货币市场日报：7月10日

Monetary Policy and Market Operations - The People's Bank of China conducted a 900 billion yuan reverse repurchase operation with a rate unchanged at 1.40%, resulting in a net injection of 328 billion yuan after 572 billion yuan matured on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with overnight Shibor rising by 0.30 basis points to 1.3160%, and 7-day Shibor increasing by 1.00 basis points to 1.4740% [1] Interbank Repo Market - In the interbank pledged repo market, short-term funding rates increased slightly, with DR001 and R001 weighted average rates rising by 0.6 basis points and 1.1 basis points to 1.3227% and 1.387% respectively, while transaction volumes decreased by 637 billion yuan and 428 billion yuan [4] - DR007 and R007 weighted average rates increased by 1.8 basis points and 1.7 basis points to 1.4945% and 1.5208%, with transaction volumes decreasing by 59 billion yuan and 361 billion yuan [4] Funding Conditions - Early morning funding conditions were balanced but slightly tight, gradually easing after the open market operations, with overnight repo rates trading around 1.48%-1.50% [10] - By the afternoon, funding conditions shifted to a balanced to slightly loose state, with overnight repo rates dropping to a minimum of 1.40% [10] Interbank Certificates of Deposit - On July 10, there were 47 interbank certificates of deposit issued, with a total issuance amount of 238.9 billion yuan, indicating active trading sentiment [11] - The secondary market saw prices entering an upward channel, with the one-year government bond yield surpassing 1.62% to around 1.625% [11]