货币市场日报：7月17日

Monetary Policy Operations - The People's Bank of China conducted a 7-day reverse repurchase operation of 450.5 billion yuan at an interest rate of 1.40%, maintaining the previous rate [1] - With 90 billion yuan of 7-day reverse repos maturing on the same day, the net injection into the market was 360.5 billion yuan [1] Interbank Offered Rates - The Shanghai Interbank Offered Rate (Shibor) remained stable, with the overnight Shibor decreasing by 0.30 basis points to 1.4630%, while the 7-day Shibor remained unchanged at 1.5040% [1][2] - The 14-day Shibor decreased by 0.60 basis points to 1.5530% [2] Short-term Funding Rates - In the interbank pledged repo market, short-term funding rates showed minimal fluctuations, with DR001 and R001 weighted average rates decreasing by 0.5 basis points and 0.1 basis points, respectively [5] - The transaction volume for DR001 increased by 207.3 billion yuan, while R001's transaction volume rose by 194.9 billion yuan [5] Market Sentiment - Overall, the funding environment was balanced and slightly loose, with overnight pledged repo transactions occurring at rates around 1.55-1.58% [13] - The issuance of interbank certificates of deposit was active, with 43 certificates issued on July 17, totaling 51.32 billion yuan [13][14]