货币市场日报：2月3日

Core Viewpoint - The People's Bank of China conducted a 7-day reverse repurchase operation of 105.5 billion yuan at an interest rate of 1.40%, resulting in a net withdrawal of 296.5 billion yuan from the open market due to the maturity of 402 billion yuan in reverse repos on the same day [1]. Group 1: Market Rates - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the overnight Shibor decreasing by 4.80 basis points to 1.3170%, while the 7-day Shibor increased by 0.30 basis points to 1.4880%, and the 14-day Shibor rose by 0.20 basis points to 1.5110% [1][2]. - The overnight funding rate in the interbank pledged repo market slightly fell to around 1.3%, while the 7-day and 14-day rates saw minor increases [4]. Group 2: Trading Activity - The overall funding environment on February 3 was relatively loose, with overnight rates for certificates of deposit trading around 1.52%-1.55% and 7-day rates at 1.52%-1.53% [10]. - The secondary market for certificates of deposit was active, with yields showing slight upward movements, particularly for 3-month and 6-month maturities [11]. Group 3: Central Bank Operations - In January, the central bank reported a net injection of 700 billion yuan through Medium-term Lending Facility (MLF) and a net withdrawal of 79 million yuan through Standing Lending Facility (SLF) [13]. - The central bank emphasized the importance of maintaining a reasonable growth in credit volume and balanced allocation, aiming to support the real economy effectively [14].