货币市场日报：2月6日

Core Viewpoint - The People's Bank of China (PBOC) conducted reverse repurchase operations totaling 315 billion yuan for 7-day and 3000 billion yuan for 14-day tenors, resulting in a net withdrawal of 1460 billion yuan from the market due to 4775 billion yuan of 7-day reverse repos maturing on the same day [1]. Group 1: Market Operations - This week, the PBOC performed a total of 10055 billion yuan in reverse repos, leading to a cumulative net withdrawal of 7560 billion yuan as 17615 billion yuan of 7-day reverse repos matured [1]. - The Shanghai Interbank Offered Rate (Shibor) showed a downward trend, with the 14-day rate falling to 1.5%. Specifically, the overnight Shibor decreased by 4.20 basis points to 1.2770%, the 7-day Shibor fell by 2.90 basis points to 1.4350%, and the 14-day Shibor dropped by 11.00 basis points to 1.5040% [1][2]. Group 2: Interbank Repo Market - In the interbank pledged repo market, short-term funding rates slightly declined. The weighted average rates for DR001 and R001 fell by 4.4 basis points and 3.2 basis points, respectively, to 1.275% and 1.3605%, with transaction volumes increasing by 706 billion yuan and 1314 billion yuan [4]. - The weighted average rates for DR007 and R007 decreased by 2.1 basis points and 2.3 basis points, respectively, to 1.4613% and 1.5288%, with transaction volumes increasing by 142 billion yuan and decreasing by 1569 billion yuan [4]. Group 3: Money Market Rates - The money market maintained a balanced and slightly loose stance, with overnight deposit rates trading in the range of 1.48%-1.50% and 7-day rates around 1.52%-1.54% [10]. - The secondary market for negotiable certificates of deposit (NCDs) remained active, with long-end yields showing a slight downward trend while short-end yields remained stable. The 1-month NCD closed at approximately 1.55%, unchanged from the previous day [11].