货币市场日报：9月18日

Group 1 - The People's Bank of China conducted a 487 billion yuan 7-day reverse repurchase operation at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 195 billion yuan due to 292 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) showed mixed movements, with the overnight Shibor rising by 3.10 basis points to 1.5140%, while the 14-day Shibor fell by 2.60 basis points to 1.5810% [1][2] - The overall interbank pledged repo market continued to see slight increases, with the weighted average rates for DR001 and R001 rising by 2.6 basis points and 3.0 basis points, respectively [4] Group 2 - The money market maintained a tight stance, with overnight pledged rate certificates trading at 1.65% or weighted +10 basis points, while 7-day trades were between 1.53% and 1.55% [8] - The issuance of interbank certificates of deposit reached 146.16 billion yuan on September 18, with 74 certificates issued [8][9] - The upcoming issuance of the 7th Central Bank Bill, with a fixed interest rate and a total issuance of 60 billion yuan, is scheduled for September 22, 2025 [11]