货币市场日报：10月31日

Monetary Policy Operations - The People's Bank of China (PBOC) conducted a 7-day reverse repurchase operation of 355.1 billion yuan at an interest rate of 1.40%, maintaining the previous rate [1] - With 168 billion yuan of reverse repos maturing on the same day, the net injection into the market was 187.1 billion yuan [1] - This week, the PBOC executed a total of 2.068 trillion yuan in reverse repos and 900 billion yuan in one-year Medium-term Lending Facility (MLF) operations, resulting in a total net injection of 1.4008 trillion yuan due to maturing repos and MLFs [1] Interbank Rates - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the overnight Shibor rising by 0.40 basis points to 1.3210%, while the 7-day Shibor fell by 4.50 basis points to 1.4390% [2][3] - The 14-day Shibor increased by 1.10 basis points to 1.5480% [2] Repo Market - In the interbank pledged repo market, the overnight rate slightly increased, while the 7-day and 14-day rates decreased [4] - The weighted average rate for DR001 rose by 0.7 basis points to 1.3184%, while DR007 and DR014 rates fell by 4.7 and 1.4 basis points, respectively [4] Market Liquidity - The funding environment was reported to be loose, with overnight funding rates declining throughout the day, reaching a range of 1.40% to 1.45% by the end of trading [9] - A total of 53 interbank certificates of deposit (CDs) were issued, amounting to 79.28 billion yuan [9] CD Market - In the primary CD market, trading was subdued, with rates for various maturities declining, particularly for the 1-month CD which fell by 7 basis points to around 1.41% [10] - The yield curve showed a widening in the spread between 1-year and 1-month CDs, indicating changes in market sentiment [10]