本币市场：上半年流动性管理更趋精细化

Monetary Policy and Economic Support - The central bank has intensified counter-cyclical adjustments and implemented a package of financial support measures, resulting in significant effects on supporting the real economy [1] - The People's Bank of China (PBOC) will continue to implement a moderately loose monetary policy and closely monitor the transmission and actual effects of previously implemented policies [1][2] Market Liquidity and Interest Rates - In the first half of the year, the interbank RMB market saw a decrease in trading volume and balance, with a total transaction volume of 101.5 trillion yuan, down 12% quarter-on-quarter and 5% year-on-year [1] - The average weighted rates for overnight repo rates (DR001) and overnight pledged repo rates (R001) increased by 5 basis points to 1.62% and 1.73%, respectively [3] Bond Market Performance - A total of 27.1 trillion yuan in bonds were issued in the first half of the year, representing a 3.8% increase quarter-on-quarter and a 24.1% increase year-on-year, with net financing reaching 10.5 trillion yuan, up 33.3% quarter-on-quarter and 99% year-on-year [4] - The issuance of government bonds and local government bonds reached historical highs, with significant support for infrastructure investment [4] Interest Rate Swaps and Trading Activity - The interest rate swap curve shifted upward, with the average prices for 6-month, 1-year, and 5-year Shibor3M swaps increasing by 6, 15, and 8 basis points, respectively [6] - The total nominal principal for RMB interest rate swaps reached 20.9 trillion yuan, with a daily average transaction volume of 1.745 trillion yuan, reflecting a 28.9% increase [6]