货币市场日报：2月12日

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 166.5 billion yuan and a 14-day reverse repurchase operation of 400 billion yuan, resulting in a net injection of 448 billion yuan into the market [1] - The Shanghai Interbank Offered Rate (Shibor) for the overnight rate increased by 0.20 basis points to 1.3680%, while the 7-day Shibor decreased by 0.50 basis points to 1.5180%, and the 14-day Shibor fell by 1.70 basis points to 1.5830% [2][5] - In the interbank pledged repo market, the weighted average rates for DR001 and R001 decreased by 0.8 basis points and 2.7 basis points, respectively, while DR007 and R007 saw mixed movements with DR007 increasing by 0.3 basis points [4] Group 2 - The money market showed a balanced state on February 12, with overnight rates gradually declining to around 1.45% after the open market operations, indicating a loosening of liquidity [8] - The trading volume for various tenors in the interbank market showed a slight decrease in activity as the market approached the Spring Festival, with 1-month and 3-month rates slightly down [9] - The People's Bank of China announced a fixed quantity, interest rate tendering, and multi-price bidding method for a 1 trillion yuan reverse repurchase operation scheduled for February 13, 2026, to maintain ample liquidity in the banking system [11]