货币市场日报：9月25日

Core Viewpoint - The People's Bank of China conducted a net injection of 296.5 billion yuan into the market through reverse repos and medium-term lending facilities on September 25, 2023, amid maturing financial instruments [1]. Group 1: Market Operations - The central bank executed a 7-day reverse repo operation of 483.5 billion yuan and a medium-term lending facility (MLF) operation of 600 billion yuan, with 4.87 billion yuan in reverse repos and 300 billion yuan in MLF maturing on the same day [1]. - The overall net injection into the market was 296.5 billion yuan after accounting for maturing instruments [1]. Group 2: Interbank Rates - The overnight Shanghai Interbank Offered Rate (Shibor) rose by 3.80 basis points to 1.4720%, while the 7-day and 14-day Shibor rates slightly decreased [2][3]. - The weighted average rates for various repo instruments increased, with DR001 rising by 3.8 basis points to 1.4749%, DR007 up by 1.5 basis points to 1.6017%, and DR014 increasing by 2.2 basis points to 1.6718% [3][4]. Group 3: Funding Conditions - The funding conditions in the interbank market were balanced in the morning and slightly eased in the afternoon, with overnight rates for non-bank institutions trading between 1.50% and 1.53% [6]. - A total of 55 interbank certificates of deposit were issued on September 25, with an actual issuance volume of 39.91 billion yuan [6]. Group 4: Bond Market Activity - The primary market for certificates of deposit showed a recovery in trading sentiment, while the secondary market experienced active trading with yields fluctuating slightly compared to the previous day [7][8].