货币市场日报：10月15日

Group 1 - The People's Bank of China conducted a 435 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net injection of 435 billion yuan into the market [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term instruments remained stable, with a slight decline in the 7-day Shibor [1][2] - The overnight Shibor increased by 0.10 basis points to 1.3160%, while the 7-day Shibor decreased by 0.90 basis points to 1.4140% [2][3] Group 2 - In the interbank pledged repo market, various rates showed narrow fluctuations, with DR007's transaction share rising to 4.5% [5] - The weighted average rates for DR001 and R001 decreased by 0.0 basis points and 0.2 basis points, respectively, with transaction volumes dropping by 901 billion yuan and 456 billion yuan [5] - The overall funding environment was balanced and slightly loose, with overnight rates declining further after the open market operations [10] Group 3 - As of October 15, 120 interbank certificates of deposit were issued, with an actual issuance volume of 114.59 billion yuan [11] - The trading sentiment for primary certificates was generally average, while secondary certificates showed moderate trading sentiment with yields continuing the upward trend from the previous day [11] - The weighted average interest rates for various maturities showed slight increases compared to the previous day, indicating a tightening of spreads between different maturities [11] Group 4 - The People's Bank of China reported that by the end of September 2025, the total social financing scale was 437.08 trillion yuan, a year-on-year increase of 8.7% [13] - The broad money supply (M2) reached 335.38 trillion yuan, growing by 8.4% year-on-year [13] - The average interest rate for newly issued corporate loans was approximately 3.1%, down about 40 basis points from the previous year, indicating a continued low interest rate environment [13]