货币市场日报：10月13日

Core Viewpoint - The People's Bank of China conducted a 137.8 billion yuan reverse repurchase operation with a rate of 1.40%, resulting in a net injection of 137.8 billion yuan into the market on October 13, 2025 [1]. Market Rates Summary - The Shanghai Interbank Offered Rate (Shibor) for the 7-day term increased by 4.40 basis points to 1.4470%, while the overnight Shibor remained unchanged at 1.3140% [1][2]. - The 14-day Shibor decreased by 1.60 basis points to 1.4660% [2]. Interbank Repo Market - In the interbank pledged repo market, most rates increased slightly, with DR001 and R001 weighted average rates rising by 0.3 basis points and 4.0 basis points to 1.3131% and 1.357%, respectively [6]. - The transaction volumes for DR001 and R001 increased significantly, with DR001 seeing a rise of 2.652 billion yuan and R001 increasing by 43.681 billion yuan [6]. Funding Conditions - The overall funding environment was described as balanced and slightly loose, with overnight rates for collateralized loans ranging from 1.35% to 1.5% [10]. - By the end of the trading day, the overnight rates dropped to around 1.28%, indicating a continued loose funding condition [10]. Interbank Certificates of Deposit - On October 13, 66 interbank certificates of deposit were issued, totaling 48.59 billion yuan [11]. - The trading sentiment for secondary market certificates was described as subdued, with yields for various maturities showing slight increases compared to the previous trading day [11].