Core Points - The People's Bank of China conducted a 910 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net injection of 910 billion yuan into the market [1][12] - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the 7-day and 14-day rates declining [1][2] - The overall funding environment is described as balanced and slightly loose, with various rates for overnight and term deposits showing a downward trend [9][10] Summary by Category Monetary Policy - The People's Bank of China is set to conduct a 600 billion yuan buyout reverse repurchase operation on October 15, 2025, with a term of 6 months [12] Interest Rates - The overnight Shibor increased by 0.10 basis points to 1.3150%, while the 7-day Shibor decreased by 2.40 basis points to 1.4230%, and the 14-day Shibor decreased by 2.10 basis points to 1.4450% [1][2] - In the interbank pledged repo market, most rates showed slight declines, with the weighted average rates for overnight and 7-day repos at 1.3141% and 1.4314%, respectively [4] Market Sentiment - The funding market is characterized by a generally loose atmosphere, with overnight rates for deposits showing a downward trend, indicating a preference for liquidity among banks [9] - The issuance of interbank certificates of deposit reached 261.89 billion yuan on October 14, with trading sentiment described as moderate [10]

Core Viewpoint - The People's Bank of China conducted a 137.8 billion yuan reverse repurchase operation with a rate of 1.40%, resulting in a net injection of 137.8 billion yuan into the market on October 13, 2025 [1]. Market Rates Summary - The Shanghai Interbank Offered Rate (Shibor) for the 7-day term increased by 4.40 basis points to 1.4470%, while the overnight Shibor remained unchanged at 1.3140% [1][2]. - The 14-day Shibor decreased by 1.60 basis points to 1.4660% [2]. Interbank Repo Market - In the interbank pledged repo market, most rates increased slightly, with DR001 and R001 weighted average rates rising by 0.3 basis points and 4.0 basis points to 1.3131% and 1.357%, respectively [6]. - The transaction volumes for DR001 and R001 increased significantly, with DR001 seeing a rise of 2.652 billion yuan and R001 increasing by 43.681 billion yuan [6]. Funding Conditions - The overall funding environment was described as balanced and slightly loose, with overnight rates for collateralized loans ranging from 1.35% to 1.5% [10]. - By the end of the trading day, the overnight rates dropped to around 1.28%, indicating a continued loose funding condition [10]. Interbank Certificates of Deposit - On October 13, 66 interbank certificates of deposit were issued, totaling 48.59 billion yuan [11]. - The trading sentiment for secondary market certificates was described as subdued, with yields for various maturities showing slight increases compared to the previous trading day [11].

新华财经北京10月11日电（幸骊莎）人民银行11日开展1160亿元7天期逆回购操作，操作利率为1.40%，与此前持平；鉴于当日无逆回购到期，公开市场实现 净投放1160亿元。人民银行本周共进行11370亿元7天期逆回购操作，因本周有26633亿元逆回购到期，公开市场实现净回笼15263亿元。 上海银行间同业拆放利率（Shibor）短期品种连续下跌。具体来看，隔夜Shibor下跌0.50BP，报1.3140%；7天Shibo下跌4.80BP，报1.4030%；14天Shibor下跌 1.20BP，报1.4820%。 | | | | 2025-10-11 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | 11 | O/N | 1.3140 | 0.50 | | 11 | 1W | 1.4030 | 4.80 | | 中 | 2W | 1.4820 | 1.20 | | 1 | 1 M | 1.5580 | 0.10 | | 1 | 3M | 1.5810 | 0.30 | | 1 | 6M | 1.6380 | 0.20 | | f ...

新华财经北京10月10日电（幸骊莎）人民银行10日开展4090亿元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6000亿元14天期逆回购到 期，公开市场实现净回笼1910亿元。 上海银行间同业拆放利率（Shibor）全线下跌。具体来看，隔夜Shibor下跌0.30BP，报1.3190%；7天Shibo下跌4.40BP，报1.4510%；14天Shibor下跌3.20BP， 报1.4940%。 上海银行间同业拆放利率（10月10日） | | | | 2025-10-10 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | 中 | O/N | 1.3190 | 0.30 | | 中 | 1W | 1.4510 | 4.40 | | 11 | 2W | 1.4940 | 3.20 | | 中 | 1M | 1.5590 | 0.80 | | 1 | 3M | 1.5780 | 0.10 | | 中 | 6M | 1.6360 | 0.20 | | 1 | 9M | 1.6660 | 0.20 | | 1 | 1Y | ...

Core Points - The People's Bank of China conducted a 7-day reverse repurchase operation of 612 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net withdrawal of 1,451.3 billion yuan from the open market [1] - The Shanghai Interbank Offered Rate (Shibor) showed mixed movements, with the overnight Shibor decreasing by 5.70 basis points to 1.3220%, while the 7-day Shibor increased by 9.00 basis points to 1.4950% [1][2] - The overall funding environment post-National Day holiday was balanced and slightly loose, with overnight repo rates fluctuating between 1.35% and 1.58% [8] Summary by Category Monetary Policy - The People's Bank of China executed a reverse repurchase operation of 612 billion yuan, with a net withdrawal of 1,451.3 billion yuan due to maturing reverse repos [1] Interest Rates - Shibor rates on October 9 showed a decline in the overnight rate and an increase in the 7-day rate, indicating a mixed trend in short-term borrowing costs [1][2] - The weighted average rates for overnight and 7-day repos were reported at 1.3271% and 1.5073%, respectively, with varying transaction volumes [4] Market Conditions - The funding market was characterized by a balanced and slightly loose atmosphere, with significant trading activity in overnight repos and interbank certificates of deposit [8][9] - The issuance of interbank certificates of deposit totaled 6.16 billion yuan on the same day, reflecting ongoing liquidity in the market [8]

Core Points - The People's Bank of China (PBOC) conducted a 7-day reverse repo operation of 165.8 billion yuan at an interest rate of 1.40% and a 14-day reverse repo operation of 600 billion yuan, resulting in a net injection of 411.5 billion yuan into the market [1] - This week, the PBOC has executed a total of 1.5674 trillion yuan in 7-day reverse repos, 900 billion yuan in 14-day reverse repos, and 600 billion yuan in Medium-term Lending Facility (MLF) operations, leading to a net injection of 940.6 billion yuan [1] - The Shanghai Interbank Offered Rate (Shibor) for overnight and 7-day tenors has decreased significantly, while the 14-day tenor has seen a slight increase [1][2] Interest Rate Summary - The overnight Shibor fell by 15.10 basis points to 1.3210% [3] - The 7-day Shibor decreased by 8.30 basis points to 1.5010% [3] - The 14-day Shibor increased by 2.10 basis points to 1.6460% [3] Repo Market Overview - In the repo market, the weighted average rates for overnight and 7-day repos have decreased, while the 14-day repos saw a slight increase [5] - The weighted average rate for overnight repos (DR001) fell by 15.7 basis points to 1.3182%, with a transaction volume decrease of 507.3 billion yuan [5] - The weighted average rate for 7-day repos (R001) decreased by 18.5 basis points to 1.3344%, with a transaction volume decrease of 3.641 trillion yuan [5] Market Conditions - The funding environment was balanced in the morning and slightly loose in the afternoon, with overnight transactions around 1.40%-1.45% [9] - A total of 34 interbank certificates of deposit were issued on September 26, with an actual issuance amount of 52 billion yuan [9][10] Regulatory Developments - The PBOC, along with the China Securities Regulatory Commission and the State Administration of Foreign Exchange, announced support for foreign institutional investors to engage in bond repurchase transactions in the Chinese bond market [12] - The Hong Kong Monetary Authority announced similar support for foreign investors participating in onshore bond repurchase transactions, enhancing liquidity access [12]

Core Viewpoint - The People's Bank of China conducted a net injection of 296.5 billion yuan into the market through reverse repos and medium-term lending facilities on September 25, 2023, amid maturing financial instruments [1]. Group 1: Market Operations - The central bank executed a 7-day reverse repo operation of 483.5 billion yuan and a medium-term lending facility (MLF) operation of 600 billion yuan, with 4.87 billion yuan in reverse repos and 300 billion yuan in MLF maturing on the same day [1]. - The overall net injection into the market was 296.5 billion yuan after accounting for maturing instruments [1]. Group 2: Interbank Rates - The overnight Shanghai Interbank Offered Rate (Shibor) rose by 3.80 basis points to 1.4720%, while the 7-day and 14-day Shibor rates slightly decreased [2][3]. - The weighted average rates for various repo instruments increased, with DR001 rising by 3.8 basis points to 1.4749%, DR007 up by 1.5 basis points to 1.6017%, and DR014 increasing by 2.2 basis points to 1.6718% [3][4]. Group 3: Funding Conditions - The funding conditions in the interbank market were balanced in the morning and slightly eased in the afternoon, with overnight rates for non-bank institutions trading between 1.50% and 1.53% [6]. - A total of 55 interbank certificates of deposit were issued on September 25, with an actual issuance volume of 39.91 billion yuan [6]. Group 4: Bond Market Activity - The primary market for certificates of deposit showed a recovery in trading sentiment, while the secondary market experienced active trading with yields fluctuating slightly compared to the previous day [7][8].

Core Points - The People's Bank of China conducted a 401.5 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net withdrawal of 17 billion yuan due to 418.5 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term maturities increased across the board, with the 7-day Shibor leading the rise [1][2] - The weighted average rates for various repo products also saw increases, particularly in the 7-day category, indicating a tightening liquidity environment [5] Shibor Summary - Overnight Shibor rose by 2.10 basis points to 1.4340% [3] - 7-day Shibor increased by 12.80 basis points to 1.5900% [3] - 14-day Shibor went up by 8.90 basis points to 1.6560% [3] Repo Market Summary - The weighted average rates for DR001 and R001 increased by 2.3 basis points and 3.5 basis points, respectively, with transaction volumes decreasing significantly [5] - DR007 and R007 saw larger increases of 11.1 basis points and 18.5 basis points, respectively, with notable reductions in transaction volumes [5] - DR014 and R014 had smaller increases in rates but experienced an increase in transaction volumes [5] Money Market Conditions - The money market showed a tight condition in the morning, with overnight transactions around 1.55%, shifting to a more relaxed state by the afternoon [9] - The issuance of interbank certificates of deposit was active, with 85 certificates issued totaling approximately 133.99 billion yuan [9] Bond Market Summary - The bond market saw rising rates across various maturities, with overall trading sentiment being moderate [10] - Specific increases included a 6 basis point rise for 1-month bonds and a 1.5 basis point rise for 6-month bonds compared to the previous day [10] Future Operations - The People's Bank of China plans to conduct a 600 billion yuan Medium-term Lending Facility (MLF) operation on September 25, 2025, with a one-year term [12]

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 276.1 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net withdrawal of 10.9 billion yuan after 287 billion yuan of reverse repos matured on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term products declined, with the overnight Shibor down by 1.40 basis points to 1.4130%, the 7-day Shibor down by 0.40 basis points to 1.4620%, and the 14-day Shibor down by 10.80 basis points to 1.5670% [1][2] Group 2 - In the interbank pledged repo market, most products experienced narrow fluctuations, with the R007 transaction ratio rising to 7.9%. The weighted average rates for DR001 and R001 decreased by 1.4 basis points and 1.3 basis points, respectively, with transaction volumes decreasing by 199.7 billion yuan and 116.5 billion yuan [4] - The weighted average rates for DR007 and R007 fell by 1.3 basis points and 0.4 basis points, respectively, with transaction volumes increasing by 72.6 billion yuan and 96.5 billion yuan [4] Group 3 - The funding environment was balanced and slightly loose, with overnight transactions mainly occurring in the range of 1.50%-1.53%. The 7-day credit repo rates were around 1.55%, with transactions in the 1.52%-1.58% range [8] - A total of 110 interbank certificates of deposit were issued on September 23, with an actual issuance amount of 194.67 billion yuan [8] Group 4 - In the primary certificate of deposit market, except for the 1-month and 1-year maturities, all other maturities were due on working days. The 3-month to 9-month products saw active trading, with yields generally rising [9] - The 1-year to 1-month yield spread was 7.75 basis points, narrowing by 1 basis point compared to the previous day [9]

Group 1 - The People's Bank of China conducted a 240.5 billion yuan 7-day reverse repurchase operation at an interest rate of 1.40% and a 300 billion yuan 14-day reverse repurchase operation, resulting in a net injection of 260.5 billion yuan into the market [1] - The overnight and 7-day Shanghai Interbank Offered Rate (Shibor) continued to decline, while the 14-day Shibor increased. Specifically, the overnight Shibor fell by 3.40 basis points to 1.4270%, and the 7-day Shibor decreased by 2.20 basis points to 1.4660% [1][3] - In the interbank pledged repo market, the overnight rates decreased while the 14-day rates increased, with the R014 rate surpassing 1.7%. The weighted average rates for DR001 and R001 fell by 3.7 basis points and 2.4 basis points, respectively [5] Group 2 - The overall funding situation on September 22 was balanced and slightly loose, with overnight transactions primarily occurring in the range of 1.53%-1.55% and 7-day rates around 1.52% [7] - A total of 111 interbank certificates of deposit were issued on September 22, with an actual issuance amount of 231.87 billion yuan [7] - The financial regulatory authority reported that since the beginning of the "14th Five-Year Plan," insurance funds have invested over 5.4 trillion yuan in stocks and equity funds, marking an 85% increase compared to the end of the "13th Five-Year Plan" [11]