Monetary Policy and Market Operations - The People's Bank of China conducted a 7-day reverse repurchase operation of 418.5 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 114.5 billion yuan after 304 billion yuan matured on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) saw a slight increase across most tenors, with the overnight Shibor rising by 4.60 basis points to 1.4830%, the 7-day Shibor increasing by 4.40 basis points to 1.5190%, and the 14-day Shibor climbing by 10.10 basis points to 1.6070% [2][4] Interbank Market Activity - In the interbank pledged repo market, the weighted average rates for DR001 and R001 rose by 4.4 basis points and 7.6 basis points, respectively, with transaction volumes decreasing by 333.5 billion yuan and 247.2 billion yuan [4] - The weighted average rates for DR007 and R007 increased by 4.3 basis points and 4.9 basis points, with transaction volumes rising by 178 billion yuan and 1.268 billion yuan [4] Funding Conditions - As of September 17, the funding environment shifted to a balanced but slightly tight state, with overnight rates for pledged deposits ranging from 1.47% to 1.50% and 7-day rates around 1.47% to 1.48% [8] - A total of 91 interbank certificates of deposit were issued on September 17, with an actual issuance volume of 203.24 billion yuan [8] Yield Trends - Long-end yields continued to decline, alleviating tax period funding pressures, while overall trading sentiment remained positive [9] - The 1-month national bank stock ended at 1.58%, up approximately 1.5 basis points from the previous day, while the 3-month and 6-month national bank stocks also saw slight increases [9] Credit Market Insights - As of the end of July, the balance of loans in key service consumption sectors reached 2.79 trillion yuan, reflecting a year-on-year growth of 5.3% [11] - From January to August, the national general public budget revenue totaled 14.8198 trillion yuan, showing a year-on-year increase of 0.3% [11]
货币市场日报：9月17日
Zhong Guo Jin Rong Xin Xi Wang·2025-09-17 12:38