Workflow
7月份流动性合理充裕
Jin Rong Shi Bao·2025-08-27 01:44

Group 1 - The overall liquidity in the financial market is balanced and slightly loose, with an increase in trading volume and a decrease in balances, leading to a downward trend in most repo rates [1][2] - In July, the interbank market was active with a total transaction volume of 231.7 trillion yuan, representing a month-on-month increase of 12.7% and a year-on-year increase of 15.7% [1][2] - The People's Bank of China (PBOC) emphasized a moderately loose monetary policy to match the growth of social financing and money supply with economic growth and price expectations [1][2] Group 2 - In July, the PBOC conducted significant open market operations, with a net injection of 468 billion yuan, including 14 trillion yuan in reverse repos and 4 trillion yuan in MLF [2][3] - Major repo rates showed a downward trend, with the overnight repo rate (DR001) at 1.39% and the 7-day repo rate (DR007) at 1.53%, reflecting a decrease of 1 and 7 basis points respectively [2][3] Group 3 - The bond market saw a total issuance of 5.29 trillion yuan in July, a decrease of 0.6% month-on-month but an increase of 27.6% year-on-year, with net financing at 2.31 trillion yuan, up 7.9% month-on-month and 86.6% year-on-year [4] - The yield on government bonds increased, with the 10-year government bond yield fluctuating between 1.64% and 1.75%, and the yield curve steepening [4] Group 4 - The interest rate swap curve ended its inversion, with short-term rates decreasing and long-term rates increasing, indicating a shift in market sentiment [6][7] - The average daily trading volume of RMB interest rate swaps increased by 44.8% in July, with a nominal principal amount of 4.6 trillion yuan [7]