博览债市一周丨7月以来股市表现较强，债市受到短期扰动

Monetary Policy and Liquidity - The central bank conducted a reverse repurchase operation on August 8, injecting a net of 696 billion yuan into the market, maintaining a loose liquidity environment [1] - On August 11, the central bank had a significant net withdrawal of 432.8 billion yuan, but interbank liquidity remained stable with minimal price fluctuations [2] - Throughout the week, the central bank continued to withdraw funds, with net withdrawals of 46.1 billion yuan on August 12, 20 billion yuan on August 13, and 32 billion yuan on August 14, while the overall funding prices remained stable [2] Economic Indicators - In the U.S., July's unadjusted CPI rose by 2.7% year-on-year, while the adjusted CPI increased by 0.2% month-on-month, aligning with expectations [4] - The U.S. customs tariff revenue reached a record high of 28 billion dollars in July, a year-on-year increase of 273%, but this did not prevent the expansion of the federal budget deficit [4] - Domestic financial data for July showed a decrease in RMB loans by 50 billion yuan, with social financing increasing by 1.16 trillion yuan, indicating weak private sector demand [4][5] Market Performance - The stock market has shown strong performance since July, influenced by rising commodity prices amid a "de-involution" backdrop, although the bond market faced some short-term disturbances [5] - The overall financial data for July is considered weak, with a notable decline in corporate medium to long-term loans, suggesting that real demand in the economy still needs to be strengthened [5]