7月7日丨贴现利率上下试探，行情继续盘整

Funding Market - The central bank conducted a 106.5 billion yuan 7-day reverse repurchase operation, maintaining the bidding rate at 1.40%. With 331.5 billion yuan of reverse repos maturing, a net withdrawal of 225 billion yuan was achieved, indicating a slight tightening of liquidity [1] - The Shibor rates showed a mixed trend, with the overnight rate decreasing by 0.10 basis points to 1.3120%, while the 7-day rate increased by 3.50 basis points to 1.4580%. The 14-day rate fell by 2.90 basis points to 1.4940%. Overall, the funding environment remained balanced, although the rise in the 7-day rate exerted some pressure on the discounting of acceptance bills [1] Re-discount Market - In the re-discount market, major banks continued to receive bills in the morning, boosting market demand, particularly for December and January bills. However, afternoon trading saw a decline in buying interest, leading to a slight decrease in the discount rate for month-end national stock bills to 0.93% [2] - As of the market close on July 7, the overall discount rates in the re-discount market remained stable, with slight fluctuations across various maturities. The rates for 1M and 2M bills were reported at 1.22% and 1.09% respectively, while the 6M bill rate decreased by 1 basis point to 0.93% [2] Direct Discount Market - In the direct discount market, there was a slight recovery in corporate financing discounting willingness, with the issuance volume in the primary market exceeding 100 billion yuan. However, buyer interest remained moderate, with most direct discount institutions keeping their quotes unchanged, reflecting cautious risk appetite towards bank bills [3] - The discount rate for 6M acceptance bills remained stable, with national stock quotes around 1.03%, while commercial bills slightly adjusted to 1.25%. Private and rural bank bills maintained relatively high discount rates, averaging above 1.55% [3] Market Outlook - The overall supply and demand in the discount market are balanced, with no significant tightening risk in the short term. It is expected that major banks will continue to focus on receiving bills in December and January. Unless there are unexpected liquidity disturbances, the discount rates are likely to remain stable with minor fluctuations [4]