市场流动性周报-20250319

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [5][17]. Core Insights - The central theme of the report focuses on liquidity conditions in the market, highlighting the central bank's operations and the resulting net liquidity changes [7][5]. - The report indicates a net withdrawal of 484.9 billion yuan from the market due to the central bank's reverse repurchase operations and maturing instruments [7][5]. - The report also discusses the fluctuations in interest rates across various segments of the money market, including interbank lending rates and SHIBOR rates [2][9]. Market Overview Open Market Operations - From February 10 to February 14, 2025, the central bank conducted reverse repurchase operations amounting to 10,303 billion yuan, with a cash deposit of 900 billion yuan, and 16,052 billion yuan in reverse repos maturing, resulting in a net withdrawal of 4,849 billion yuan [7][5]. - An estimated 10,443 billion yuan in reverse repos and 5,000 billion yuan in MLF are expected to mature in the upcoming week [7][5]. Money Market - As of February 14, the weighted average interbank lending rate increased by 13.95 basis points to 1.97%, while the weighted average repo rate rose by 24.18 basis points to 2.01% [2][9]. - Short-term SHIBOR rates for overnight, 1-week, 2-week, and 1-month were reported at 1.8890%, 1.8940%, 1.9690%, and 1.7310%, reflecting changes of 12.00, 26.00, 23.20, and 2.80 basis points respectively [2][9]. Government Bond Market - As of February 14, the yields on government bonds of various maturities were as follows: 1-month (1.4352%), 3-month (1.4112%), 6-month (1.3870%), 1-year (1.3795%), 3-year (1.3747%), 5-year (1.4804%), 10-year (1.6546%), and 30-year (1.8200%), with respective changes from February 8 [3][12]. Foreign Exchange Market - As of February 14, the USD/CNY central parity rate increased by 7 basis points to 7.1706, while the spot exchange rate decreased by 235 basis points to 7.2654, which is 948 basis points higher than the central parity [4][14].