新华财经北京12月18日电（刘润榕）人民银行18日开展883亿元7天期和1000亿元14天期逆回购操作；鉴于当日有1186亿元7天期逆回购到期，公开 市场实现净投放697亿元。 上海银行间同业拆放利率（Shibor）隔夜、7D品种低位徘徊，可跨年14天品种上行超10BP。具体来看，隔夜Shibor下跌0.20BP，报1.2730%；7天 Shibor下跌0.20BP，报1.4260%；14天Shibor上涨11.10BP，报1.5820%。 来源：全国银行间同业拆借中心 据上海国际货币经纪公司交易员消息，18日资金面较昨日收敛，整体呈现均衡偏紧态势。早盘大行国股行部分融出，非银隔夜押存单商金成交在 1.45%-1.48%区间，7天期限成交在1.49%-1.51%附近。跨年资金方面， 14D押利率成交1.63%-1.65%，1M押利率融出在1.63%-1.64%。随后资金边 际收敛，资金成交利率小幅上行，隔夜押存单商金成交1.48%-1.50%。午后资金面延续均衡态势。靠近2点附近，隔夜押利率成交1.30%-1.40%，隔 夜押存单商金成交在1.48%-1.50%区间，7天期供给在1.53%-1.56%附近。临 ...

Monetary Policy Operations - The People's Bank of China conducted a 468 billion yuan 7-day reverse repurchase operation at an interest rate of 1.40%, unchanged from previous rates, resulting in a net withdrawal of 1,430 billion yuan due to 1,898 billion yuan of reverse repos maturing on the same day [1] Interbank Rates - The Shanghai Interbank Offered Rate (Shibor) for short-term instruments showed a slight decline, with overnight Shibor down by 0.10 basis points to 1.2750%, 7-day Shibor down by 0.10 basis points to 1.4280%, and 14-day Shibor down by 3.90 basis points to 1.4710% [2][3] Repo Market - In the interbank pledged repo market, overnight funding rates remained around 1.27%, with the weighted average rate for DR001 down by 0.13 basis points to 1.2731%, DR007 down by 0.65 basis points to 1.4423%, and DR014 down by 2.88 basis points to 1.4794% [4][6] Funding Conditions - The overall funding environment on December 17 was balanced and slightly loose, with overnight rates for pledged loans ranging from 1.30% to 1.40% and 7-day rates around 1.50% [9] - A total of 99 interbank certificates of deposit were issued, with an actual issuance amount of 185.56 billion yuan [9] Financial Market Developments - The financial preparations for the Hainan Free Trade Port, which will officially start its full island closure on December 18, have been completed, with the People's Bank of China supporting the construction of the port [12] - The National Financial Regulatory Administration approved Xiamen International Bank's capital increase of 2.17 billion Hong Kong dollars in Xiamen International Investment Co., Ltd. [12]

升值逻辑：内外因素共振下的必然选择 人民币此次温和走强并非孤立现象，而是全球货币政策分化、国内经济基本面稳固与季节性需求叠加的结果。从外部环境看，美联储12月11日宣布将联邦基 金利率下调25个基点至3.5%-3.75%，这是其年内第三次降息，直接引发美元指数持续下行——截至12月16日，美元指数已从100关口跌破至98.1784，非美货 币普遍迎来升值窗口，人民币顺势承接这一趋势。 内部支撑同样坚实。11月国家统计局数据显示，全国规模以上工业增加值同比增长4.8%，服务业生产指数增长4.2%，社会消费品零售总额达43898亿元，经 济延续稳中有进态势，为汇率提供了基本面托底。叠加年底企业结汇需求集中释放，前期累积的外汇敞口加速平仓，进一步助推人民币季节性走强。业内专 家指出，这种"美元走弱+结汇升温"的双重驱动，构成了本轮升值的核心逻辑，且与中美利差走势无直接关联——12月以来10年期美债收益率上升17个基 点，中美利差倒挂幅度反而扩大，更凸显人民币升值的独立性。 市场共振：流动性格局与利率生态的双重重塑 文 | 人民币杂志 大河 2025年12月的外汇市场上，人民币以"温和而坚定"的姿态引发全球关注。12 ...

银行间质押式回购市场方面，隔夜品种微跌，7D、141D品种小幅上涨。具体看，DR001、R001加权平均利率分别下行0.2BP、0.4BP， 报1.2747%、1.3473%，成交额分别增加490亿元、618亿元；DR007、R007加权平均利率分别上行1.8BP、1.1BP，报1.4691%、1.5075%， 成交额分别减少32亿元、416亿元；DR014、R014加权平均利率分别上行1.1BP、1.9BP，报1.5073%、1.5476%，成交额分别减少2亿元、 211亿元。 货币市场利率（12月12日） 来源：全国银行间同业拆借中心 新华财经北京12月12日电（高二山）人民银行12日开展1205亿元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1398亿 元7天期逆回购到期，公开市场实现净回笼193亿元。本周人民银行共进行6685亿元逆回购操作，因当周有6638亿元逆回购到期，公开市 场合计实现净投放47亿元。 上海银行间同业拆放利率（Shibor）隔夜品种微跌，7天和14天品种上涨。具体来看，隔夜Shibor下跌0.40BP，报1.2790%；7天Shibor上 涨1.90BP，报1. ...

新华财经北京12月10日电 人民银行10日开展1898亿元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793亿元逆回购到 期，公开市场实现净投放1105亿元。 上海银行间同业拆放利率（Shibor）中短期品种维持原地踏步，隔夜和14天品种微跌。具体来看，隔夜Shibor下跌0.50BP，报1.2980%； 7天Shibor上涨0.80BP，报1.4390%；14天Shibor下跌1.00BP，报1.5000%。 | | 期限 | Shibor(%) | 2025-12-10 11:00 涨跌(BP) | | --- | --- | --- | --- | | 1 | O/N | 1.2980 | 0.50 | | t | 1W | 1.4390 | 0.80 | | 中 | 2W | 1.5000 | 1.00 | | t | 1M | 1.5230 | 0.00 | | ゃ | 3M | 1.5820 | 0.10 | | 食 | 6M | 1.6240 | 0.10 | | t | 9M | 1.6400 | 0.10 | | 1 | 1Y | 1.6500 | 0.00 | 上海银行间 ...

Monetary Policy Operations - The People's Bank of China conducted a 7-day reverse repurchase operation of 117.3 billion yuan at an interest rate of 1.40%, unchanged from previous rates, resulting in a net withdrawal of 39 billion yuan due to 156.3 billion yuan of reverse repos maturing on the same day [1][12]. Interbank Offered Rates - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the overnight Shibor rising by 0.10 basis points to 1.3030%, the 7-day Shibor increasing by 0.50 basis points to 1.4310%, and the 14-day Shibor decreasing by 0.70 basis points to 1.5100% [1][2][3]. Repo Market Activity - In the interbank pledged repo market, most rates experienced slight declines, with DR001 falling below 1.3%. Specifically, the weighted average rates for DR001 and R001 decreased by 0.4 basis points and 0.7 basis points, respectively, to 1.2984% and 1.365%, with transaction volumes increasing by 2.1 billion yuan and 175.7 billion yuan [5][12]. Funding Market Conditions - The funding market on December 9 exhibited a balanced and slightly loose condition, with overnight transaction rates around 1.46% and 7-day rates in the range of 1.48%-1.49%. By the afternoon, overnight rates dropped to around 1.42%-1.44% [7][12]. Certificate of Deposit (CD) Market - In the primary CD market, all except the 1-month CDs were set to mature on working days, with issuers actively raising prices. The secondary CD market saw slight fluctuations, with 1-month national bank CDs trading between 1.60%-1.61% in the morning and rising to 1.62%-1.625% in the afternoon [8][12].

Group 1 - The People's Bank of China conducted a 122.3 billion yuan 7-day reverse repurchase operation on December 8, maintaining the operation rate at 1.40%, resulting in a net injection of 14.7 billion yuan after 107.6 billion yuan of reverse repos matured on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term maturities saw a slight increase, with overnight Shibor rising by 0.10 basis points to 1.3020%, 7-day Shibor increasing by 1.00 basis points to 1.4260%, and 14-day Shibor up by 0.90 basis points to 1.5170% [1][2] Group 2 - In the interbank pledged repo market, most rates experienced slight increases, with DR001 and R001 weighted average rates rising by 0.2 basis points and remaining stable at 1.3022% and 1.3718%, respectively. Transaction volumes decreased by 149.6 billion yuan and 47.7 billion yuan [4] - The weighted average rates for DR007 and R007 increased by 0.8 basis points and decreased by 0.2 basis points, settling at 1.4459% and 1.494%, with transaction volumes increasing by 10.2 billion yuan and 39.2 billion yuan [4] Group 3 - The funding environment on December 8 was balanced, with overnight transactions around 1.48% and 7-day transactions in the range of 1.49%-1.50%. Cross-year funding transactions were noted at around 1.62% for pledged rates and 1.67%-1.68% for credit transactions [6] - By the end of the day, the overnight funding transaction rates had slightly decreased to around 1.40% [6]

新华财经北京12月5日电 人民银行5日开展1398亿元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3013亿元逆回购到期，公开市场实现 净回笼1615亿元。本周人民银行共进行6638亿元逆回购操作，因当周有15118亿元逆回购到期，公开市场合计实现净回笼8480亿元。 | | | | 2025-12-05 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | tr | O/N | 1.3010 | 0.10 | | 1 | 1W | 1.4160 | 0.80 | | � | 2W | 1.5080 | 2.90 | | 业 | 1M | 1.5200 | 0.00 | | � | 3M | 1.5800 | 0.00 | | tr | 6M | 1.6200 | 0.00 | | t | 9M | 1.6400 | 0.00 | | 1 | 1Y | 1.6500 | 0.00 | 来源：全国银行间同业拆借中心 银行间质押式回购市场方面，短期品种利率小幅上行。具体看，DR001、R001加权平均利率分别上行0.1 ...

Group 1 - The People's Bank of China conducted a 1,808 billion yuan reverse repurchase operation with a 7-day term at an interest rate of 1.40%, maintaining the previous rate [1] - On the same day, 3,564 billion yuan of 7-day reverse repos matured, resulting in a net withdrawal of 1,756 billion yuan from the open market [1] - The Shanghai Interbank Offered Rate (Shibor) for the overnight term increased by 0.10 basis points to 1.3020%, while the 7-day Shibor decreased by 0.20 basis points to 1.4240% [2][4] Group 2 - In the interbank pledged repo market, various rates showed narrow fluctuations, with DR001 and R001 weighted average rates rising by 0.1 basis points and 0.3 basis points, respectively [4] - The weighted average rates for DR007 and R007 saw a decrease of 0.3 basis points and an increase of 0.2 basis points, respectively, with transaction volumes increasing [4] - The overall funding environment opened slightly loose but later tightened, with overnight rates fluctuating between 1.40% and 1.45% [8] Group 3 - As of December 4, there were 99 interbank certificates of deposit issued, with a total issuance amount of 1,189.2 billion yuan [8] - The trading sentiment for primary certificates of deposit was relatively light, while secondary certificates showed moderate activity with yields continuing to rise [9] - The yield curve spread between 1-year and 1-month certificates widened by 0.25 basis points compared to the previous day [9]

Core Points - The People's Bank of China conducted a 793 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net withdrawal of 1,340 billion yuan due to 2,133 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the overnight Shibor decreasing by 0.10 basis points to 1.3010%, and the 7-day Shibor decreasing by 0.80 basis points to 1.4260% [2][3] Market Rates - In the interbank pledged repo market, various rates showed narrow fluctuations, with DR001 and R001 weighted average rates increasing by 0.2 basis points and decreasing by 0.3 basis points, respectively, with transaction volumes of 791 billion yuan and 1,420 billion yuan [4] - The weighted average rates for DR007 and R007 remained stable and increased by 0.2 basis points, with transaction volumes decreasing by 35 billion yuan and increasing by 508 billion yuan, respectively [4] Money Market Conditions - The money market on December 3 was characterized by a balanced and slightly loose liquidity environment, with overnight rates around 1.40% to 1.42% for various collateral types [9] - A total of 94 interbank certificates of deposit were issued on December 3, with an actual issuance amount of 1,482.1 billion yuan [9][10] Service Trade Development - From January to October 2025, China's service trade showed steady growth, with total service trade imports and exports amounting to 65,844.3 billion yuan, a year-on-year increase of 7.5% [12] - Service exports reached 29,090.3 billion yuan, growing by 14.3%, while imports totaled 36,754 billion yuan, increasing by 2.6% [12]