1个月期国库现金定存利率降至1.73%

Group 1 - The Ministry of Finance and the People's Bank of China conducted a tender for the 2025 Central Treasury Cash Management Commercial Bank Time Deposits, with a total bid amount of 120 billion and a bid rate of 1.73%, down 3 basis points from the previous rate of 1.76%, indicating a reasonable liquidity level in the banking system [1] - The Central Treasury Cash Deposits have been conducted 12 times this year, covering 1-month, 2-month, and 3-month terms, with the recent 6 operations showing a gradual decline in bid rates from 1.78% to 1.73% [1] - The decline in treasury deposit rates suggests a weakening demand from commercial banks for these funds, reflecting an overall reasonable liquidity in the banking system [1] Group 2 - While the treasury deposit rates are declining, the interbank funding market rates have shown a slight increase, with the 7-day SHIBOR rising by 3 basis points to 1.447% and the 1-month SHIBOR increasing by 0.1 basis points to 1.52% [2] - The divergence in rates is attributed to different pricing logic, with treasury deposit rates determined through a bidding process and SHIBOR reflecting short-term funding needs, influenced by month-end liquidity pressures [2] Group 3 - The People's Bank of China has been injecting liquidity through various monetary tools, including a net injection of 557 billion via 7-day reverse repos on November 24, following previous net injections on November 19, 20, and 21 [3] - The recent decline in the 1-month treasury cash deposit rate is expected to lower short-term funding costs for commercial banks, improving their interest margin and signaling a degree of monetary easing [3] - Future expectations suggest that the 1-month treasury cash deposit rate may remain stable, as the People's Bank of China is likely to maintain its accommodative policy stance despite seasonal tightening pressures at year-end [3]