货币市场日报：7月11日

Monetary Policy Operations - The People's Bank of China conducted a 847 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level; with 340 billion yuan of reverse repos maturing, the net injection was 507 billion yuan [1] - This week, the central bank performed a total of 4,257 billion yuan in reverse repos, with 6,522 billion yuan maturing, resulting in a net withdrawal of 2,265 billion yuan [1] Interbank Rates - The Shanghai Interbank Offered Rate (Shibor) showed low volatility; overnight Shibor rose by 1.70 basis points to 1.3330%, while the 7-day Shibor increased by 0.10 basis points to 1.4750%, and the 14-day Shibor went up by 1.60 basis points to 1.5140% [1][2] - The short-term funding rates in the interbank pledged repo market exhibited mixed movements; DR001 and R001 weighted average rates increased by 2.0 basis points and 1.7 basis points, respectively, while DR007 and R007 rates decreased by 2.3 basis points and 1.2 basis points [5] Market Conditions - The overall funding situation on July 11 was balanced, with non-bank entities being relatively loose while banks were tighter; overnight pledged rate certificates traded around 1.48%-1.50% [10] - A total of 120 interbank certificates were issued on July 11, with an actual issuance volume of 1,635.9 billion yuan; the primary market saw active trading with issuers raising prices [11] Financial Products and Regulations - The National Financial Regulatory Administration released the "Management Measures for the Appropriateness of Financial Institution Products," emphasizing the need for financial institutions to collect customer information responsibly and protect customer data [13] - As of the end of May, the balance of Shanghai's foreign and domestic currency loans was 12.73 trillion yuan, reflecting a year-on-year growth of 8.6%, while deposits reached 22.33 trillion yuan, up 5.7% year-on-year [14]