货币市场日报：9月19日

Core Points - The People's Bank of China (PBOC) conducted a 7-day reverse repurchase operation of 354.3 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 124.3 billion yuan due to 230 billion yuan maturing that day [1] - This week, the PBOC performed a total of 1.8268 trillion yuan in reverse repurchase operations, with 1.2645 trillion yuan maturing, leading to a net injection of 562.3 billion yuan [1] - The Shanghai Interbank Offered Rate (Shibor) saw a decline in overnight and 7-day rates, with the overnight Shibor down by 5.30 basis points to 1.4610% and the 7-day Shibor down by 4.00 basis points to 1.4880% [1][2] - The 14-day Shibor increased by 6.60 basis points to 1.6470% [1][2] Market Rates - In the interbank pledged repo market, most rates fell, while DR014 rose. Specifically, the weighted average rates for DR001 and R001 decreased by 4.8 basis points and 8.4 basis points, respectively, with transaction volumes increasing by 257.8 billion yuan and 67.3 billion yuan [4] - The weighted average rates for DR007 and R007 also fell by 4.7 basis points and 4.5 basis points, with transaction volumes decreasing by 38.9 billion yuan and 80.1 billion yuan [4] - The overall funding environment on September 19 was described as relaxed, with stable trading across various maturities [9] Bond Market - The primary market for negotiable certificates of deposit (NCDs) saw 100 issues with a total issuance of 205.31 billion yuan on September 19 [9] - In the secondary market, yields for various maturities showed slight increases, with the 1-month and 3-month government bonds remaining stable at 1.58%, while the 6-month bond rose by approximately 0.5 basis points to 1.645% [10] - The yield spread between 1-year and 9-month bonds was 0.25 basis points, remaining unchanged from the previous day [10] Future Outlook - The PBOC announced adjustments to the 14-day reverse repurchase operations to fixed quantity and interest rate bidding, indicating a focus on maintaining liquidity in the banking system [12] - Upcoming press conferences will address the achievements in the financial sector during the 14th Five-Year Plan period, highlighting the government's commitment to financial stability and development [12]