货币市场日报：8月25日

Monetary Policy Operations - The People's Bank of China conducted a 288.4 billion yuan 7-day reverse repurchase and a 600 billion yuan 1-year MLF operation, resulting in a net injection of 621.9 billion yuan into the market after 266.5 billion yuan of reverse repos matured on the same day [1] Interbank Offered Rates - The Shanghai Interbank Offered Rate (Shibor) showed mixed movements on August 25, with the overnight Shibor decreasing by 6.20 basis points to 1.3560%, while the 7-day Shibor increased by 2.10 basis points to 1.4840% [2][3] - The 14-day Shibor fell by 2.60 basis points to 1.5550% [2] Repo Market Activity - In the interbank pledged repo market, overnight and 14-day rates decreased, while the 7-day rates increased. The weighted average rates for DR001 and R001 fell by 6.3 basis points and 5.7 basis points, respectively, while DR007 and R007 rose by 5.4 basis points and 7.7 basis points [4] Funding Conditions - The overall funding conditions remained balanced and slightly loose throughout the day, with overnight rates for pledged deposits trading around 1.40%-1.42% and 7-day rates around 1.55% [10] - A total of 77 interbank certificates of deposit were issued, with an actual issuance amount of 167.53 billion yuan [10] Secondary Market Trends - The secondary market for certificates of deposit showed a downward trend, with 3-month and 1-year yields slightly decreasing compared to the previous trading day [11]