近期利率全面回落

Group 1 - The domestic funding market interest rates have shown a comprehensive downward trend recently, with short-term rates slightly decreasing as of early February after the demand release at the end of January [1] - The People's Bank of China (PBOC) has increased the Medium-term Lending Facility (MLF) injection, leading to ample market liquidity and suppressing the trend of medium to long-term interest rates [1] - The Shibor rates have decreased across various tenors, with the Overnight (O/N) rate at 1.3170%, down by 5.4 basis points, and the 1-Year (1Y) rate at 1.6215%, down by 1.55 basis points compared to January 27 [2] Group 2 - To meet the funding demand at the end of January, the PBOC increased the reverse repurchase operations, resulting in a maturity of 1.7615 trillion yuan in 7-day reverse repos this week [3] - The PBOC is expected to withdraw significant liquidity through reverse repos, and the domestic funding market rates are anticipated to exhibit a "short-term rise and long-term decline" pattern, especially as the Spring Festival approaches [3] - The recent significant decline in commodity prices has led to a decrease in market risk appetite and a subsequent drop in investment demand, contributing to the weakening of medium to long-term interest rates [3]