货币市场日报：10月11日

Core Points - The People's Bank of China conducted a 116 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net injection of 116 billion yuan as there were no reverse repos maturing on that day [1] - This week, the central bank performed a total of 1,137 billion yuan in reverse repos, with 2,663 billion yuan maturing, leading to a net withdrawal of 1,526.3 billion yuan from the open market [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term instruments has seen a continuous decline, with overnight Shibor down by 0.50 basis points to 1.3140%, and 7-day Shibor down by 4.80 basis points to 1.4030% [1][2] Market Rates - In the interbank pledged repo market, most rates have decreased, with DR001 and R001 weighted average rates down by 0.7 basis points and 0.9 basis points, respectively, while DR007 and R007 rates fell by 2.8 basis points and 7.3 basis points [4] - The weighted average rates for DR014 increased by 0.9 basis points, while R014 decreased by 3.2 basis points, indicating mixed movements in the market [4] Funding Conditions - The overall funding environment is described as balanced and slightly loose, with overnight rates ranging from 1.3% to 1.35% and 7-day rates around 1.45% to 1.48% [8] - On October 11, 100 interbank certificates of deposit were issued, with a total issuance amount of 200.35 billion yuan [8] Secondary Market Activity - The secondary market for certificates of deposit showed a decline in trading sentiment due to the holiday, with yields for various maturities decreasing compared to the previous day [9] - The 1-month national bank deposit ended at 1.46%, down approximately 3 basis points from the previous day, while the 3-month and 6-month rates also saw slight declines [9] Regulatory Developments - The People's Bank of China is seeking public opinion on the "Identification Management Measures for Beneficial Owners of Financial Institution Clients," emphasizing the need for financial institutions to identify and verify beneficial owners during customer due diligence [11] - The Ministry of Housing and Urban-Rural Development reported that the approval amount for white-listed projects has exceeded 7 trillion yuan, supporting the construction and delivery of commercial housing projects [11]