货币市场日报：10月24日

Group 1 - The People's Bank of China (PBOC) conducted a 168 billion yuan 7-day reverse repurchase operation with an interest rate of 1.40% on October 24, resulting in a net injection of 32 billion yuan after 164.8 billion yuan of reverse repos matured on the same day [1] - For the week, the PBOC carried out a total of 867.2 billion yuan in 7-day reverse repos, with 789.1 billion yuan maturing, leading to a total net injection of 78.1 billion yuan [1] - The Shanghai Interbank Offered Rate (Shibor) for the 14-day tenor rose to 1.56%, with the overnight Shibor increasing by 0.20 basis points to 1.3200% and the 7-day Shibor decreasing by 0.30 basis points to 1.4140% [1][2] Group 2 - In the interbank pledged repo market, the weighted average rates for overnight and 14-day products slightly increased, with DR001 and R001 rising by 0.5 basis points and 0.8 basis points to 1.3221% and 1.3802%, respectively [5] - The weighted average rates for DR007 and R007 decreased by 1.6 basis points and 0.7 basis points to 1.411% and 1.4649%, respectively, with transaction volumes showing mixed trends [5] - As of October 24, there were 110 interbank certificates of deposit issued, with a total issuance amount of 172.3 billion yuan, indicating a stable trading sentiment in the primary market [13] Group 3 - As of the end of the third quarter of 2025, the balance of RMB loans from financial institutions reached 270.39 trillion yuan, reflecting a year-on-year growth of 6.6%, with a total increase of 1.475 trillion yuan in the first three quarters [15] - The balance of RMB real estate loans was 52.83 trillion yuan, showing a slight year-on-year decline of 0.1%, with a reduction of 84 billion yuan in the first three quarters [15] - The PBOC plans to conduct a 900 billion yuan Medium-term Lending Facility (MLF) operation on October 27, 2025, to maintain ample liquidity in the banking system [15]