货币市场日报：12月9日

Monetary Policy Operations - The People's Bank of China conducted a 7-day reverse repurchase operation of 117.3 billion yuan at an interest rate of 1.40%, unchanged from previous rates, resulting in a net withdrawal of 39 billion yuan due to 156.3 billion yuan of reverse repos maturing on the same day [1][12]. Interbank Offered Rates - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the overnight Shibor rising by 0.10 basis points to 1.3030%, the 7-day Shibor increasing by 0.50 basis points to 1.4310%, and the 14-day Shibor decreasing by 0.70 basis points to 1.5100% [1][2][3]. Repo Market Activity - In the interbank pledged repo market, most rates experienced slight declines, with DR001 falling below 1.3%. Specifically, the weighted average rates for DR001 and R001 decreased by 0.4 basis points and 0.7 basis points, respectively, to 1.2984% and 1.365%, with transaction volumes increasing by 2.1 billion yuan and 175.7 billion yuan [5][12]. Funding Market Conditions - The funding market on December 9 exhibited a balanced and slightly loose condition, with overnight transaction rates around 1.46% and 7-day rates in the range of 1.48%-1.49%. By the afternoon, overnight rates dropped to around 1.42%-1.44% [7][12]. Certificate of Deposit (CD) Market - In the primary CD market, all except the 1-month CDs were set to mature on working days, with issuers actively raising prices. The secondary CD market saw slight fluctuations, with 1-month national bank CDs trading between 1.60%-1.61% in the morning and rising to 1.62%-1.625% in the afternoon [8][12].