Monetary Market Overview - The central bank's OMO net withdrawal this week was CNY 536.5 billion, with an additional CNY 700 billion in 3M reverse repos on Friday[3] - The average daily transaction volume of pledged repos increased to CNY 8.11 trillion, with a peak of CNY 8.4 trillion on Wednesday[4] - The overnight interest rate (DR001) has seen a downward adjustment, with the lower limit dropping to 1.25% from 1.3%[3][20] Interbank Certificate of Deposit Market - The 1Y Shibor rate decreased by 0.7 basis points to 1.64%, while the 1-year AAA interbank certificate of deposit secondary rate fell by 1.75 basis points to 1.6175%[4] - The net financing scale of interbank certificates of deposit rose to CNY 192 billion, with state-owned banks contributing CNY 74.4 billion[4] Government Bond Issuance - This week, the actual net payment for government bonds was CNY 370.6 billion, with an expected increase to CNY 410.1 billion next week[22] - Cumulative issuance of new general bonds reached CNY 542.6 billion, while new special bonds totaled CNY 28,179 billion[22] Future Expectations - The central bank is expected to maintain a stable monetary policy, with the lower limit of DR001 projected to decrease to 1.2% by September[21] - The government bond issuance forecast for August and September remains unchanged at CNY 2.5 trillion and CNY 2.1 trillion, respectively[31]