再现零利率！月末银票转贴利率大跳水

Core Viewpoint - The recent significant drop in bill discount rates indicates a potential weakening in credit demand, with the 6-month bill discount rate falling to a historical low of 0.2% [1] Group 1: Market Trends - On July 30, the bill discount rates experienced a sharp decline, with the maximum drop reaching 50 basis points (BP) [1] - The 3-month and 6-month bill varieties rebounded in the afternoon, with increases of over 20 BP [1] Group 2: Credit Demand Indicators - The decline in bill rates is viewed as a leading indicator of credit issuance sentiment, suggesting weaker credit demand [1] - July is traditionally a "small month" for credit issuance, and a seasonal decline in credit allocation is expected [1] Group 3: Market Dynamics - The bill market's function as a credit "barometer" has weakened this year due to short-term lending surges, leading to reduced demand for bills [1] - Changes in supply chain payment terms in certain industries have reinforced the substitution effect, impacting bill rates [1]