流动性跟踪周报

Market Liquidity - The central bank's net injection in the open market last week was CNY 335 billion, with a 7-day reverse repo of CNY 398 billion and an expiration of CNY 80 billion, maintaining an interest rate of 1.80%[1] - This week, the central bank is expected to have a net withdrawal of CNY 48 billion, with a 7-day reverse repo of CNY 350 billion and an expiration of CNY 398 billion[1] Interest Rates - The average R001 rate increased by 3.82 basis points (bps) to 1.86%, while the DR001 rate rose by 15.85 bps to 1.87%[2] - The average DR007 weighted price increased by 8.57 bps to 1.90%, and the average R007 weighted price rose by 14.45 bps to 1.98%[2] - The closing spread between R007 and DR007 was -5 bps, up by 7 bps from the previous week[2] Interbank Certificates of Deposit - The total issuance of interbank certificates of deposit was CNY 662.61 billion, down from CNY 725.96 billion the previous week[3] - The actual issuance amount was CNY 949.97 billion, an increase from CNY 668.65 billion the previous week, with an average coupon rate rising by 0.13 bps to 1.99%[3] Risk Factors - Potential risks include unexpected policy changes and financial regulatory actions[4]