货币市场日报：10月14日

Core Points - The People's Bank of China conducted a 910 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net injection of 910 billion yuan into the market [1][12] - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the 7-day and 14-day rates declining [1][2] - The overall funding environment is described as balanced and slightly loose, with various rates for overnight and term deposits showing a downward trend [9][10] Summary by Category Monetary Policy - The People's Bank of China is set to conduct a 600 billion yuan buyout reverse repurchase operation on October 15, 2025, with a term of 6 months [12] Interest Rates - The overnight Shibor increased by 0.10 basis points to 1.3150%, while the 7-day Shibor decreased by 2.40 basis points to 1.4230%, and the 14-day Shibor decreased by 2.10 basis points to 1.4450% [1][2] - In the interbank pledged repo market, most rates showed slight declines, with the weighted average rates for overnight and 7-day repos at 1.3141% and 1.4314%, respectively [4] Market Sentiment - The funding market is characterized by a generally loose atmosphere, with overnight rates for deposits showing a downward trend, indicating a preference for liquidity among banks [9] - The issuance of interbank certificates of deposit reached 261.89 billion yuan on October 14, with trading sentiment described as moderate [10]