Group 1 - The People's Bank of China (PBOC) conducted a 280 billion yuan 7-day reverse repurchase operation on September 15, maintaining the operation rate at 1.40%, resulting in a net injection of 885 billion yuan after accounting for 191.5 billion yuan of reverse repos maturing on the same day [1] - Last week, the central bank's net reverse repo injection was 196.1 billion yuan, and it announced a 600 billion yuan 6-month buyout reverse repo operation on September 15, with a total net injection of 300 billion yuan for the month, consistent with the previous month [2][3] - The funding environment showed a tightening trend at the beginning of the week due to government debt payments and previous net withdrawals, with overnight rates rising above the central rate, but eased later in the week as the central bank shifted to net injections [1][2] Group 2 - The upcoming week (September 15-19) will see an increase in reverse repo maturities to 1,264.5 billion yuan, with a significant government debt net payment of 402.5 billion yuan, including a single-day net payment of 366 billion yuan on September 15 [2] - Analysts expect that the tax period will be a major influencing factor on the funding environment, but given the central bank's supportive stance, significant fluctuations in funding prices are unlikely, with DR001 expected to remain below 1.4% [2][3] - Financial data from the PBOC indicated that the total social financing stock at the end of August was 433.66 trillion yuan, with a year-on-year growth of 8.8%, and new loans primarily driven by corporate borrowing [3][4]
一周流动性观察 | 税期+存单到期规模持续高位 央行或适当加大逆回购投放力度
Zhong Guo Jin Rong Xin Xi Wang·2025-09-15 07:13