Group 1 - The People's Bank of China conducted a 122 billion yuan 7-day reverse repurchase operation on August 8, maintaining the operation rate at 1.40%, resulting in a net withdrawal of 4 billion yuan due to 126 billion yuan of reverse repos maturing on the same day [1] - In the week, the People's Bank of China performed a total of 1,126.7 billion yuan in reverse repurchase operations, with 1,663.2 billion yuan maturing, leading to a net withdrawal of 536.5 billion yuan [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term products remained stable, with the overnight Shibor down by 0.06 basis points to 1.3144%, while the 7-day Shibor increased by 0.16 basis points to 1.4356% [1][2] Group 2 - In the interbank pledged repo market, short-term funding rates were mostly unchanged from the previous day, with DR001 and R001 weighted average rates decreasing by 0.3 basis points and 0.9 basis points, respectively [6] - The weighted average rates for DR007 and R007 fell by 2.6 basis points and 2.7 basis points, respectively, with transaction volumes increasing [6] - The market showed a relaxed funding environment on August 8, with overnight lending rates around 1.30% and deposit rates for certificates of deposit ranging from 1.35% to 1.38% [11] Group 3 - On August 8, a total of 148 interbank certificates of deposit were issued, with an actual issuance volume of 274.11 billion yuan [12] - The primary market for certificates of deposit continued to show strong demand, while the secondary market exhibited fluctuations with slight declines in yield rates [12] - The 1-month national bank certificate of deposit closed at 1.46%, down approximately 2.5 basis points from the previous day [12]

Group 1: Bond Market - In June, the bond market issued a total of 87,939.5 billion yuan in various bonds, including 15,903.9 billion yuan in government bonds, 11,753.2 billion yuan in local government bonds, 10,738.7 billion yuan in financial bonds, 14,257.3 billion yuan in corporate credit bonds, 247.2 billion yuan in asset-backed securities, and 34,569.3 billion yuan in interbank certificates of deposit [1] - The interbank bond market saw a total transaction volume of 34.3 trillion yuan in June, with an average daily transaction of 1.7 trillion yuan, reflecting a year-on-year decrease of 1.2% but a month-on-month increase of 6.2% [1] - As of the end of June, the custody balance of foreign institutions in the Chinese bond market reached 4.3 trillion yuan, accounting for 2.3% of the total custody balance, with 4.2 trillion yuan held in the interbank bond market [1] Group 2: Money Market - In June, the interbank lending market recorded a transaction volume of 8.4 trillion yuan, representing a year-on-year increase of 11.2% and a month-on-month increase of 26.0% [2] - The bond repurchase transactions totaled 156.3 trillion yuan in June, showing a year-on-year growth of 32.7% and a month-on-month growth of 20.4% [2] - The weighted average interest rate for interbank lending was 1.46%, down 9 basis points month-on-month, while the weighted average interest rate for pledged repos was 1.50%, down 6 basis points month-on-month [2] Group 3: Commercial Paper Market - In June, the acceptance amount of commercial bills reached 3.5 trillion yuan, with a discount amount of 2.8 trillion yuan; by the end of June, the acceptance balance was 19.3 trillion yuan and the discount balance was 14.8 trillion yuan [2] - Small and micro enterprises accounted for 93.2% of the total bill issuers, with an issuance amount of 2.4 trillion yuan, representing 69.8% of the total issuance [2] - The number of small and micro enterprises involved in discounting was 12.1 million, making up 96.3% of all discounting enterprises, with a discount amount of 2.0 trillion yuan, which is 71.9% of the total discounting amount [2] Group 4: Stock Market - As of the end of June, the Shanghai Composite Index closed at 3,444.4 points, up 96.9 points or 2.9% month-on-month, while the Shenzhen Component Index closed at 10,465.1 points, up 424.5 points or 4.2% month-on-month [2] - The average daily trading volume in the Shanghai market was 510.4 billion yuan, reflecting a month-on-month increase of 8.6%, while the Shenzhen market's average daily trading volume was 796.9 billion yuan, up 11.5% month-on-month [2] Group 5: Interbank Bond Market Participants - As of the end of June, there were 3,989 institutional members in the interbank bond market, all of which were financial institutions [3] - The top 50 investors in corporate credit bonds held 48.0% of the total bonds, primarily concentrated among public funds, large state-owned commercial banks, and insurance financial institutions [3] - The number of holders for a single corporate credit bond varied, with a maximum of 124 holders, a minimum of 1, an average of 12, and a median of 12; 88.4% of credit bonds had 20 or fewer holders [3]

新华财经北京8月7日电人民银行7日开展1607亿元7天期逆回购操作，操作利率为1.40%，与此前持平；鉴于当日有2832亿元逆回购到期，公开市场实现净 回笼1225亿元。 上海银行间同业拆放利率（Shibor）短期品种微幅下行。具体来看，隔夜Shibor下跌0.10BP，报1.3150%；7天Shibor下跌0.80BP，报1.4340%；14天Shibor 下跌1.50BP，报1.4790%。 | | | | 2025-08-07 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | t | O/N | 1.3150 | 0.10 | | t | 1W | 1.4340 | 0.80 | | � | 2W | 1.4790 | 1.50 | | � | 1M | 1.5290 | 0.40 | | ゃ | 3M | 1.5600 | 0.10 | | ゃ | 6M | 1.6100 | 0.10 | | � | 9M | 1.6300 | 0.00 | | 1 | 1Y | 1.6390 | 0.10 | 上海银行间同业拆放利率（ ...

新华财经北京8月6日电（刘润榕）人民银行6日开展1385亿元7天期逆回购操作，操作利率为1.40%，与此前持平；鉴于当日有3090亿元逆回购到期，公开 市场实现净回笼1705亿元。 上海银行间同业拆放利率（Shibor）隔夜品种在1.3%附近低位徘徊，整体基本与前日持平。具体来看，隔夜Shibor上涨0.10BP，报1.3160%；7天Shibor上 涨1.00BP，报1.4420%；14天Shibor上涨1.20BP，报1.4940%。 | | | | 2025-08-06 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | 1 | O/N | 1.3160 | 0.10 | | fr | 1W | 1.4420 | 1.00 | | 个 | 2W | 1.4940 | 1.20 | | 价 | 1M | 1.5330 | 1.00 | | 中 | 3M | 1.5590 | 0.10 | | ゃ | 6M | 1.6090 | 0.30 | | f | 9M | 1.6300 | 0.10 | | 1 | 1Y | 1.638 ...

Monetary Policy and Market Operations - The People's Bank of China conducted a 7-day reverse repurchase operation of 283.2 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net withdrawal of 47.8 billion yuan due to 331 billion yuan of reverse repos maturing on the same day [1] - The overnight Shanghai Interbank Offered Rate (Shibor) rose by 7.50 basis points to 1.3920%, while the 7-day and 14-day Shibor rates decreased slightly [1] Interbank Repo Market - In the interbank pledged repo market, influenced by month-end factors, the DR001 rate approached 1.4%, with R001 rising by approximately 20 basis points, and transaction volumes increased [3] - The weighted average rates for DR001 and R001 rose by 8.1 basis points and 19.9 basis points, respectively, while transaction volumes for both decreased significantly [3] Funding Conditions - The funding environment was balanced in the afternoon, transitioning to a looser state, with overnight rates for collateralized deposits dropping to between 1.35% and 1.60% by the end of the trading day [6] - A total of 19 interbank certificates of deposit were issued on July 31, with an actual issuance volume of 21.2 billion yuan [6] Certificate of Deposit Market - The primary market for certificates of deposit showed weak trading sentiment, with institutions hesitant to issue or raise prices, while the secondary market saw a downward trend in yields [7] - The 1-month national stock ended at 1.52%, down approximately 3 basis points from the previous day, with similar declines observed across other maturities [7] Insurance Sector Developments - The China Insurance Industry Association issued a proposal to enhance disaster response and insurance claims services during the flood season, focusing on resource investment, service optimization, and experience summarization [9] - The Financial Regulatory Bureau issued a notice to promote the high-quality development of urban commercial health insurance, emphasizing product management and risk management to meet public healthcare needs [9]

Core Insights - The People's Bank of China reported the financial market operations for June 2025, highlighting a bond market custody balance of 188.5 trillion yuan as of the end of June [1][2]. Bond Market Issuance - In June, the bond market issued a total of 87,939.5 billion yuan in various bonds, including 15,903.9 billion yuan in government bonds, 11,753.2 billion yuan in local government bonds, 10,738.7 billion yuan in financial bonds, 14,257.3 billion yuan in corporate credit bonds, 247.2 billion yuan in credit asset-backed securities, and 34,569.3 billion yuan in interbank certificates of deposit [2]. Bond Market Operations - The interbank bond market saw a total transaction volume of 34.3 trillion yuan in June, with an average daily transaction of 1.7 trillion yuan, reflecting a year-on-year decrease of 1.2% but a month-on-month increase of 6.2% [3]. Foreign Participation in Bond Market - As of the end of June, foreign institutions held a custody balance of 4.3 trillion yuan in the Chinese bond market, accounting for 2.3% of the total custody balance [4]. Money Market Operations - The interbank lending market recorded a transaction volume of 8.4 trillion yuan in June, representing a year-on-year increase of 11.2% and a month-on-month increase of 26.0% [5]. Commercial Paper Market - In June, the acceptance amount of commercial bills reached 3.5 trillion yuan, while the discount amount was 2.8 trillion yuan, with small and micro enterprises accounting for 93.2% of all bill issuers [6]. Stock Market Performance - By the end of June, the Shanghai Composite Index closed at 3,444.4 points, up 96.9 points or 2.9%, while the Shenzhen Component Index rose to 10,465.1 points, an increase of 424.5 points or 4.2% [7]. Holder Structure in Interbank Bond Market - As of the end of June, there were 3,989 institutional members in the interbank bond market, all of which were financial institutions, with the top 50 investors in corporate credit bonds holding 48.0% of the total [9].

Market Overview - In June, the average daily trading volume in the Shanghai Stock Exchange was 510.4 billion yuan, an increase of 8.6% month-on-month; the Shenzhen Stock Exchange's average daily trading volume was 796.9 billion yuan, up 11.5% month-on-month [1][7] Bond Market Issuance - In June, the bond market issued a total of 87,939.5 billion yuan in various bonds, including 15,903.9 billion yuan in government bonds, 11,753.2 billion yuan in local government bonds, 10,738.7 billion yuan in financial bonds, 14,257.3 billion yuan in corporate credit bonds, 247.2 billion yuan in credit asset-backed securities, and 34,569.3 billion yuan in interbank certificates of deposit [2] Bond Market Operation - In June, the interbank bond market had a total transaction volume of 34.3 trillion yuan, with an average daily transaction of 1.7 trillion yuan, a year-on-year decrease of 1.2% but a month-on-month increase of 6.2% [3] Foreign Participation in Bond Market - As of the end of June, the custody balance of foreign institutions in the Chinese bond market was 4.3 trillion yuan, accounting for 2.3% of the total custody balance [4] Money Market Activity - In June, the interbank lending market had a transaction volume of 8.4 trillion yuan, a year-on-year increase of 11.2% and a month-on-month increase of 26.0% [5] Commercial Paper Market - In June, the acceptance amount of commercial bills was 3.5 trillion yuan, and the discount amount was 2.8 trillion yuan [6] Stock Market Performance - By the end of June, the Shanghai Composite Index closed at 3,444.4 points, an increase of 96.9 points or 2.9% month-on-month; the Shenzhen Component Index closed at 10,465.1 points, up 424.5 points or 4.2% month-on-month [7]

Bond Market Issuance - In June 2025, the total issuance of various bonds in the bond market reached 87,939.5 billion yuan, including 15,903.9 billion yuan of government bonds, 11,753.2 billion yuan of local government bonds, 10,738.7 billion yuan of financial bonds, 14,257.3 billion yuan of corporate credit bonds, 247.2 billion yuan of credit asset-backed securities, and 34,569.3 billion yuan of interbank certificates of deposit [3] Bond Market Custody Balance - As of the end of June, the custody balance of the bond market was 188.5 trillion yuan, with 166.7 trillion yuan in the interbank market and 21.9 trillion yuan in the exchange market. The custody balances by bond type included 37.2 trillion yuan of government bonds, 51.7 trillion yuan of local government bonds, 42.7 trillion yuan of financial bonds, 33.7 trillion yuan of corporate credit bonds, 1.0 trillion yuan of credit asset-backed securities, and 21.1 trillion yuan of interbank certificates of deposit [3] Bond Market Trading Activity - In June, the interbank bond market saw a total transaction volume of 34.3 trillion yuan, with an average daily transaction of 1.7 trillion yuan, reflecting a year-on-year decrease of 1.2% but a month-on-month increase of 6.2%. The exchange bond market recorded a transaction volume of 3.8 trillion yuan, with an average daily transaction of 190.5 billion yuan [4] Foreign Participation in Bond Market - By the end of June, the custody balance of foreign institutions in the Chinese bond market was 4.3 trillion yuan, accounting for 2.3% of the total custody balance. Foreign institutions held 2.1 trillion yuan of government bonds, 1.2 trillion yuan of interbank certificates of deposit, and 0.8 trillion yuan of policy bank bonds [5] Money Market Activity - In June, the interbank lending market recorded a transaction volume of 8.4 trillion yuan, a year-on-year increase of 11.2% and a month-on-month increase of 26.0%. The bond repurchase transactions totaled 156.3 trillion yuan, reflecting a year-on-year increase of 32.7% and a month-on-month increase of 20.4% [6] Commercial Paper Market - In June, the acceptance amount of commercial bills was 3.5 trillion yuan, and the discount amount was 2.8 trillion yuan. By the end of June, the acceptance balance of commercial bills was 19.3 trillion yuan, and the discount balance was 14.8 trillion yuan. Small and micro enterprises accounted for 93.2% of the total bill issuers and 69.8% of the total bill issuance amount [7] Stock Market Performance - At the end of June, the Shanghai Composite Index closed at 3,444.4 points, up 96.9 points or 2.9% from the previous month. The Shenzhen Component Index closed at 10,465.1 points, up 424.5 points or 4.2%. The average daily trading volume in the Shanghai market was 510.4 billion yuan, an increase of 8.6% month-on-month, while the Shenzhen market's average daily trading volume was 796.9 billion yuan, an increase of 11.5% month-on-month [9] Bond Market Holder Structure - As of the end of June, there were 3,989 institutional members in the interbank bond market, all of which were financial institutions. The top 50 investors in corporate credit bonds held 48.0% of the total, primarily concentrated in public funds, state-owned commercial banks, and insurance financial institutions [10]

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 449.2 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 234.4 billion yuan after 214.8 billion yuan of reverse repos matured on the same day [1] - The overnight Shanghai Interbank Offered Rate (Shibor) fell below 1.4%, with the 7-day and 14-day rates also declining. Specifically, the overnight Shibor decreased by 10.10 basis points to 1.3660%, the 7-day Shibor dropped by 5.10 basis points to 1.5450%, and the 14-day Shibor fell by 0.40 basis points to 1.6310% [1][2] Group 2 - In the interbank pledged repo market, the overnight rates fell by nearly 10 basis points, while the transaction volume for the 7-day products increased, with the R007 transaction volume accounting for 16.3%. The weighted average rates for DR001 and R001 decreased by 9.9 basis points and 9.2 basis points, respectively, while the rates for DR007 and R007 fell by 1.6 basis points and 1.4 basis points [6] - As of July 29, there were 62 interbank certificates of deposit issued, with an actual issuance amount of 109.06 billion yuan. The overall trading sentiment for primary certificates was weak, with significant fluctuations in the current bonds [11]

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 495.8 billion yuan at an interest rate of 1.40%, resulting in a net injection of 325.1 billion yuan after 170.7 billion yuan of reverse repos matured on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for overnight and 7-day terms decreased slightly, with overnight Shibor down by 5.30 basis points to 1.4670% and 7-day Shibor down by 2.40 basis points to 1.5960% [1][2] - The overnight and 7-day repo rates also saw declines, with the weighted average rates for DR001 and R001 down by 5.5 basis points and 6.2 basis points, respectively, while DR007 and R007 rates decreased by 7.2 basis points and 6.7 basis points [5] Group 2 - The interbank market showed a balanced funding situation in the morning, transitioning to a looser environment later in the day, with overnight rates for collateralized deposits dropping to around 1.50% [13] - A total of 77 interbank certificates of deposit were issued on July 28, with an actual issuance volume of 132.81 billion yuan, indicating active market participation despite cautious sentiment [14] - The insurance industry reported a premium income of 3.735 trillion yuan in the first half of the year, reflecting a year-on-year growth of 5.3%, with life insurance companies showing particularly strong performance in June [16]