货币市场日报：1月20日

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 324 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net withdrawal of 34.6 billion yuan due to 358.6 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term instruments saw a slight increase, with overnight Shibor rising by 5.60 basis points to 1.3740%, 7-day Shibor increasing by 1.60 basis points to 1.4830%, and 14-day Shibor up by 8.10 basis points to 1.5820% [1][2] Group 2 - In the interbank pledged repo market, both volume and price for short-term instruments increased, with R001 transaction volume exceeding 7.8 trillion yuan. The weighted average rates for DR001 and R001 rose by 5.3 basis points and 4.6 basis points, respectively, to 1.3712% and 1.4212%, with transaction volumes increasing by 33.3 billion yuan and 20.9 billion yuan [5] - The overall funding situation in the market remained balanced, with overnight rates for pledged deposits trading in the range of 1.48%-1.50% and 7-day funding rates around 1.50% [9] Group 3 - The secondary market for negotiable certificates of deposit (NCDs) was active, with short-term yields fluctuating slightly and medium to long-term yields declining marginally. The 1-month NCD yield closed at approximately 1.55%, unchanged from the previous day, while the 3-month and 6-month yields were also stable [10]