跨季后，逆回购到期2万亿

Group 1: Central Bank Actions - The central bank increased net liquidity injection to 12,672 billion CNY during the week of June 23-27, marking the second-highest weekly net injection this year[1] - The central bank's reverse repos amounted to 20,275 billion CNY, with 9,603 billion CNY maturing during the same period[3] - The MLF (Medium-term Lending Facility) injection was 3,000 billion CNY, contributing to a total of 3,180 billion CNY in mid-to-long-term liquidity injection, exceeding the 1,630 billion CNY during the March quarter-end[1] Group 2: Interest Rates and Market Trends - Overnight rates remained stable, with DR001 averaging around 1.37% and R001 slightly increasing to 1.46% by the end of the week[1] - The cost of funds for the cross-quarter period rose, with DR007 increasing from 1.51% to 1.70% and R007 from 1.56% to 1.92%[1] - Historical data indicates that the R001 rate typically rises between 38-155 basis points at the end of Q2, with this year's first quarter seeing a rise of 102 basis points[2] Group 3: Future Outlook - The liquidity situation is expected to ease post-June 30, with government debt net payments turning negative at -59 billion CNY, down from 7,898 billion CNY the previous week[5] - The upcoming week (June 30 - July 4) will see a significant reverse repo maturity of over 20,000 billion CNY, creating a potential liquidity gap[2] - The central bank's response in early July will be crucial in determining the continuation of its supportive stance[2] Group 4: Market Indicators - The average bill rate for 1M bills in June was 0.82%, down 30 basis points year-on-year, indicating weaker credit demand compared to last year[4] - The total issuance of interbank certificates of deposit (CDs) was 7,264 billion CNY, with a net financing of -3,829 billion CNY during the week of June 23-27[41] - The weighted issuance rate for CDs was 1.64%, reflecting a downward trend in funding costs[40]