货币市场日报：1月19日

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 158.3 billion yuan at an interest rate of 1.40%, resulting in a net injection of 72.2 billion yuan after 86.1 billion yuan of reverse repos matured on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the overnight Shibor decreasing by 0.70 basis points to 1.3180%, and the 7-day Shibor decreasing by 0.30 basis points to 1.4670%, while the 14-day Shibor increased by 0.50 basis points to 1.5010% [1][2] - In the interbank pledged repo market, the 7-day and 14-day products saw both volume and price increase, with the weighted average rates for DR007 and R007 rising by 3.4 basis points and 1.5 basis points, respectively [5] Group 2 - The overall funding situation in the market remained balanced, with overnight rates for pledged deposits trading between 1.40% and 1.45%, and 7-day pledged rates around 1.50% [11] - In the secondary market for negotiable certificates of deposit, the overall trading sentiment was moderate, with 1-month national bank rates closing around 1.55%, up 2 basis points from the previous day [12] - The People's Bank of China announced a structural "rate cut," reducing the re-lending and rediscount rates by 0.25 percentage points, which is expected to encourage credit growth in key sectors [14]