金融机构注入了6000亿元人民币，旨在保持银行体系的充足流动性。本月有3000亿元人民币的MLF基金到期，该操作导致净流动性注入3000亿元，这是连续第七个月净MLF注入。央行采用固定数量、利率竞价和多种价格竞价方式进行操作。3月份推出的这一方法意味着中国央行不再宣布多边基金业务的固定利率。本月的净注入与8月相同。本周早些时候，央行还进行了3000亿元人民币的14天反向回购，这是自上周调整该工具的竞价规则以来的首次此类操作。

The People’s Bank of China (PBoC) injected a total of CNY 600 billion into financial institutions on September 25 through its one-year Medium-Term Lending Facility (MLF), aiming to maintain ample liquidity in the banking system. With CNY 300 billion in MLF funds maturing this month, the operation resulted in a net liquidity injection of CNY 300 billion—marking the seventh consecutive month of net MLF injections. The central bank conducted the operation using a fixed-quantity, interest-rate bidding, and multiple-price bidding method. This approach, introduced in March, means the PBoC no longer announces a fixed interest rate for MLF operations. This month’s net injection was the same as in August. Earlier this week, the central bank also conducted CNY 300 billion of 14-day reverse repos—the first such operation since it adjusted the tool's bidding rules last week.

ICYMI：七国集团，欧盟考虑价格下限，碳关税以减少对中国稀土的依赖。据路透社援引消息人士称，七国集团和欧盟正在探索新的措施来对抗中国在稀土领域的主导地位，包括补贴支持的价格下限，甚至对中国出口产品征收碳式关税。技术团队本月在芝加哥举行会议，讨论如何确保电子产品、电动汽车和武器所必需的关键矿物的供应。

ICYMI: G7, EU consider price floors, carbon tariffs to cut reliance on China's rare earths.The G7 and EU are exploring new measures to counter China's dominance in rare earths, including price floors backed by subsidies and even carbon-style tariffs on Chinese exports, according to sources cited by Reuters. Technical teams met in Chicago this month to discuss how to secure supplies of the critical minerals essential for electronics, EVs, and weapons.

七国集团国家正在考虑稀土生产的最低价格，以对抗中国。。稀土元素（REE）是一组17种关键金属，用于高科技电子、国防系统和绿色能源技术，如电动汽车电池和风力涡轮机。中国在该行业占据主导地位，控制着全球约60-70%的采矿业和80%以上的炼油产能，这使北京在供应链上具有重大影响力。

G7 countries considering price floors for rare earth production to counter China..Rare earth elements (REEs) are a group of 17 critical metals used in high-tech electronics, defense systems, and green energy technologies such as EV batteries and wind turbines. China dominates the sector, controlling roughly 60–70% of global mining and over 80% of refining capacity, which gives Beijing significant leverage over supply chains.

暂无中文版本，请点击原文

The Shanghai Composite rose 0.83% to 3,854 while the Shenzhen Component jumped 1.8% to 13,356 on Wednesday, with the latter reaching a new 3-½-year high on strength in technology and new energy shares. Sentiment also improved on signs of easing US-China trade tensions, though US Ambassador to China David Perdue noted that a much-anticipated meeting between President Donald Trump and President Xi Jinping is more likely next year than this fall. Meanwhile, the People’s Bank of China left key lending rates unchanged this week but pledged to deploy policy tools to support liquidity and growth. Notable gainers included Luxshare Precision (+7.4%), Sungrow Power (+7.4%), Shenzhen H&T Intelligent (+1.7%), Contemporary Amperex (+3.2%), and Hygon Information (+2.1%).