货币市场日报：2月13日

Monetary Policy Operations - The People's Bank of China conducted a 1,450 billion yuan 7-day reverse repurchase operation at a fixed rate of 1.4% on February 13 [1] - Additionally, a 10,000 billion yuan term reverse repurchase operation was carried out, resulting in a net injection of 6,135 billion yuan after accounting for maturing operations [1] Interbank Rates - The Shanghai Interbank Offered Rate (Shibor) for overnight loans fell below 1.3%, with the overnight Shibor decreasing by 9.70 basis points to 1.2710% [1] - The 7-day Shibor decreased by 8.80 basis points to 1.4300%, while the 14-day Shibor fell by 7.20 basis points to 1.5110% [1] Repo Market Activity - In the repo market, overnight rates decreased, while 7-day and 14-day rates saw a drop in price but an increase in transaction volume [3] - The weighted average rates for DR001 and R001 fell by 9.8 basis points and 14.9 basis points, respectively, with transaction volumes decreasing significantly [3][4] Market Conditions - The overall funding environment on February 13 was balanced, with overnight demand relatively low and rates fluctuating around 1.40% for overnight deposits [6] - As the Spring Festival approached, market activity decreased, with rates for various maturities showing mixed movements [7] Social Financing and Monetary Supply - As of the end of January 2026, the total social financing stock was 449.11 trillion yuan, reflecting an 8.2% year-on-year increase [11] - The broad money supply (M2) stood at 347.19 trillion yuan, growing by 9% year-on-year, while the narrow money supply (M1) was 117.97 trillion yuan, up by 4.9% [11]