货币市场日报：8月13日

Core Points - The People's Bank of China conducted a 1,185 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net withdrawal of 200 billion yuan due to 1,385 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term instruments remained stable, with overnight Shibor at 1.3150% (unchanged), 7-day Shibor at 1.4340% (up 0.10 basis points), and 14-day Shibor at 1.4730% (up 1.70 basis points) [1][2] Market Overview - In the interbank pledged repo market, various rates remained stable, with R007 transaction volume increasing to 9.5%. The weighted average rates for DR001 and R001 rose by 0.0 basis points to 1.3164% and 1.3491%, respectively, with transaction volumes increasing by 635 billion yuan and 494 billion yuan [4] - The overall funding environment was described as loose, with overnight rates for non-bank transactions ranging from 1.36% to 1.40%, and 7-day rates around 1.45% to 1.48% [10] Financial Data - As of the end of July, the balance of domestic and foreign currency loans was 272.48 trillion yuan, a year-on-year increase of 6.7%, while the balance of deposits was 327.83 trillion yuan, up 9% [13] - The total social financing stock was reported at 431.26 trillion yuan, reflecting a year-on-year growth of 9%, with a cumulative increase of 23.99 trillion yuan in the first seven months of 2025, which is 5.12 trillion yuan more than the same period last year [13]