货币市场日报：1月4日

Group 1 - The People's Bank of China conducted a 365 billion yuan 7-day reverse repurchase operation, resulting in a net withdrawal of 433.6 billion yuan from the open market due to the maturity of 2,701 billion yuan in 7-day and 2,000 billion yuan in 14-day reverse repos [1] - The Shanghai Interbank Offered Rate (Shibor) saw significant declines, with the overnight Shibor dropping by 6.90 basis points to 1.2580%, the 7-day Shibor falling by 52.80 basis points to 1.4280%, and the 14-day Shibor decreasing by 43.30 basis points to 1.5180% [1][2] Group 2 - In the interbank pledged repo market, the R007 rate fell by over 70 basis points, with transaction volume dropping to 4%, while the R014 rate decreased by 40 basis points to below 1.45% [5] - The weighted average rates for DR001 and R001 decreased by 9.1 basis points and 19.7 basis points, respectively, while the transaction volumes increased significantly [5] - The overall funding environment on January 4 was characterized by a loose liquidity situation, with overnight rates for pledged deposits trading in the range of 1.25%-1.28% [7][10] Group 3 - The Ministry of Finance announced the issuance schedule for government bonds in the first quarter of 2026, including the launch of a 30-year bond on January 14 and subsequent issuances in February and March [12] - Ningbo Bank received approval from the Ningbo Financial Regulatory Bureau to amend its articles of association, which will eliminate the supervisory board starting December 31, 2025, transferring its responsibilities to the audit committee of the board [12]