货币市场日报：12月29日

Core Viewpoint - The People's Bank of China conducted a 7-day reverse repurchase operation of 482.3 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 415 billion yuan into the market after accounting for maturing reverse repos [1]. Group 1: Market Operations - The overnight Shanghai Interbank Offered Rate (Shibor) fell below 1.25%, while the 7-day Shibor rose by over 10 basis points [1]. - The specific rates on December 29 were: overnight Shibor at 1.2480% (down 1.00 basis points), 7-day Shibor at 1.5580% (up 11.00 basis points), and 14-day Shibor at 1.6500% (up 5.40 basis points) [2][3]. Group 2: Interbank Repo Market - In the interbank pledged repo market, the overnight rate continued to decline, while the R007 rate surged over 40 basis points, approaching 2% [4]. - The weighted average rates for DR001 and R001 decreased by 1.4 basis points and 0.7 basis points, respectively, while DR007 and R007 increased by 7.1 basis points and 41 basis points, respectively [6]. Group 3: Funding Conditions - The overall funding situation remained slightly tight, with month-end and cross-year funding transaction prices showing divergence [8]. - The overnight repo rates fluctuated between 1.23% and 1.30%, while cross-year funding prices remained elevated [8].