Group 1 - The People's Bank of China conducted a 197.3 billion yuan 7-day reverse repurchase operation, maintaining the operation rate at 1.40% [1] - On the same day, 198.6 billion yuan of 7-day reverse repos and 182 billion yuan of 1-year MLF matured, resulting in a net withdrawal of 183.3 billion yuan from the open market [1] - The Shanghai Interbank Offered Rate (Shibor) showed a narrow fluctuation, with overnight Shibor down by 1.90 basis points to 1.3690%, and 7-day Shibor down by 0.20 basis points to 1.5080% [1][2] Group 2 - In the interbank pledged repo market, DR001 remained below 1.4%, with a weighted average rate of 1.371% after a decrease of 2.0 basis points, and a transaction volume increase of 51.7 billion yuan [6] - The weighted average rates for DR007 and R007 also decreased, reporting 1.5227% and 1.5525% respectively, with transaction volumes increasing by 24.2 billion yuan and 172.2 billion yuan [6] - The overall funding environment was balanced and slightly loose, with overnight rates fluctuating between 1.50% and 1.55% [10] Group 3 - As of June 17, 157 interbank certificates of deposit were issued, with a total issuance amount of 310.63 billion yuan [11] - The trading sentiment in the primary market for certificates of deposit was strong, with significant declines in secondary market yields [11] - The balance of both domestic and foreign currency loans in Shanghai reached 12.73 trillion yuan at the end of May, showing a year-on-year growth of 8.6% [13]

Group 1 - The report indicates that the domestic monetary market continued to ease in May, with the average repo rates in the interbank and exchange markets mostly declining [2][3][13] - The average values for R001, GC001, R007, and GC007 decreased by 16 basis points, 9 basis points, 14 basis points, and 14 basis points respectively, reaching 1.54%, 1.57%, 1.63%, and 1.64% [14][16] - The report forecasts a seasonal increase in funding rates for June due to the quarter-end factors and the peak of maturing interbank certificates of deposit and reverse repos [6][12][55] Group 2 - The report highlights that the Federal Reserve's June meeting is expected to maintain the pause on interest rate cuts, with stable short-term U.S. Treasury rates observed since May [8] - The European Central Bank decided to lower the three key rates in the Eurozone by 25 basis points on June 5 [8][9] - The report notes that the excess reserve ratio is estimated to be 1.1% for May and 1.3% for June, indicating a slight increase in liquidity [2][46][74] Group 3 - The report mentions that the central bank is expected to actively inject liquidity in June, with a projected slight increase in the excess reserve ratio [6][12][55] - The report also states that the interbank and exchange overnight transaction volumes and proportions increased compared to the previous month, with the average daily transaction volume for R001 at 58.6 trillion and for GC001 at 19.1 trillion [38][40] - The report anticipates that the seasonal increase in funding rates will be influenced by the high financing scale of government bonds and the pressure from maturing financial instruments [79]

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 242 billion yuan at an interest rate of 1.40%, resulting in a net injection of 68.2 billion yuan after 173.8 billion yuan of reverse repos matured on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) showed mixed movements, with the overnight Shibor decreasing by 2.30 basis points to 1.3880%, while the 7-day Shibor increased by 0.20 basis points to 1.5100% [1][2] - In the interbank pledged repo market, the weighted average rates for DR001 and R001 fell by 2.2 basis points and 1.7 basis points, respectively, while DR007 and R007 saw mixed movements with DR007 rising by 2.4 basis points [4] Group 2 - The money market rates on June 16 indicated a balanced to loose funding environment, with overnight rates around 1.50% and 7-day rates between 1.52% and 1.55% [9] - A total of 107 interbank certificates of deposit were issued on June 16, with an actual issuance volume of 193.28 billion yuan, reflecting active trading sentiment [10] - The Shanghai interest rate self-discipline mechanism meeting emphasized the importance of effective interest rate management and the need to enhance the pricing capabilities of member institutions [13]

Core Viewpoint - The People's Bank of China (PBOC) conducted a 2025 billion yuan reverse repurchase operation with a stable interest rate of 1.40%, resulting in a net injection of 675 billion yuan into the market after accounting for 1350 billion yuan of reverse repos maturing on the same day [1] Group 1: Monetary Policy Operations - This week, the PBOC carried out a total of 8582 billion yuan in reverse repurchase operations, with 9309 billion yuan maturing, leading to a total net withdrawal of 727 billion yuan from the open market [1] - The overnight Shanghai Interbank Offered Rate (Shibor) increased by 4.40 basis points to 1.4110%, while the 7-day Shibor decreased by 1.30 basis points to 1.5080% [2][3] - The 14-day Shibor rose by 0.80 basis points to 1.5430% [2] Group 2: Interbank Repo Market - In the interbank pledged repo market, the weighted average rates for overnight and 14-day repos increased by 4.0 basis points and 0.5 basis points, respectively, while the 7-day repo rate decreased by 3.7 basis points [4] - The transaction volumes for overnight and 7-day repos decreased by 635 billion yuan and 2608 billion yuan, respectively [4] Group 3: Money Market Conditions - The money market showed a relatively loose liquidity condition on June 13, with overnight rates dropping to around 1.48% by the end of the trading day [9] - A total of 122 interbank certificates of deposit were issued, with an actual issuance amount of 1354.4 billion yuan [10] Group 4: Financial Statistics - As of the end of May 2025, the broad money supply (M2) stood at 325.78 trillion yuan, reflecting a year-on-year growth of 7.9% [12] - The total social financing scale reached 426.16 trillion yuan by the end of May, with a year-on-year increase of 8.7% [13]

Group 1 - The People's Bank of China conducted a 198.6 billion yuan reverse repurchase operation with an interest rate steady at 1.40%, resulting in a net withdrawal of 255.9 billion yuan due to 454.5 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term instruments showed a slight decline, with overnight Shibor down by 1.60 basis points to 1.3620%, and 7-day Shibor down by 0.10 basis points to 1.4960% [1] - The overall rates in the interbank pledged repo market decreased slightly, with DR001 and R001 weighted average rates falling by 1.4 basis points and 0.8 basis points, respectively, while transaction volumes increased significantly [4] Group 2 - The funding market on June 10 exhibited a balanced state, with overnight pledged rates for certificates of deposit trading around 1.50% and 7-day terms around 1.52%, indicating stable funding prices throughout the day [8] - A total of 185 interbank certificates of deposit were issued on June 10, with an actual issuance volume of 365.1 billion yuan, reflecting active trading sentiment in the primary market [9] - The business revenue index released by the Hong Kong government showed a significant year-on-year increase of 32.5% in the financial sector (excluding banks) for the first quarter of 2025, indicating robust growth in this industry [11]

Core Points - The People's Bank of China conducted a 173.8 billion yuan reverse repurchase operation on June 9, maintaining the operation rate at 1.40%, resulting in a net injection of 173.8 billion yuan into the market as there were no reverse repos maturing on that day [1] - The Shanghai Interbank Offered Rate (Shibor) saw a slight decline across all maturities, with the overnight Shibor down by 3.30 basis points to 1.3780%, and the 7-day Shibor down by 0.30 basis points to 1.4970% [1][2] - The interbank pledged repo market showed a slight downward trend in rates, with the weighted average rates for DR001 and R001 decreasing by 3.5 basis points and 2.9 basis points, respectively, while transaction volumes varied [6] Market Conditions - The funding environment on June 9 was characterized by a loose liquidity situation, with overnight rates for pledged repo transactions falling to around 1.45% by the end of the day [10] - A total of 145 interbank certificates of deposit were issued on June 9, with an actual issuance volume of 224.51 billion yuan, indicating active trading sentiment in the primary market [11] - The issuance of the second batch of 39.5 billion yuan special bonds aimed at stabilizing growth and investment was successfully completed, supporting central enterprises in key investment areas [13]

Core Viewpoint - The People's Bank of China (PBOC) conducted a 1,350 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net withdrawal of 1,561 billion yuan from the market due to 2,911 billion yuan of reverse repos maturing on the same day [1] Group 1: Market Operations - The PBOC performed a total of 9,309 billion yuan in 7-day reverse repos this week, with 16,026 billion yuan maturing, leading to a net withdrawal of 6,717 billion yuan [1] - On the same day, the PBOC also conducted a 10,000 billion yuan buyout reverse repurchase operation [1] Group 2: Interbank Rates - The overnight Shanghai Interbank Offered Rate (Shibor) increased by 0.30 basis points to 1.4110%, while the 7-day and 14-day Shibor rates decreased by 3.40 basis points to 1.5000% and 0.30 basis points to 1.5880%, respectively [1][2] - The weighted average rates for various repo products showed a slight decline, with DR001 and R001 down by 0.0 and 0.9 basis points, respectively, and DR007 and R007 down by 1.9 and 1.6 basis points [5] Group 3: Market Liquidity - The funding environment remained loose throughout the day, with overnight rates stabilizing around 1.48% and 7-day rates around 1.50% [9] - A total of 205 interbank certificates of deposit were issued, with an actual issuance volume of 4,599.6 billion yuan by the end of the day [9][10]

Core Viewpoint - The People's Bank of China (PBOC) conducted a 126.5 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net withdrawal of 139.5 billion yuan from the market due to 266 billion yuan of reverse repos maturing on the same day [1][15]. Summary by Category Monetary Policy Operations - The PBOC's reverse repurchase operation on June 5 amounted to 126.5 billion yuan at a rate of 1.40%, with a net withdrawal of 139.5 billion yuan from the market [1][15]. - On June 6, the PBOC plans to conduct a 1 trillion yuan buyout reverse repurchase operation with a term of 3 months [15]. Interbank Market Rates - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the overnight Shibor remaining unchanged at 1.4080%, while the 7-day Shibor decreased by 0.90 basis points to 1.5340% [1][2]. - The 14-day Shibor increased by 1.50 basis points to 1.5910% [2]. Repo Market Activity - In the interbank pledged repo market, short-term funding prices remained stable, with an increase in overnight transaction volumes. The weighted average rates for DR001 and R001 decreased by 0.1 basis points to 1.412% and 1.457%, respectively, with transaction volumes increasing by 266.3 billion yuan and 540.7 billion yuan [6]. - The weighted average rates for DR007 and R007 decreased by 0.4 basis points and 0.7 basis points, respectively, with transaction volumes decreasing by 24.9 billion yuan and 89.9 billion yuan [6]. Financial Market Conditions - The funding environment on June 5 was balanced and slightly loose, with overnight and 7-day repo transaction prices showing a slight decline compared to the previous day [12]. - By the end of the day, overnight repo transaction prices stabilized around 1.45%, while 7-day repo prices were around 1.50% [12]. Interbank Certificate of Deposit Issuance - On June 5, there were 90 interbank certificates of deposit issued, with an actual issuance volume of 59.33 billion yuan. The yields on various maturities showed a downward trend [13].

新华财经北京6月4日电人民银行4日开展2149亿元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2155亿元逆回购到期，公开市场实现净 回笼6亿元。 上海银行间同业拆放利率（Shibor）短端品种涨跌分化，幅度不大。具体来看，隔夜Shibor下跌0.20BP，报1.4080%；7天Shibor上涨2.80BP，报1.5430%； 14天Shibor下跌0.30BP，报1.5760%。 | | | | 2025-06-04 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | 1 | O/N | 1.4080 | 0.20 | | 中 | 1W | 1.5430 | 2.80 | | 中 | 2W | 1.5760 | 0.30 | | 中 | 1M | 1.6200 | 0.00 | | 中 | 3M | 1.6520 | 0.00 | | 中 | 6M | 1.6720 | 0.00 | | t | 9M | 1.6840 | 0.00 | | 中 | 1Y | 1.7030 | 0.30 | 上海银行间同业拆放利 ...

Group 1 - The People's Bank of China conducted a 454.5 billion yuan 7-day reverse repurchase operation at an interest rate of 1.40%, maintaining the previous rate, resulting in a net withdrawal of 375.5 billion yuan due to 830 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for 7-day and 14-day tenors significantly declined to around 1.5%, with overnight Shibor dropping by 6.10 basis points to 1.4100%, 7-day Shibor down by 10.20 basis points to 1.5150%, and 14-day Shibor down by 16.00 basis points to 1.5790% [1][2] - In the interbank pledged repo market, short-term funding prices fell across the board, with R007 transaction volume rising to 13%. The weighted average rates for DR001 and R001 decreased by 6.9 basis points and 10.3 basis points, respectively, while DR007 and R007 rates fell by 11.5 basis points and 11.0 basis points [6] Group 2 - The funding environment on June 3 was characterized by a loose stance, with overnight rates stabilizing around 1.55% and 7-day repo rates also falling to approximately 1.55%. By the end of the day, some major banks offered overnight rates as low as 1.45% [10] - On the interbank certificate of deposit front, 19 certificates were issued on June 3, with a total issuance amount of 3.67 billion yuan. The secondary market saw a relatively quiet trading day, with yields rising compared to the pre-holiday period [11] - The People's Bank of China reported that during the Dragon Boat Festival holiday, UnionPay and NetUnion processed 14.05 billion transactions worth 4.8 trillion yuan, marking a year-on-year increase of 13% and 3.4%, respectively [13]