Core Viewpoint - The People's Bank of China (PBOC) conducted a net cash injection of 50.7 billion yuan on the day of the market operation, while achieving a net withdrawal of 226.5 billion yuan for the week [1]. Group 1: Market Operations - On July 11, the PBOC carried out a 7-day reverse repurchase operation amounting to 84.7 billion yuan, with 34 billion yuan of 7-day reverse repos maturing on the same day, resulting in a net injection of 50.7 billion yuan [1]. - For the week, the PBOC executed a total of 425.7 billion yuan in reverse repos, while 652.2 billion yuan of reverse repos matured, leading to a net withdrawal of 226.5 billion yuan [1]. Group 2: Reverse Repo Details - The reverse repos maturing on July 11 amounted to 34 billion yuan, while the reverse repos conducted on the same day totaled 84.7 billion yuan [4]. - The reverse repos maturing on July 10 were 57.2 billion yuan, with 90 billion yuan conducted on that day [4]. - The reverse repos maturing on July 9 were 98.5 billion yuan, with 75.5 billion yuan conducted [4].

央行公告，2025年7月11日，中国人民银行以固定利率、数量招标方式开展了847亿元逆回购操作，期限 为7天，操作利率为1.40%，投标量和中标量均为847亿元。(央行) ...

中国央行逆回购操作当日实现净投放328亿元 金十数据7月10日讯，中国央行今日开展900亿元7天期逆回购操作，因今日有572亿元7天期逆回购到期，当日实现净投放328亿 元。看公开市场资金流向，到"数据库-中国央行数据"查看>> | 日期 | 类别(全部) | 量(亿) | 期限 | 利率 | | --- | --- | --- | --- | --- | | 2025-07-10 | 逆回购到期 | 572 | 7天 | | | 2025-07-10 | 逆回购 | 900 | 7天 | 1 | | 2025-07-09 | 逆回购到期 | 985 | 7天 | | | 2025-07-09 | 逆回购 | 755 | 7天 | 1 | | 2025-07-08 | 逆回购到期 | 1310 | 7天 | | | 2025-07-08 | 逆回购 | 690 | 7天 | 1 | | 2025-07-07 | 逆回购到期 | 3315 | 7天 | | | 2025-07-07 | 逆回购 | 1065 | 7天 | 1 | | 2025-07-04 | 逆回购到期 | 5259 | 7天 | | | -- ...

2025 年 7 月 6 日 总量研究 在 2025 年 1 月 9 日的报告《论 DR007 的属性及其取舍》中我们曾阐释 OMO 逆回购操作具有"工具模式"和"非工具模式"。在"非工具模式"下，货币当 局舍弃对于 OMO 规模的主动调节，OMO 规模不再是中央银行调节流动性的手 段，而是由各一级交易商根据政策利率、自身流动性的需求、对市场的判断决定。 市场竞争的作用使得最终形成的 DR007 中枢会略微高于 7D OMO 利率，此外实 践中 DR001 的中枢略低于 7D OMO 利率。例如，在 2024 年内，DR007 平均高 出 7D OMO 利率 10.4bp，DR001 平均低于 7D OMO 利率 4.5bp。（注：我们判 断 2024 年 OMO 基本处于"非工具模式"，故选取该段时间作为研究窗口。） 当前 DR007 和 DR001 与 7D OMO 之间的利差分别为 2.2bp 和-8.6bp，皆已明 显低于 2024 年的均值，更接近于该段时间的 1/4 分位数（注：2.8bp 和-10.7bp）。 我们判断，在下次 OMO 降息之前，DR007 和 DR001 中枢进一步下行的空间是 ...

Group 1 - The People's Bank of China (PBOC) conducted a 340 billion yuan reverse repurchase operation today, resulting in a net withdrawal of 4,919 billion yuan due to 5,259 billion yuan of reverse repos maturing on the same day [1][3] - For the week, the PBOC executed 6,522 billion yuan in reverse repurchase operations, leading to a total net withdrawal of 13,753 billion yuan, as 20,275 billion yuan of reverse repos matured during the week [1][4] - The reverse repurchase operations have a maturity period of 7 days and an interest rate of 1.4% [3][4]

中国央行逆回购操作当日实现净回笼2755亿元 金十数据7月1日讯，中国央行今日开展1310亿元7天期逆回购操作，因今日有4065亿元7天期逆回购到期，当日实现净回笼2755 亿元。看公开市场资金流向，到"数据库-中国央行数据"查看>> 下载金十数据APP 专业 · 及时 · 精准 · 权威 C 金十数据 · 7x24跟踪全球市场突发消息 ■ MLF到期 | 日期 | 类别(全部) | 量(亿) | 期限 | 利率 | | --- | --- | --- | --- | --- | | 2025-07-01 | 逆回购到期 | 4065 | 7天 | | | 2025-07-01 | 逆回购 | 1310 | 7天 | 1.4 | | 2025-06-30 | 逆回购到期 | 2205 | 7天 | | | 2025-06-30 | 逆回购 | 3315 | 7天 | 1.4 | | 2025-06-27 | 逆回购到期 | 1612 | 7天 | | | 2025-06-27 | 逆回购 | 5259 | 7天 | 1.4 | | 2025-06-26 | 逆回购到期 | 2035 | 7天 | | | 20 ...

Core Viewpoint - The central bank conducted a 131 billion yuan reverse repurchase operation with a rate of 1.4%, maintaining the previous level, resulting in a net withdrawal of 275.5 billion yuan for the day due to the maturity of 406.5 billion yuan in reverse repos [1] Group 1 - The central bank's reverse repurchase operation amounted to 131 billion yuan [1] - The operation interest rate was held steady at 1.4% [1] - A total of 406.5 billion yuan in reverse repos matured on the same day [1] - The net withdrawal for the day was 275.5 billion yuan [1]

金十数据6月30日讯，中国央行今日开展3315亿元7天期逆回购操作，因今日有2205亿元7天期逆回购到 期，当日实现净投放1110亿元。看公开市场资金流向，到"数据库-中国央行数据"查看>> 中国央行逆回购操作当日实现净投放1110亿元 ...

央行公告，2025年6月30日，中国人民银行以固定利率、数量招标方式开展了3315亿元逆回购操作，期 限为7天，操作利率为1.40%，投标量和中标量均为3315亿元。同花顺（300033）iFinD数据显示，今日 有2205亿元7天期逆回购到期。 ...

Core Viewpoint - The People's Bank of China (PBOC) conducted a reverse repurchase operation of 331.5 billion yuan for a duration of 7 days, maintaining the operation interest rate at 1.40%, unchanged from previous levels [1]. Group 1 - The total amount of the reverse repurchase operation was 331.5 billion yuan [1] - The bidding amount matched the total amount, also at 331.5 billion yuan [1] - The operation interest rate remained stable at 1.40% [1]