流动性跟踪：税期扰动，之后或重回宽松

Group 1: Market Overview - The tax period has initiated, leading to a marginal tightening of liquidity, with R001 remaining stable at 1.35% for 10 consecutive trading days[1] - On August 15, the central bank switched to a net injection of CNY 116 billion, with R001 rising by 9 basis points to 1.44%[1][11] - The CNEX liquidity sentiment index increased to 50-54 on August 14, indicating a shift in market sentiment[1] Group 2: Future Outlook - Following the tax period, liquidity is expected to ease, with overnight rates likely returning to around OMO-5 basis points[2] - The government bond net payment decreased to CNY 2,641 billion, significantly lower than the previous week's CNY 4,604 billion[5][31] - The upcoming week (August 18-22) will see a total of CNY 9,318 billion maturing in the open market, including CNY 7,118 billion in reverse repos[3][20] Group 3: Interbank Market - The weighted issuance rate of interbank certificates of deposit rose slightly to 1.61%, up 1 basis point from the previous week[6][36] - The total issuance of interbank certificates of deposit was CNY 7,747 billion, with a net financing of -CNY 1,318 billion[6][44] - The average maturity of interbank certificates of deposit extended to 8.1 months, compared to 6.4 months the previous week[6][45]