货币市场日报：7月7日

Monetary Policy Operations - The People's Bank of China conducted a 7-day reverse repurchase operation of 106.5 billion yuan at a steady interest rate of 1.40% on July 7, 2025, resulting in a net withdrawal of 225 billion yuan due to 331.5 billion yuan of reverse repos maturing on the same day [1] Interbank Offered Rates - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations on July 7, with the overnight Shibor decreasing by 0.10 basis points to 1.3120%, while the 7-day Shibor increased by 3.50 basis points to 1.4580% [2][3] - The 14-day Shibor decreased by 2.90 basis points to 1.4940% [2] Short-term Funding Rates - In the interbank pledged repo market, short-term funding rates remained low, with DR001 and R001 weighted average rates rising by 0.1 basis points and 0.4 basis points to 1.3146% and 1.365%, respectively, while transaction volumes increased by 83.3 billion yuan and 104.2 billion yuan [4] - Conversely, DR007 and R007 rates increased by 4.4 basis points and 1.2 basis points to 1.466% and 1.5%, with transaction volumes decreasing by 0.2 billion yuan and 100 billion yuan [4] Market Sentiment - The overall funding environment on July 7 was balanced, with overnight pledged rates trading between 1.30% and 1.40%, and 7-day pledged rates around 1.47% to 1.50% [9] - A total of 85 interbank certificates of deposit were issued, with an actual issuance amount of 98.67 billion yuan by the end of the day [9] Regulatory Developments - The Shenzhen Financial Regulatory Bureau issued a warning regarding illegal fundraising activities disguised as stablecoin investments, highlighting the risks associated with financial innovations and digital assets [12] - The Sichuan Financial Regulatory Bureau approved the merger of Chengdu Rural Commercial Bank with six other rural banks, mandating compliance with relevant laws and regulations [12]