资金利率全面回升

Core Viewpoint - The domestic funding market interest rates are experiencing a comprehensive rebound due to government bond issuance, concentrated tax payments, and increased funding demand at the end of the month [1] Group 1: Interest Rate Trends - As of September 10, the Shanghai Interbank Offered Rate (Shibor) for various terms has increased, with overnight, 1-week, 2-week, 1-month, 3-month, 6-month, 9-month, and 1-year rates reported at 1.425%, 1.449%, 1.501%, 1.528%, 1.553%, 1.621%, 1.653%, and 1.663% respectively, showing increases of 10.9, 1.6, 1.5, 1.1, 0.3, 1.1, 0.8, and 0.7 basis points compared to September 3 [1] Group 2: Central Bank Operations - The central bank has 10,684 billion yuan in reverse repos maturing this week and has conducted 7,425 billion yuan in reverse repo operations in the first three working days of the week, indicating a likely increase in reverse repo injections to stabilize funding rates [1] Group 3: Future Expectations - In the short term, funding market interest rates are expected to maintain a strong trend due to the convergence of seasonal funding demands from the end of the quarter and upcoming holidays, with short-term rates likely to continue rising [1] - Overall financing demand is recovering, and mid-to-long-term rates are expected to remain stable with a slight upward trend [1]