上证报:税期扰动下流动性短期承压,央行加码投放稳预期
Sou Hu Cai Jing·2025-11-17 22:33

Core Viewpoint - Recent factors such as tax period cash flows and the concentration of interbank certificates of deposit maturity have led to a temporary tightening of liquidity in the interbank market, with short-term interest rates rising briefly [1] Group 1: Market Liquidity - As of November 17, the weighted average price of DR001 increased by 13.9 basis points to 1.5119%, exceeding the policy rate [1] - The weighted average price of DR007 rose by 5.63 basis points to 1.5236% [1] - Analysts believe the current liquidity tightness is more of a "timing-related tightness" [1] Group 2: Central Bank Actions - The central bank has accelerated the implementation of reverse repos and increased medium-term liquidity injections, leading to signs of stabilization in the liquidity environment [1] Group 3: Market Opportunities - Despite fluctuations in interest rate bonds, structural opportunities are beginning to emerge in the market due to falling certificate of deposit rates and narrowing interest rate corridors [1]