货币市场日报：7月31日

Monetary Policy and Market Operations - The People's Bank of China conducted a 7-day reverse repurchase operation of 283.2 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net withdrawal of 47.8 billion yuan due to 331 billion yuan of reverse repos maturing on the same day [1] - The overnight Shanghai Interbank Offered Rate (Shibor) rose by 7.50 basis points to 1.3920%, while the 7-day and 14-day Shibor rates decreased slightly [1] Interbank Repo Market - In the interbank pledged repo market, influenced by month-end factors, the DR001 rate approached 1.4%, with R001 rising by approximately 20 basis points, and transaction volumes increased [3] - The weighted average rates for DR001 and R001 rose by 8.1 basis points and 19.9 basis points, respectively, while transaction volumes for both decreased significantly [3] Funding Conditions - The funding environment was balanced in the afternoon, transitioning to a looser state, with overnight rates for collateralized deposits dropping to between 1.35% and 1.60% by the end of the trading day [6] - A total of 19 interbank certificates of deposit were issued on July 31, with an actual issuance volume of 21.2 billion yuan [6] Certificate of Deposit Market - The primary market for certificates of deposit showed weak trading sentiment, with institutions hesitant to issue or raise prices, while the secondary market saw a downward trend in yields [7] - The 1-month national stock ended at 1.52%, down approximately 3 basis points from the previous day, with similar declines observed across other maturities [7] Insurance Sector Developments - The China Insurance Industry Association issued a proposal to enhance disaster response and insurance claims services during the flood season, focusing on resource investment, service optimization, and experience summarization [9] - The Financial Regulatory Bureau issued a notice to promote the high-quality development of urban commercial health insurance, emphasizing product management and risk management to meet public healthcare needs [9]