Group 1 - The report indicates that the liquidity environment remains loose despite a significant net withdrawal of 1.655 trillion yuan in OMO operations during the week of January 3 to January 9, 2026, with the DR001 rate staying below 1.3% [2][15][31] - The central bank's recent meetings suggest a shift in attitude towards more flexible monetary policy tools, including potential rate cuts and reserve requirement ratio adjustments to support economic growth [4][34][33] - The upcoming government bond issuance is expected to increase significantly, with a net supply of approximately 1.3 trillion yuan anticipated in January, which may lead to a rise in the central bank's bond purchases [35][36][55] Group 2 - The interbank lending market shows a slight decrease in Shibor rates, with the 1-year Shibor rate falling to 1.65% as of January 9, 2026, indicating a trend of declining borrowing costs [9][63] - The issuance of interbank certificates of deposit has seen a net repayment of 156.4 billion yuan, with the total issuance rising to 1.764 trillion yuan, reflecting a shift in funding dynamics among different types of banks [10][68] - The report highlights that the success rate of issuance for state-owned banks has improved, while other bank types have seen a decline, indicating varying levels of demand and market confidence [69]
流动性与机构行为周度跟踪260111：年后的资金宽松与央行的微妙变化-20260111
Huafu Securities·2026-01-11 11:22