货币市场日报：6月13日

Core Viewpoint - The People's Bank of China (PBOC) conducted a 2025 billion yuan reverse repurchase operation with a stable interest rate of 1.40%, resulting in a net injection of 675 billion yuan into the market after accounting for 1350 billion yuan of reverse repos maturing on the same day [1] Group 1: Monetary Policy Operations - This week, the PBOC carried out a total of 8582 billion yuan in reverse repurchase operations, with 9309 billion yuan maturing, leading to a total net withdrawal of 727 billion yuan from the open market [1] - The overnight Shanghai Interbank Offered Rate (Shibor) increased by 4.40 basis points to 1.4110%, while the 7-day Shibor decreased by 1.30 basis points to 1.5080% [2][3] - The 14-day Shibor rose by 0.80 basis points to 1.5430% [2] Group 2: Interbank Repo Market - In the interbank pledged repo market, the weighted average rates for overnight and 14-day repos increased by 4.0 basis points and 0.5 basis points, respectively, while the 7-day repo rate decreased by 3.7 basis points [4] - The transaction volumes for overnight and 7-day repos decreased by 635 billion yuan and 2608 billion yuan, respectively [4] Group 3: Money Market Conditions - The money market showed a relatively loose liquidity condition on June 13, with overnight rates dropping to around 1.48% by the end of the trading day [9] - A total of 122 interbank certificates of deposit were issued, with an actual issuance amount of 1354.4 billion yuan [10] Group 4: Financial Statistics - As of the end of May 2025, the broad money supply (M2) stood at 325.78 trillion yuan, reflecting a year-on-year growth of 7.9% [12] - The total social financing scale reached 426.16 trillion yuan by the end of May, with a year-on-year increase of 8.7% [13]