货币市场日报：11月13日

Monetary Policy and Market Operations - The People's Bank of China conducted a 190 billion yuan 7-day reverse repurchase operation at an interest rate of 1.40%, maintaining the previous rate; with 92.8 billion yuan of 7-day reverse repos maturing, the net injection into the open market was 97.2 billion yuan [1] - The overnight Shanghai Interbank Offered Rate (Shibor) fell by 10 basis points to 1.3150%, while the 7-day and 14-day Shibor rates remained unchanged at 1.4740% and 1.5000%, respectively [1][2] Interbank Market Rates - In the interbank pledged repo market, overnight funding rates continued to decline, with DR001 and R001 weighted average rates falling by 9.9 basis points and 7.7 basis points to 1.3199% and 1.3887%, respectively; transaction volumes increased by 68.5 billion yuan and 370.7 billion yuan [5] - The weighted average rates for DR007 and R007 decreased by 1.2 basis points and 0.4 basis points to 1.4782% and 1.5005%, with transaction volumes rising by 2.7 billion yuan and 89.4 billion yuan [5] Financial Instruments and Issuance - On November 13, 72 interbank certificates of deposit were issued, with a total issuance amount of 114.48 billion yuan; demand for 9-month and 1-year AAA-rated rural commercial bank products was strong, while other maturities showed average sentiment [10] - The secondary market for certificates of deposit was active, with yields for various maturities showing slight fluctuations; the 1-month national bank large enterprise ended at approximately 1.49%, up about 1 basis point from the previous day [10] Monetary Supply and Financing - As of the end of October, the broad money supply (M2) stood at 335.13 trillion yuan, growing by 8.2% year-on-year; the narrow money supply (M1) was 112 trillion yuan, up by 6.2% [12] - The total social financing scale for the first ten months of 2025 reached 30.9 trillion yuan, an increase of 3.83 trillion yuan compared to the same period last year, with a year-on-year growth of 8.5% [12]