货币市场日报：6月24日

Group 1 - The People's Bank of China (PBOC) conducted a 406.5 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net injection of 209.2 billion yuan after 197.3 billion yuan of reverse repos matured on the same day [1] - The PBOC will also conduct a 300 billion yuan Medium-term Lending Facility (MLF) operation with a one-year term using a fixed quantity, interest rate bidding, and multiple price bidding methods [1] - The Shanghai Interbank Offered Rate (Shibor) for the 14-day tenor continued to decline, while the 7-day tenor saw a significant increase, with the overnight Shibor rising by 0.30 basis points to 1.3700% and the 7-day Shibor increasing by 13.20 basis points to 1.6290% [1] Group 2 - In the interbank pledged repo market, the 7-day products saw both volume and price increase, with R007 and R014 showing an inversion. The weighted average rates for DR001 and R001 were 1.3708% and 1.438%, respectively, with transaction volumes decreasing by 218.2 billion yuan and 524.2 billion yuan [4] - The weighted average rates for DR007 and R007 increased by 16.1 basis points and 25.9 basis points, respectively, reaching 1.6684% and 1.8221%, with transaction volumes increasing by 124.7 billion yuan and 877.2 billion yuan [4] - The overall funding environment on June 24 was balanced and slightly loose, with various rates for overnight and 7-day deposits showing slight declines, indicating a relaxed market condition [8] Group 3 - The issuance of interbank certificates of deposit was active, with 113 certificates issued on June 24, totaling 221.72 billion yuan [8] - In the primary market for certificates of deposit, trading sentiment has cooled slightly due to the upcoming quarter-end and rising interest rates on bonds, while the secondary market showed active trading with overall yields trending upward compared to the previous day's close [9] - The 1-year and 9-month certificates of deposit showed a yield difference of -0.25 basis points, indicating a narrowing spread compared to the previous day [9] Group 4 - Recent guidance from six Chinese government departments, including the PBOC, emphasizes financial support to boost and expand consumption, proposing 19 key measures across six areas [11] - The PBOC plans to develop a new stage financial technology development plan and policies to promote the digital and intelligent transformation of finance, enhancing data capabilities and support [11] - Ant Group has reduced its stake in ZhongAn Insurance by over 33 million shares, bringing its holding to 7.63%, with the company stating that this is a normal investment decision aimed at optimizing capital allocation efficiency [11]