华西宏观：跨月周资金面风浪依旧未平，央行或同步加大短期逆回购资金投放

Overview - The liquidity environment has been volatile due to tax periods, government bond payments, and new listings on the Beijing Stock Exchange, leading to a rise in funding rates at the beginning of the week [1] - The central bank's continued liquidity injections and the nearing end of tax payments have contributed to a decline in funding rates by the end of the week [1] Funding Market - From November 24-28, the funding market is expected to remain turbulent as it enters a cross-month week, with significant repayment pressures anticipated [2] - The R001 and R007 rates are projected to experience upward pressure, with potential peaks around 1.60% during the cross-month period [2] Open Market Operations - A total of 25,760 billion yuan will mature in the central bank's open market from November 24-28, with 16,760 billion yuan in reverse repos and 9,000 billion yuan in MLF [3] - The central bank plans to conduct regular MLF operations and issue treasury deposits to alleviate some of the maturing pressure [3] Bill Market - The weighted issuance rate for interbank certificates of deposit rose to 1.64%, reflecting an increase of 0.6 basis points from the previous week [4] - Major banks have shifted to net selling, with a net sell of 23.5 billion yuan during the week of November 17-20 [4] Government Bonds - The net payment for government bonds from November 24-28 is expected to be 2,337 billion yuan, a decrease from the previous week's 3,629 billion yuan [5] - The increase in maturing treasury bonds has contributed to the reduction in net payment [5] Negotiable Certificates of Deposit - The issuance rate for negotiable certificates of deposit has further increased, while the maturity pressure has decreased to 7,522 billion yuan for the week of November 24-28 [6] - This is a decline from the previous week's maturity pressure of 9,209 billion yuan [6]