货币市场日报：9月24日

Core Points - The People's Bank of China conducted a 401.5 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net withdrawal of 17 billion yuan due to 418.5 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term maturities increased across the board, with the 7-day Shibor leading the rise [1][2] - The weighted average rates for various repo products also saw increases, particularly in the 7-day category, indicating a tightening liquidity environment [5] Shibor Summary - Overnight Shibor rose by 2.10 basis points to 1.4340% [3] - 7-day Shibor increased by 12.80 basis points to 1.5900% [3] - 14-day Shibor went up by 8.90 basis points to 1.6560% [3] Repo Market Summary - The weighted average rates for DR001 and R001 increased by 2.3 basis points and 3.5 basis points, respectively, with transaction volumes decreasing significantly [5] - DR007 and R007 saw larger increases of 11.1 basis points and 18.5 basis points, respectively, with notable reductions in transaction volumes [5] - DR014 and R014 had smaller increases in rates but experienced an increase in transaction volumes [5] Money Market Conditions - The money market showed a tight condition in the morning, with overnight transactions around 1.55%, shifting to a more relaxed state by the afternoon [9] - The issuance of interbank certificates of deposit was active, with 85 certificates issued totaling approximately 133.99 billion yuan [9] Bond Market Summary - The bond market saw rising rates across various maturities, with overall trading sentiment being moderate [10] - Specific increases included a 6 basis point rise for 1-month bonds and a 1.5 basis point rise for 6-month bonds compared to the previous day [10] Future Operations - The People's Bank of China plans to conduct a 600 billion yuan Medium-term Lending Facility (MLF) operation on September 25, 2025, with a one-year term [12]