流动性跟踪：税期前，平稳

Group 1: Liquidity and Interest Rates - The funding rates remain low, with R001 averaging around 1.35% and R007 around 1.47% during the week of October 13-17, 2025[1][12] - Despite nearly 2 trillion in open market maturities, liquidity achieved self-balancing due to central bank support and low government debt payment pressure[1][11] - The overnight rate is expected to continue fluctuating around OMO-5bp, with R007 likely to stay below 1.50%[2][17] Group 2: Open Market Operations - From October 20-24, the reverse repo maturity will be 789.1 billion, significantly lower than the average of 1.1 trillion since 2025[2][17] - The central bank net drained 581.9 billion in the week of October 13-17, with reverse repos maturing at 1.021 trillion[3][22] - The net reverse repo balance as of October 17 was 789.1 billion, down from 1.137 trillion on October 11[3][24] Group 3: Government Bonds and Payments - Government bond net payments for October 20-24 are projected at 158.4 billion, up from 140.2 billion the previous week[5][30] - The increase in net payments is primarily due to a rise in local government bond issuance, which increased by 177.6 billion[5][32] - The net issuance of treasury bonds decreased from 181.1 billion to 21.6 billion, influenced by a significant increase in maturity amounts[5][32] Group 4: Interbank Certificates of Deposit - The pressure from maturing interbank certificates of deposit is expected to remain manageable, with 616.7 billion maturing from October 20-24[6][38] - The weighted issuance rate for one-year CDs was 1.63%, a slight increase from the previous week[6][36] - The net financing from CDs turned positive at 234 billion, with total issuance at 727.6 billion during the week of October 13-17[6][41]