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]

Group 1 - The People's Bank of China conducted a 3,820 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net injection of 2,275 billion yuan after 1,545 billion yuan of reverse repos matured on the same day [1] - The overnight Shanghai Interbank Offered Rate (Shibor) decreased by 5.90 basis points to 1.5060%, while the 7-day Shibor increased by 2.70 basis points to 1.5790%, ending the previous inversion [1][2] - In the interbank pledged repo market, overnight rates fell, while 7-day and 14-day rates rose, with R007 and R014 showing inversion [4] Group 2 - The weighted average rates for DR001 and R001 decreased by 5.4 basis points and 6.3 basis points, respectively, with transaction volumes increasing by 16.7 billion yuan and 94.8 billion yuan [4] - The issuance of interbank certificates of deposit was active, with 109 certificates issued on May 26, totaling 315.51 billion yuan [10] - The secondary market for certificates of deposit showed a fluctuating upward trend, with the 1-year rate for major banks actively priced at 1.70%, leading to a relatively subdued market sentiment [11]

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 157 billion yuan at an interest rate of 1.40%, resulting in a net injection of 65 billion yuan after 92 billion yuan of reverse repos matured on the same day [1][12]. - The Shanghai Interbank Offered Rate (Shibor) showed minor fluctuations, with the overnight Shibor remaining unchanged at 1.5090%, the 7-day Shibor decreasing by 0.70 basis points to 1.5490%, and the 14-day Shibor decreasing by 0.30 basis points to 1.6470% [1][2]. - In the interbank pledged repo market, short-term rates experienced slight declines, with DR001 and R001 weighted average rates down by 0.8 basis points and 1.3 basis points, respectively, while DR007 and R007 rates fell by 1.5 basis points and 1.0 basis points [4]. Group 2 - The money market maintained a balanced state, with overnight rates for deposits fluctuating between 1.50% and 1.53%, and the overall funding environment remaining loose [9]. - On May 21, 102 interbank certificates of deposit were issued, with a total issuance amount of 155.6 billion yuan [9]. - Following the recent trend, several banks, including Ping An Bank and CITIC Bank, announced a reduction in RMB deposit rates by 15 basis points for both 1-year and 2-year fixed deposits [12].