货币市场日报：12月23日

Core Viewpoint - The People's Bank of China conducted a 593 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net withdrawal of 760 billion yuan from the open market due to 1,353 billion yuan of reverse repos maturing on the same day [1]. Group 1: Market Rates - The overnight Shanghai Interbank Offered Rate (Shibor) remained unchanged at 1.2720%, while the 7-day Shibor decreased by 1.80 basis points to 1.3990%, and the 14-day Shibor fell by 3.90 basis points to 1.5770% [1][2]. - In the interbank pledged repo market, most rates saw slight declines, with the DR001 and R001 weighted average rates decreasing by 0.1 basis points and remaining stable at 1.2691% and 1.3542%, respectively [4]. - The DR007 and R007 weighted average rates fell by 2.3 basis points and 0.4 basis points, settling at 1.4105% and 1.5028%, respectively [4]. Group 2: Funding Conditions - The overall funding environment on December 23 was balanced and slightly loose, with overnight rates for deposits ranging from 1.46% to 1.48% and 7-day rates around 1.50% [9]. - A total of 86 interbank certificates of deposit were issued, with an actual issuance volume of 951.6 billion yuan, indicating active trading in the secondary market [10]. - The yield on 1-month government bonds closed at 1.62%, up by 0.5 basis points from the previous trading day, while the 3-month and 6-month government bonds remained stable [10]. Group 3: Upcoming Events - The Ministry of Finance and the People's Bank of China are scheduled to conduct a tender for 600 billion yuan of central treasury cash management deposits on December 26, with a maturity of 14 days [12]. - Hangzhou Bank announced plans to issue up to 400 billion yuan of non-capital supplementary financial bonds, with a maturity of no more than 10 years [12].