人民银行：7月同业拆借加权平均利率1.45% 质押式回购加权平均利率1.46%

Core Insights - The People's Bank of China released the financial market operation data for July 2025, indicating a positive trend in interbank lending and bond repurchase transactions [1] Interbank Lending Market - In July, the interbank lending market recorded a transaction volume of 9.8 trillion yuan, representing a year-on-year increase of 3.1% and a month-on-month increase of 16.6% [1] - The weighted average interest rate for interbank lending was 1.45%, showing a slight decrease of 1 basis point month-on-month [1] Bond Repurchase Market - The bond repurchase transactions totaled 175.3 trillion yuan in July, which is an 18.5% increase year-on-year and a 12.2% increase month-on-month [1] - Standard bond repurchase transactions on exchanges reached 57.4 trillion yuan, reflecting a year-on-year growth of 21.1% and a month-on-month increase of 13.5% [1] - The weighted average interest rate for pledged repos was 1.46%, down by 4 basis points from the previous month [1]