上海银行间同业拆放利率（Shibor）短期品种均小幅走低。具体来看，隔夜Shibor下跌1.00BP，报1.3680%；7天Shibor下跌4.00BP，报1.4570%；14天Shibor 下跌4.20BP，报1.5290%。 | 上海银行间同业拆放利率（2月26日） | | --- | 新华财经北京2月26日电（高二山）人民银行26日开展3205亿元7天期逆回购操作，鉴于当日有4000亿元14天期逆回购到期，公开市场实现净回笼795亿元。 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，26日资金面整体呈均衡偏松态势。早盘大行国股行隔夜和跨月融出活跃。开盘隔夜押利率存单成交在加权+8和定价 1.55%附近，押信用成交在1.58%左右。跨月方面， 4D押利率存单成交1.62%，7D押利率存单成交在1.58%-1.60%左右，押信用成交在1.60%-1.62%附近。临 近午盘，资金面转松，隔夜押利率存单成交下探至1.47%-1.48%区间，押信用成交价在1.50%-1.53%；跨月方面，4D押利率存单在1.56%-1.57%附近成交，7D 押利率存单融出在1.53%-1.55%附近；14天非银 ...

内容提要 2026年1月，货币市场日均交易量及余额均增加，主要回购利率走势分化，大型商业银行日均净融出余额增加；债券发行及交易环比均增加，债市收益率多 数下行，曲线形态稳定，信用利差收窄；利率互换曲线小幅上移，成交环比增加。 一、货币市场日均交易量及余额均增加，主要回购利率走势分化，大型商业银行日均净融出余额增加 （一）货币市场日均交易量环比增加 1月，货币市场成交总量为180.6万亿元（环比减少6.7%），日均成交8.6万亿元（环比增加2.2%）。 表1 货币市场成交情况 | 市场类型 | 成交金额 | 日均成交 | 环比 | 同比 | | --- | --- | --- | --- | --- | | | (亿元) | (亿元) | (%) | (%) | | 质押式回购 | 1699667 | 80937 | 1. 70% | 40. 70% | | 买断式回购 | 7437 | 354 | 7.00% | 21. 10% | | 信用拆借 | 98751 | 4702 | 10. 50% | 75. 60% | | 合计 | 1805855 | 85993 | 2. 20% | chi42. 20% ...

据上海国际货币经纪公司交易员消息，12日资金面呈现均衡态势。早盘隔夜押利率成交在加权+10和1.50%-1.58%，押存单成交在1.58%-1.62%，押 信用成交在1.62%-1.68%；7-14天跨春节期限押利率存单成交在1.65%-1.67%，押信用成交在1.67%附近；21天跨月期限押利率存单成交在1.62%附 近，押信用成交在1.66%附近。公开市场操作后，资金面逐渐转松。隔夜押利率成交逐渐下探至1.45%附近，押存单成交至1.50%附近，押信用成 交在1.55%-1.60%；7-14天跨春节期限押利率存单成交下探至1.61%附近，押信用成交在1.63%-1.65%附近；21d跨月期限押利率最低成交在1.60%。 午后开盘，资金面整体保持稳定。押利率成交在1.45%-1.50%，押存单成交在1.50%-1.53%，该位置需求较好；7-14天跨春节期限押利率存单成交 在1.60%附近，押信用成交在1.61%-1.63%，跨月资金变化不大。3点半左右，隔夜押利率存单成交在1.52%附近。临近尾盘，押利率最低成交到 1.38%，押存单最低成交至1.48%，资金面维持均衡态势直至收盘。 同业存单方面，临近春 ...

新华财经北京2月11日电人民银行11日开展785亿元7天期逆回购操作及4000亿元14天期逆回购操作；鉴于当日有750亿元7天期逆回购到期，公开市 场实现净投放4035亿元。 上海银行间同业拆放利率（Shibor）短期品种窄幅震荡，隔夜品种微涨。具体来看，隔夜Shibo上涨0.40BP，报1.3660%；7天Shibor下跌0.80BP， 报1.5230%；14天Shibor下跌0.40BP，报1.6000%。 上海银行间同业拆放利率（2月11日） | | 期限 | Shibor(%) | 涨跌(BP) | | --- | --- | --- | --- | | 1 | O/N | 1.3660 | 0.40 | | 中 | 1W | 1.5230 | 0.80 | | ↑ | 2W | 1.6000 | 0.40 | | 中 | 1 M | 1.5511 | 0.01 | | 中 | 3M | 1.5800 | 0.00 | | → | 6M | 1.5958 | 0.19 | | 中 | 9M | 1.5997 | 0.23 | | | 1Y | 1.6092 | 0.23 | 来源：全国银行间同业拆借中 ...

Group 1: Money Market Operations - In 2025, the average daily transaction volume of interbank lending was 361.07 billion yuan, a decrease of 12.1% compared to 2024 [1] - The average daily transaction volume of bond repurchase in the interbank market was 6.9 trillion yuan, an increase of 3.0% compared to 2024 [1] - By the end of 2025, the outstanding balance of interbank lending was 1.0 trillion yuan, while the outstanding balance of bond repurchase in the interbank market was 12.0 trillion yuan [1] Group 2: Bond Market Operations - In 2025, net financing for government bonds reached 1.38 trillion yuan, an increase of 250 billion yuan compared to 2024 [5] - Net financing for corporate bonds was 240 billion yuan, an increase of 48.23 billion yuan compared to 2024 [5] - The bond market's custody balance was 196.7 trillion yuan by the end of 2025 [5] Group 3: Derivatives Market Operations - The transaction volume of the RMB derivatives market in the interbank market was 58.5 trillion yuan, an increase of 58.6% compared to 2024 [11] - The transaction volume of government bond futures was 9.7 trillion yuan, an increase of 43.9% compared to 2024 [11] - The closing price of the 10-year government bond futures main contract was 107.9 yuan, a decrease of 1.0% compared to the end of 2024 [11] Group 4: Commercial Paper Market Operations - In 2025, the acceptance amount of commercial bills was 42.7 trillion yuan, while the discount amount was 33.9 trillion yuan [13] - By the end of 2025, the acceptance balance of commercial bills was 21.2 trillion yuan, an increase of 7.2% compared to the end of 2024 [13] - The discount balance was 16.5 trillion yuan, an increase of 11.2% compared to the end of 2024 [13] Group 5: Stock Market Operations - By the end of 2025, the Shanghai Composite Index closed at 3968.8 points, an increase of 18.4% compared to the end of 2024 [15] - The Shenzhen Component Index closed at 13525.0 points, an increase of 29.9% compared to the end of 2024 [15] - The average daily transaction volume of both markets was 1.70454 trillion yuan, an increase of 61.9% compared to 2024 [15] Group 6: Bond Market Holder Structure - As of the end of 2025, there were 3923 institutional members in the interbank bond market, all of which were financial institutions [30] - The top 50 investors in corporate credit bonds held 53.4% of the total, mainly concentrated in state-owned commercial banks, public funds, and insurance financial institutions [30] - The top 200 investors held 84.5% of the total bonds [30]

Group 1 - The People's Bank of China conducted a 1,130 billion yuan reverse repurchase operation with a 7-day term at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 380 billion yuan after 750 billion yuan of reverse repos matured on the same day [1] - The overnight Shanghai Interbank Offered Rate (Shibor) slightly decreased by 0.70 basis points to 1.2700%, while the 7-day and 14-day Shibor rates increased by over 7 basis points, reaching 1.5050% and 1.5840% respectively [1][2] - In the interbank pledged repo market, most rates increased, with DR014 rising nearly 10 basis points and R014 surpassing 1.61%. The weighted average rates for DR001 and R001 decreased by 0.1 basis points and increased by 1.0 basis points, respectively [4] Group 2 - The money market rates on February 9 showed a balanced funding environment in the morning, but tightened in the afternoon, with overnight pledged rates trading around 1.50% and rising to 1.60% by the end of the day [8] - The secondary market for negotiable certificates of deposit (NCDs) remained relatively quiet, with long-end yields continuing a slight downward trend and short-end yields increasing slightly after midday [9] - The Ministry of Finance announced tax incentives for cross-border e-commerce export return goods, exempting import duties and VAT for goods returned within six months due to unsold or returned reasons [11]

Group 1: Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies are as follows: US 4.181%, UK 4.558%, France 3.445%, Germany 2.842%, Italy 3.468%, Spain 3.221%, Switzerland 0.244%, Greece 3.450%, Japan 2.231%, Brazil 6.180%, China 1.810%, Australia 4.857%, New Zealand 4.535% [3] - The latest yields of 2 - year government bonds in major economies are: US 3.452%, UK 3.653%, Germany 2.090%, Japan 1.280%, Italy 2.243%, China (1Y yield) 1.318%, Australia 4.286% [3] - The latest exchange rates of the US dollar against major emerging - economy currencies are: Brazil 5.272, South Africa zar 16.309, Korean won 1463.600, Thai baht 31.802, Malaysian ringgit 3.948 [3] - The latest exchange rates of the RMB are: on - shore RMB 6.938, off - shore RMB 6.941, RMB central parity rate 6.957, RMB 12 - month NDF 6.806 [3] - The latest values of major economies' stock indices are: S&P 500 6798.400, Dow Jones Industrial Average 48908.720, Nasdaq 22540.590, Mexican stock index 68858.280, UK stock index 10309.220, France CAC 8238.170, Germany DAX 24491.060, Spanish stock index 17746.300, Russian stock index (not available), Nikkei 53818.040, Hang Seng Index 26885.240, Shanghai Composite Index 4075.917, Taiwan stock index 31801.270, South Korean stock index 5163.570, Indian stock index 8103.879, Thai stock index 1346.230, Malaysian stock index 1731.020, Australian stock index 9154.855, emerging - economy stock index 1507.530 [3] - The latest values of credit - bond indices are: US investment - grade credit - bond index 3561.790, euro - zone investment - grade credit - bond index 267.919, emerging - economy investment - grade credit - bond index 291.120, US high - yield credit - bond index 2927.790, euro - zone high - yield credit - bond index 413.450, emerging - economy high - yield credit - bond index 1846.721 [3] Group 2: Stock Index Futures Trading Data - The closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are 4075.92, 4670.42, 3059.01, 3260.28, and 8146.11 respectively, with percentage changes of - 0.64%, - 0.60%, - 0.33%, - 1.55%, and - 1.84% [4] - The PE (TTM) values of CSI 300, SSE 50, CSI 500, S&P 500, and Germany DAX are 14.08, 11.64, 36.92, 27.25, and 19.00 respectively, with环比 changes of - 0.05, - 0.02, - 0.68, - 0.24, and - 0.09 [4] - The risk premium (1/PE - 10 - year interest rate) of S&P 500 is - 0.51 with a环比 change of 0.13, and that of Germany DAX is 2.42 with a环比 change of 0.04 [4] - The latest fund - flow values for A - shares, the main board, the SME board, ChiNext, and CSI 300 are - 909.73, - 607.84, (not available), - 237.79, and - 34.01 respectively, and the 5 - day average values are - 447.20, - 349.02, (not available), - 69.06, and - 76.03 [4] Group 3: Other Trading Data - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, the SME board, and ChiNext are 21762.20, 5504.33, 1479.97, 4377.19, and 5522.89 respectively, with环比 changes of - 3047.51, - 855.86, - 218.85, - 414.09, and - 1233.00 [5] - The basis and basis percentage of IF, IH, and IC are - 5.22 (- 0.11%), 2.39 (0.08%), and - 25.91 (- 0.32%) respectively [5] - The closing prices of T2303, TF2303, T2306, and TF2306 in treasury - bond futures are 108.32, 105.91, 108.33, and 105.94 respectively, with percentage changes of 0.07%, 0.06%, 0.08%, and 0.04% [5] - The current R001, R007, and SHIBOR - 3M in the money market are 1.3926%, 1.5522%, and 1.5805% respectively, with daily changes of - 17.00 BP, - 1.00 BP, and 0.00 BP [5]

新华财经北京2月5日电人民银行5日开展1185亿元7天期逆回购和3000亿元14天期逆回购操作；鉴于当日有3540亿元7天期逆回购到期，公开市场实 现净投放645亿元。 上海银行间同业拆放利率（Shibor）整体窄幅震荡，14天品种涨至1.6%上方。具体来看，隔夜Shibor上涨0.10BP，报1.3190%；7天Shibor下跌 0.90BP，报1.4640%；14天Shibor上涨3.10BP，报1.6140%。 | | | | 2026-02-05 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | 1 | O/N | 1.3190 | 0.10 | | ↑ | 1W | 1.4640 | 0.90 | | t | 2W | 1.6140 | 3.10 | | ゆ | 1M | 1.5505 | 0.05 | | t | 3M | 1.5805 | 0.41 | | fr | 6M | 1.6000 | 0.00 | | 价 | 9M | 1.6079 | 0.11 | | 中 | 1Y | 1.6189 | 0.01 | ...

上海银行间同业拆放利率（Shibor）隔夜品种小幅上行，7天和14天品种下挫近10BP。具体来看，隔夜Shibor上涨3.70BP，报1.3650%；7天Shibor 下跌9.50BP，报1.4850%；14天Shibor下跌8.90BP，报1.5090%。 | | | | 2026-02-02 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | t | O/N | 1.3650 | 3.70 | | 价 | 1W | 1.4850 | 9.50 | | 中 | 2W | 1.5090 | 8.90 | | t | 1M | 1.5500 | 0.10 | | tr | 3M | 1.5889 | 0.01 | | 价 | em | 1.6069 | 0.21 | | tr | 9M | 1.6137 | 0.33 | | 1 | 1Y | 1.6248 | 0.32 | 上海银行间同业拆放利率（2月2日） 新华财经北京2月2日电人民银行2日开展750亿元7天期逆回购操作，操作利率1.40%，与前次持平；鉴于当日有1505亿元7天 ...

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 477.5 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 352.5 billion yuan after 125 billion yuan of reverse repos matured on the same day [1] - This week, the People's Bank of China performed a total of 1.7615 trillion yuan in reverse repos, with a net injection of 324.5 billion yuan due to the maturity of 1.181 trillion yuan in 7-day reverse repos and 200 billion yuan in 1-year Medium-term Lending Facility (MLF) [1] - The overnight Shanghai Interbank Offered Rate (Shibor) decreased by 4.00 basis points to 1.3280%, while the 7-day and 14-day Shibor rates increased slightly by 0.80 and 0.70 basis points, respectively [1] Group 2 - In the interbank pledged repo market, only DR001 saw a decline, while other products experienced increases, with R007 and R014 continuing to be inverted [3] - The weighted average rates for DR001 and R001 decreased by 3.4 basis points and increased by 7.1 basis points, respectively, with transaction volumes decreasing significantly [3] - The weighted average rates for DR007 and R007 increased by 0.2 and 1.6 basis points, respectively, with transaction volumes also showing a decrease [3] Group 3 - The money market rates on January 30 showed a mixed trend, with various tenors experiencing slight declines in yield [9] - The 1-month national bank stock ended at approximately 1.50%, down about 0.35 basis points from the previous close, while the 3-month and 6-month rates remained stable [9] - The yield spread between 1-year and 1-month increased to 9.75 basis points, reflecting a widening trend [9] Group 4 - The funding environment was tight in the morning but shifted to a more relaxed state in the afternoon, with overnight rates fluctuating between 1.65% and 1.70% [8] - After the open market operations, the overnight rates slightly eased, with the lowest transaction prices dropping to around 1.46% by the end of the trading day [8]