再现零利率！月末银票转贴利率大跳水，信贷“晴雨表”失灵了吗？

Group 1 - The bill market experienced significant volatility as the end of the month approached, with banks increasingly focusing on "using bills to fill loans" due to insufficient credit demand [2][5] - On July 30, the bill discount rates saw a sharp decline, with the six-month bill discount rate dropping to 0.2%, marking a historical low, while the three-month rate also fell significantly [3][4] - The overall trend for bill discount rates in July has been downward, with the six-month rate decreasing from 1.19% at the end of June to 0.41%, a drop of 78 basis points [4][5] Group 2 - The significant fluctuations in bill rates indicate a serious imbalance in supply and demand within the bill market, with banks competing for bills leading to a drop in rates [4][6] - The traditional seasonal characteristics of bill rates have been affected, with a notable shift towards short-term loans, which are seen as a substitute for bills [6][7] - The People's Bank of China has increased open market operations to maintain liquidity, with a net injection of 158.5 billion yuan on July 30 [7][8]