2025年7月银行间本币市场运行报告

Group 1 - The overall trading volume in the money market increased, while the average balance decreased, with most repo rates declining and the average net lending balance of large commercial banks falling [2][3][5] - In July, the total trading volume in the money market reached 185.2 trillion yuan, a month-on-month increase of 12.4%, while the average daily trading volume was 8.1 trillion yuan, a decrease of 2.2% [2] - The central bank increased liquidity support, resulting in a generally balanced and loose funding environment, with a net injection of 468 billion yuan in the open market throughout the month [3][4] Group 2 - Bond issuance and average daily trading volume decreased month-on-month, with government bond yields rising overall and the yield curve steepening [6][8] - In July, 5.29 trillion yuan of bonds were issued, a month-on-month decrease of 0.6%, while net financing increased by 169.5 billion yuan, a rise of 7.9% [6] - The bond market saw yields fluctuating upwards, with the 10-year government bond yield ranging between 1.64% and 1.75%, and the curve steepening [8] Group 3 - The interest rate swap curve shifted from inverted to upward sloping, with an increase in trading volume [9] - In July, the average daily trading volume of RMB interest rate swaps increased by 44.8%, with a nominal principal total of 4.6 trillion yuan [9]