流动性跟踪：赎回风波告一段落，资金面或回归宽松

Group 1: Liquidity Overview - After the National Day holiday, the liquidity initially tightened before easing, with funding rates rising in the first half of the week and then declining from Thursday onwards[1] - The core reason for the liquidity tightening was the increased funding demand from non-bank financial institutions, while bank funding remained relatively ample[1] - The central bank net drained 13,250 billion yuan from October 8-12, with reverse repos of 3,701 billion yuan and maturing repos of 16,951 billion yuan[14] Group 2: Market Trends - Bill rates significantly declined at the beginning of October, with 1M, 3M, and 6M bill rates down by 55bp, 130bp, and 17bp to 1.45%, 0.45%, and 0.89% respectively[33] - Major banks turned net buyers of bills, purchasing 1,006 billion yuan from October 8-11, compared to a cumulative net purchase of 3,341 billion yuan in October last year[33] - Government bond net payments decreased significantly to 570 billion yuan from 3,578.9 billion yuan the previous week, indicating a smaller impact on liquidity[36] Group 3: Interbank Certificates of Deposit - Interbank certificates of deposit saw a net financing of -2,334 billion yuan from October 8-12, with total issuance of 896 billion yuan[38] - The weighted issuance rate for certificates of deposit was 1.92%, slightly down from the previous week, with the average maturity term significantly shortened to 3.2 months[38] - The issuance of longer-term certificates (over 6 months) dropped to 13.8%, down 27.2 percentage points from the previous week[38]