货币市场日报：11月3日

Core Viewpoint - The People's Bank of China conducted a 783 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, while a total of 3,373 billion yuan in reverse repos matured, resulting in a net withdrawal of 2,590 billion yuan from the open market [1] Summary by Category Monetary Policy - The People's Bank of China executed a reverse repurchase operation of 783 billion yuan at a rate of 1.40%, unchanged from prior operations [1] - The net withdrawal from the open market was 2,590 billion yuan due to the maturity of 3,373 billion yuan in reverse repos [1] Interbank Rates - The Shanghai Interbank Offered Rate (Shibor) for short-term instruments decreased, with the overnight Shibor falling by 0.50 basis points to 1.3160%, the 7-day Shibor down by 2.70 basis points to 1.4120%, and the 14-day Shibor dropping by 7.90 basis points to 1.4690% [1][2] - The weighted average rates for various repo instruments also declined, with DR001 and R001 rates falling to 1.3127% and 1.3646%, respectively, while transaction volumes increased significantly [4] Market Conditions - The funding environment appeared relaxed, with ample supply observed in the early trading session, leading to stable transaction rates throughout the day [8] - By the end of the trading day, the overnight repo rates ranged from 1.33% to 1.36%, indicating a continued loose funding situation [8] Issuance and Trading of Certificates - On November 3, 47 interbank certificates were issued, with a total issuance volume of 686.8 billion yuan [8] - The trading sentiment for primary certificates was generally subdued, with yields on secondary certificates showing an upward trend across various maturities [9]