货币市场日报：12月3日

Core Points - The People's Bank of China conducted a 793 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net withdrawal of 1,340 billion yuan due to 2,133 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the overnight Shibor decreasing by 0.10 basis points to 1.3010%, and the 7-day Shibor decreasing by 0.80 basis points to 1.4260% [2][3] Market Rates - In the interbank pledged repo market, various rates showed narrow fluctuations, with DR001 and R001 weighted average rates increasing by 0.2 basis points and decreasing by 0.3 basis points, respectively, with transaction volumes of 791 billion yuan and 1,420 billion yuan [4] - The weighted average rates for DR007 and R007 remained stable and increased by 0.2 basis points, with transaction volumes decreasing by 35 billion yuan and increasing by 508 billion yuan, respectively [4] Money Market Conditions - The money market on December 3 was characterized by a balanced and slightly loose liquidity environment, with overnight rates around 1.40% to 1.42% for various collateral types [9] - A total of 94 interbank certificates of deposit were issued on December 3, with an actual issuance amount of 1,482.1 billion yuan [9][10] Service Trade Development - From January to October 2025, China's service trade showed steady growth, with total service trade imports and exports amounting to 65,844.3 billion yuan, a year-on-year increase of 7.5% [12] - Service exports reached 29,090.3 billion yuan, growing by 14.3%, while imports totaled 36,754 billion yuan, increasing by 2.6% [12]