货币市场日报：7月14日

Core Viewpoint - The People's Bank of China (PBOC) conducted a 7-day reverse repurchase operation of 226.2 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 119.7 billion yuan into the market after accounting for 106.5 billion yuan of reverse repos maturing on the same day [1]. Group 1: Market Rates - The Shanghai Interbank Offered Rate (Shibor) showed a slight increase, with overnight Shibor rising by 8.20 basis points to 1.4150%, 7-day Shibor up by 4.00 basis points to 1.5150%, and 14-day Shibor increasing by 2.10 basis points to 1.5350% [2][3]. - In the interbank pledged repo market, overnight rates rose slightly above 1.4%, with DR001 and R001 weighted average rates increasing by 8.1 basis points and 8.0 basis points, respectively, to 1.424% and 1.4837% [4]. Group 2: Funding Conditions - The funding environment on July 14 was characterized as balanced but slightly tight, with increased borrowing demand from banking institutions compared to the previous week. Overnight rates for collateralized deposits were around 1.50%, while 7-day rates were near 1.53% [10]. - By the end of the day, the overnight collateralized deposit rates stabilized around 1.55%, with 7-day rates climbing to between 1.55% and 1.58% [10]. Group 3: Interbank Certificates of Deposit - On July 14, there were 96 interbank certificates of deposit issued, with a total issuance amount of 177.94 billion yuan. The trading sentiment was less active than expected due to tax periods and market expectations [11]. - The secondary market for certificates of deposit maintained an upward trend, with the 1-year large bank deposit rate stabilizing around 1.6375% by the end of the day [11]. Group 4: Monetary Supply and Financing - As of the end of June, the broad money supply (M2) stood at 330.29 trillion yuan, reflecting a year-on-year growth of 8.3%. The narrow money supply (M1) was 113.95 trillion yuan, up 4.6% year-on-year [13]. - The total social financing scale for the first half of 2025 reached 22.83 trillion yuan, an increase of 4.74 trillion yuan compared to the same period last year [13].