货币市场日报：2月5日

Group 1 - The People's Bank of China conducted a net injection of 645 billion yuan into the market through reverse repos, with 1,185 billion yuan in 7-day reverse repos and 3,000 billion yuan in 14-day reverse repos on February 5 [1] - On the same day, 3,540 billion yuan in 7-day reverse repos matured, indicating a significant liquidity management effort by the central bank [1] - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the 14-day Shibor rising above 1.6% [1][2] Group 2 - The overnight Shibor increased by 0.10 basis points to 1.3190%, while the 7-day Shibor decreased by 0.90 basis points to 1.4640% [2] - The 14-day Shibor rose by 3.10 basis points to 1.6140%, reflecting a tightening in the short-term funding market [2] - The overall trend in the interbank pledged repo market showed minor fluctuations in short-term funding prices, with varying changes in weighted average rates for different maturities [5] Group 3 - The funding environment on February 5 was characterized as balanced and slightly loose, with overnight rates fluctuating between 1.45% and 1.53% [10] - The secondary market for negotiable certificates of deposit remained active, with stable pricing and slight declines in long-end yields [11] - The Ministry of Finance and the People's Bank of China announced a cash management operation scheduled for February 10, with an operation volume of 1,500 billion yuan for a one-month term [14]