货币市场日报：9月1日

Core Viewpoint - The People's Bank of China conducted a 7-day reverse repurchase operation of 182.7 billion yuan, with a net withdrawal of 105.7 billion yuan on the same day due to the maturity of 288.4 billion yuan in reverse repos [1]. Group 1: Monetary Policy and Market Operations - The operation interest rate for the 7-day reverse repo was set at 1.40% [1]. - The Shanghai Interbank Offered Rate (Shibor) showed mixed movements, with the overnight Shibor rising by 1.60 basis points to 1.3150%, while the 7-day Shibor fell by 7.20 basis points to 1.4380% [2][1]. - The weighted average rates for various repo agreements showed a decline, with DR001 and R001 down by 1.7 basis points and 6.20 basis points, respectively [5]. Group 2: Market Sentiment and Trading Activity - The funding environment was described as balanced throughout the day, with overnight rates fluctuating around 1.45% and 7-day rates around 1.45%-1.46% [9]. - On September 1, 27 interbank certificates of deposit were issued, totaling 23.91 billion yuan, indicating a generally subdued trading sentiment in the secondary market [10]. - The yield curve showed some variations, with the 1-year and 9-month rates differing by 0.5 basis points, reflecting a widening trend compared to the previous week [10]. Group 3: Banking Sector Insights - The People's Bank of China initiated a pilot program to transparently display the comprehensive financing costs for corporate loans, aiming to provide a clearer picture of the actual annualized rates faced by businesses [13]. - At a mid-year performance meeting, a senior executive from China Merchants Bank noted a gradual improvement in retail customer risk appetite, particularly towards equity assets, influenced by a low-interest-rate environment and a recovering capital market [13]. Group 4: Market Outlook - Analysts from Huaxi Securities indicated that the impact of government bond repayments on the funding environment would be limited, with seasonal factors likely to dominate the market dynamics [14].