Core Viewpoint - The People's Bank of China (PBOC) conducted a 7-day reverse repurchase operation of 3,310 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net withdrawal of 1,195 billion yuan due to 4,505 billion yuan of reverse repos maturing on the same day [1]. Group 1: Market Rates - The Shanghai Interbank Offered Rate (Shibor) for short-term products increased significantly, with the overnight Shibor rising by 26.80 basis points to 1.6350%, while the 7-day and 14-day Shibor rose by 8.20 basis points and 8.80 basis points, respectively, to 1.5450% and 1.6150% [1][2]. - In the interbank pledged repo market, rates for various products also increased, with the overnight and 7-day rates rising to 1.6515% and 1.5759%, respectively, while the transaction volumes for these products decreased [5]. Group 2: Market Dynamics - On July 24, the funding environment showed a trend of tightening followed by easing, with overnight funding rates initially high at 1.80%-1.85% before dropping to around 1.50% by the end of the day [9]. - The issuance of interbank certificates of deposit saw 25 issues with a total issuance amount of 387.4 billion yuan by the end of the day [10]. Group 3: Monetary Policy - The PBOC announced plans to conduct a 4,000 billion yuan Medium-term Lending Facility (MLF) operation on July 25, with a net injection of 1,000 billion yuan due to 3,000 billion yuan of MLF maturing, marking the fifth consecutive month of increased MLF operations [12]. - A joint opinion from the PBOC and the Ministry of Agriculture and Rural Affairs emphasized enhancing financial services for rural revitalization, focusing on food security and financial support for agricultural development [13].
货币市场日报:7月24日
Xin Hua Cai Jing·2025-07-24 13:40