货币市场日报：9月3日

Monetary Policy Operations - The People's Bank of China conducted a 7-day reverse repurchase operation of 229.1 billion yuan, with both the bidding and winning amounts at 229.1 billion yuan, and the operation interest rate set at 1.40% [1] - On the same day, 379.9 billion yuan of 7-day reverse repos matured, resulting in a net withdrawal of 150.8 billion yuan [1] Interbank Offered Rates - The Shanghai Interbank Offered Rate (Shibor) showed mixed movements, with the overnight Shibor rising by 0.20 basis points to 1.3160%, and the 7-day Shibor also increasing by 0.20 basis points to 1.4330%. In contrast, the 14-day Shibor decreased by 0.90 basis points to 1.4860% [2][4] - The 1-month Shibor was reported at 1.5170%, up by 0.10 basis points, while the 3-month Shibor stood at 1.5500%, also up by 0.10 basis points [2] Repo Market Activity - In the interbank pledged repo market, the 7-day rates showed mixed results, with DR001 and R001 weighted average rates remaining unchanged at 1.3141% and 1.3543%, respectively, while DR007 and R007 rates increased by 0.4 basis points and 0.2 basis points to 1.4415% and 1.4644% [4] - The trading volume for DR001 and R001 increased by 6.4 billion yuan and 126.4 billion yuan, respectively, while DR007 and R007 saw decreases in trading volume by 13.3 billion yuan and 362.7 billion yuan [4] Market Liquidity - The liquidity in the market was described as generally loose, with overnight rates trading around 1.30% to 1.45% throughout the day, indicating a stable and balanced liquidity environment [8] - The issuance of interbank certificates of deposit reached 88, with a total issuance volume of 150.78 billion yuan, reflecting active trading sentiment as market rates declined [9] Private Banking Sector Growth - Several banks reported double-digit growth in the number of private banking clients and assets under management (AUM) in the first half of the year, with 15 banks collectively surpassing 1.63 million clients, an increase of nearly 150,000 clients [11] - Major state-owned banks, including ICBC, ABC, CCB, and BOC, each reported AUM exceeding 3 trillion yuan, while Industrial Bank's AUM surpassed 1 trillion yuan, marking its entry into the "trillion club" for private banking [11] Future Market Outlook - Analysts predict that the liquidity in the market will remain reasonably ample, supported by increased fiscal spending and effective central bank measures, despite potential disturbances in mid-September [11]