2026年1月银行间本币市场运行报告

Group 1 - The average daily trading volume and balance in the money market increased in January, with a notable rise in the net lending balance of large commercial banks [2][6] - The total trading volume in the money market for January was 180.6 trillion yuan, with an average daily transaction of 8.6 trillion yuan, reflecting a 2.2% month-on-month increase [2][3] - The People's Bank of China (PBOC) maintained a proactive stance by increasing medium-term lending facility (MLF) operations, resulting in a net injection of 1 trillion yuan into the market [4][5] Group 2 - Bond issuance and trading both saw month-on-month increases, with 4.4 trillion yuan in bonds issued in January, marking a 7.8% increase from the previous month [7] - The bond market's yield mostly declined, with the 10-year government bond yield stabilizing between 1.8% and 1.9%, and credit spreads narrowing [10] - The trading volume in the bond lending market increased significantly, with a total of 3.64 million transactions and an average daily transaction of 2.477 trillion yuan, reflecting a 21.3% month-on-month increase [9] Group 3 - The interest rate swap curve experienced a slight upward shift, with the average daily transaction volume in RMB interest rate swaps increasing by 23% in January [11][12] - The nominal principal amount for interest rate swaps reached 4.4 trillion yuan, with an average daily transaction of 2.076 trillion yuan, indicating a 19% month-on-month increase [12]