货币流动性跟踪：全球股市下跌，利率下行

Market Overview - Global stock markets experienced a decline, with the Dow Jones Industrial Average dropping by 2.93%, the Nasdaq down by 5.77%, and the S&P 500 falling by 4.25% during the week of September 2-6, 2024[6] - The yield on the 10-year U.S. Treasury bond decreased to 3.72%, down by 35 basis points from the previous week[2] Monetary Policy and Liquidity - The People's Bank of China (PBOC) conducted a reverse repurchase operation of 210.2 billion CNY, with a net withdrawal of 1.1916 trillion CNY for the week of September 2-6[2] - The average rates for DR001 and DR007 were 1.72% and 1.69%, respectively, showing a decrease of 3 basis points and 9 basis points compared to the previous week[2] Currency and Exchange Rates - The U.S. dollar index closed at 101.18, depreciating by 1.6% from the previous week[6] - The offshore RMB exchange rate was reported at 7.1273, a depreciation of 0.20% compared to the previous weekend[3] Interbank Market and Certificates of Deposit - The issuance rate for one-year certificates of deposit was 1.97% for state-owned banks and 2.07% for city commercial banks as of September 8, 2024[3] - The average daily transaction volume in the interbank pledged repo market increased to 71,237 billion CNY, up by 10,241 billion CNY from the previous week[2] Risk Factors - There are concerns regarding potential overseas economic recession impacting market stability[6] - The report indicates a shift in the long-term outlook from neutral cautious to neutral, reflecting a warning about potential market bubbles similar to the tech bubble of 1997-2000[6]