货币市场日报：7月4日

Group 1 - The People's Bank of China (PBOC) conducted a 340 billion yuan reverse repurchase operation with an interest rate of 1.40%, maintaining the previous level, resulting in a net withdrawal of 4,919 billion yuan due to 5,259 billion yuan of reverse repos maturing on the same day [1] - For the week, the PBOC executed a total of 6,522 billion yuan in reverse repos, with 20,275 billion yuan maturing, leading to a cumulative net withdrawal of 13,753 billion yuan [1] - The Shanghai Interbank Offered Rate (Shibor) for various tenors has been declining, with the overnight Shibor down by 0.20 basis points to 1.3130%, and the 7-day Shibor down by 3.30 basis points to 1.4230% [1] Group 2 - In the interbank pledged repo market, the rate declines have slowed, with the overnight weighted average rates for DR001 and R001 down by 0.1 basis points and 1.1 basis points, respectively, while transaction volumes increased significantly [4] - The overall funding environment on July 4 was described as relaxed, with overnight rates for various transactions showing a downward trend, indicating a continued loose monetary condition [8] - As of July 4, there were 114 interbank certificates of deposit issued, with an actual issuance volume of 124.64 billion yuan, reflecting active market participation [9]