货币市场日报：11月19日

Core Points - The People's Bank of China conducted a 310.5 billion yuan 7-day reverse repo operation at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 115 billion yuan after 195.5 billion yuan of reverse repos matured on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) showed mixed movements, with the overnight rate dropping by 10.50 basis points to 1.4200%, while the 7-day rate decreased by 3.10 basis points to 1.4870%, and the 14-day rate increased by 1.8 basis points to 1.5680% [1][2] - In the interbank pledged repo market, most rates declined, particularly the overnight rates, with DR001 and R001 weighted average rates falling by 10.6 basis points and 8.6 basis points, respectively, while transaction volumes increased significantly [4] Market Conditions - The funding environment showed signs of tightening marginally on November 19, with overnight pledged rates for certificates of deposit ranging from 1.58% to 1.60% and 7-day rates around 1.50% to 1.53% [7] - By the afternoon, the funding conditions became more balanced, with overnight pledged rates dropping to 1.50% and the lowest rates reaching 1.42% by the end of the trading day [7] - On the interbank certificate of deposit front, 66 certificates were issued on November 19, with a total issuance volume of 87 billion yuan, indicating active trading in the secondary market [8] Strategic Developments - A strategic cooperation agreement was signed between the Central National Debt Registration and Settlement Co., Ltd. and Postal Savings Bank of China, aiming to deepen collaboration across various financial sectors [10] - According to a report by Caifutong Securities, the return of funds from the "Double 11" shopping festival and the implementation of reverse repos are expected to reduce friction in the interbank market, with short-term rates likely returning to around 1.31% [10]