每经AI快讯，8月22日，美国投资公司协会（ICI）数据显示，美国货币市场资产7.19万亿美元，创历史 新高。 （文章来源：每日经济新闻） ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalogs Global Asset Market Performance - **10 - Year Treasury Yields**: On August 18, 2025, the 10 - year Treasury yields in the US, UK, France, etc. were 4.334%, 4.737%, 3.447% respectively. The latest changes ranged from - 0.033 (Italy) to 0.041 (UK), weekly changes from - 0.004 (Japan) to 0.173 (UK), monthly changes from - 0.126 (Switzerland) to 0.155 (France), and annual changes from - 0.274 (Japan) to 0.760 (UK) [2]. - **2 - Year Treasury Yields**: On August 18, 2025, the 2 - year Treasury yields in the US, UK, Germany, etc. were 3.740%, 3.959%, 1.956% respectively. The latest changes ranged from - 0.024 (Australia) to 0.070 (US), weekly changes from - 0.200 (US) to 0.186 (Italy), monthly changes from - 0.703 (Italy) to 0.553 (Japan), and annual changes showed various trends [2]. - **Exchange Rates**: On August 18, 2025, the US dollar - to - emerging - economy currency exchange rates such as South African rand, Brazilian real, etc. had different values. The latest changes ranged from - 0.69% (Russian ruble) to 0.65% (South African rand), weekly changes from - 2.35% (South African rand) to 0.38% (South Korean won), monthly changes from - 8.22% (Thai baht) to 0.77% (South Korean won), and annual changes also varied [2]. - **Stock Indices**: On August 18, 2025, major global stock indices like the Dow Jones, S&P 500, etc. had different closing values. The latest changes ranged from - 0.50% (Mexican index) to 0.21% (Nasdaq), weekly changes from - 0.18% (UK index) to 8.70% (Spanish index), monthly changes from 8.78% (Mexican index) to 44.46% (Spanish index), and annual changes also showed different trends [2]. - **Credit Bond Indices**: The latest changes in credit bond indices ranged from - 0.08% to 0.08%, weekly changes from - 0.06% to 0.56%, monthly changes from - 0.13% to 2.43%, and annual changes from 4.84% to 15.88% [2][3] Stock Index Futures Trading Data - **Index Performance**: The closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 were 3728.03, 4239.41, 2838.87, 2606.20, and 6668.17 respectively, with daily changes of 0.85%, 0.88%, 0.21%, 2.84%, and 1.52% [4]. - **Valuation**: The PE (TTM) of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were 13.54, 11.56, 31.94, 27.34, and 20.08 respectively, with环比 changes of 0.08, 0.04, 0.37, 0.00, and - 0.04 [4]. - **Risk Premium**: The 1/PE - 10 - year interest rate of S&P 500 and German DAX were - 0.68 and 2.22 respectively, with环比 changes of - 0.02 and 0.04 [4]. - **Fund Flows**: The latest values of fund flows in A - shares, main board, SME board, ChiNext, and CSI 300 were 78.73, - 179.13, N/A, 216.70, and 110.91 respectively, and the 5 - day average values were - 306.54, - 333.88, N/A, 26.76, and 51.22 [4]. - **Trading Volume**: The latest trading volumes of Shanghai and Shenzhen stock markets, CSI 300, SSE 50, SME board, and ChiNext were 27641.63, 6353.66, 1621.58, 5485.68, and 8295.86 respectively, with环比 changes of 5195.51, 1166.79, 199.53, 1082.87, and 1773.47 [4]. - **Main Contract Basis**: The basis of IF, IH, and IC were - 1.61, 9.53, and - 60.17 respectively, with basis ratios of - 0.04%, 0.34%, and - 0.90% [4] Treasury Bond Futures Trading Data - **Closing Prices**: The closing prices of T00, TF00, T01, and TF01 were 108.015, 105.455, 107.865, and 105.380 respectively, with daily changes of 0.00% [5]. - **Funding Rates**: The R001, R007, and SHIBOR - 3M were 1.5037%, 1.5030%, and 1.5490% respectively, with daily changes of 1.00 BP, 1.00 BP, and 0.00 BP [5]

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View of the Report - The central bank's attitude towards protecting the liquidity is clear, and the capital interest rate is expected to decline in August [2][4][5]. 3. Summary by Relevant Catalogs Overseas Key Monetary Market Indicator Change Tracking - The Fed did not cut interest rates in July, and the short - term interest rate of US Treasury bonds remained stable. Since July, the 3 - month US Treasury bond rate has been stable, and the market expects the Fed to cut interest rates in September. The US federal funds rate and SOFR rate have been operating stably [2][6]. - The benchmark interest rates of Japan, the eurozone, and the US as of specific dates are 0.5% (Japan: policy target rate of base money on 2025 - 01 - 24), 2.15% (eurozone: benchmark interest rate of main refinancing operations on 2025 - 6 - 5), and 4.25 - 4.50% (US: federal funds target rate range on 2024 - 12 - 18) [8]. Domestic Key Monetary Market Indicator Change Tracking Price Indicators - After crossing the end of the half - year, in July, the average values of repurchase rates in the inter - bank and exchange markets mostly declined. R001, GC001, R007, and GC007 monthly average values changed by - 3BP, - 25BP, - 10BP, and - 14BP respectively [2][10][15]. - The monthly average values of short - term bond yields mostly declined. For 1 - year short - term bonds such as 1 - year Treasury bonds, 1 - year China Development Bank bonds, and 1 - year AAA commercial paper, their yields decreased to different degrees [15][36]. - In July, the average value of DR007 decreased slightly. The average values of DR001 and DR007 were 1.39% and 1.52%, changing by 0BP and - 6BP respectively compared with the previous month. The 1 - day and 7 - day spread averages of R and DR changed by - 4BP [22]. - The average value of exchange repurchase rates mostly declined in July. The average values of GC001 and GC007 were 1.45% and 1.54%, down 25BP and 14BP respectively from the previous month [26]. - The average monthly interest rate of inter - bank certificates of deposit (CDs) decreased slightly in July. The interest rates of 1 - year high - grade and low - grade CDs both decreased by 3BP [31]. - The 7 - day annualized yield of money funds declined. The 7 - day average annualized yield of Yu'E Bao decreased to 1.09% in July, and the average 7 - day annualized yields of Yu'E Bao and the top ten money funds decreased by - 9BP and - 7BP respectively compared with the previous month [39]. Quantity Indicators - In July, the overnight trading volumes in the inter - bank and exchange markets decreased compared with the previous month, while their proportions increased. The average daily trading volume of R001 in the inter - bank market was 6.70 trillion, accounting for 88.3%, and that of GC001 in the exchange market was 1.86 trillion, accounting for 87.0% [44]. - The average monthly year - on - year balance of bonds to be repurchased in the inter - bank and exchange markets decreased compared with the previous month. The year - on - year balance of bonds to be repurchased in the inter - bank market decreased by 3% in July, and that in the exchange market decreased by 2% [51]. - The excess deposit reserve ratio decreased compared with the previous month. It is estimated that the excess deposit reserve ratios in July and August are 1.3% and 1.2% respectively. In July, fiscal deposits increased seasonally by 770 billion yuan due to tax payment periods and high government bond issuance [48][50]. Capital Outlook Five - Channel Prediction - **M0**: In July, M0 increased seasonally by 9.73 billion yuan, and it is estimated to increase by 5.5 billion yuan in August [63]. - **Legal Deposit Reserves**: In July, RMB loans declined for the first time in nearly 20 years, and financial institutions' RMB deposits increased by 500 billion yuan. It is expected that deposits will increase by 2500 billion yuan in August, resulting in an increase of 155 billion yuan in legal deposit reserves [64]. - **Fiscal Deposits**: Fiscal deposits increased by 770 billion yuan in July due to tax payment periods and high - volume government bond issuance. It is expected to increase by 600 billion yuan in August [67]. - **Foreign Exchange Holdings**: Due to the suspension of China - US tariff negotiations for 90 days, the increase of the average global tariff rate by the US, and the new 40% transit tariff, foreign exchange holdings are expected to decrease by 70 billion yuan in August [72]. - **Open Market Operations**: The central bank is expected to conduct net injections to maintain a loose capital market. In July, the central bank conducted net injections through open - market operations and买断式repurchase operations. It is expected to conduct net injections of 400 billion yuan in August through these two methods, and the excess deposit reserve ratio is estimated to be 1.2% in August after comprehensive consideration of the five - channel changes [80]. Main Conclusion - Historically, in August, most of the inter - bank overnight repurchase rates declined. The median monthly average change of R001 in the past three years was - 4BP, and that of R007 was - 2BP [81]. - The central bank's operation on the first - round local bond issuance day after the restoration of VAT on government bonds and financial bonds shows a clear attitude of maintaining a stable and loose liquidity. The probability of the Fed cutting interest rates in September is high, which provides space for China's monetary policy. It is expected that the market interest rate will decline seasonally in August [84][85].

Group 1 - The People's Bank of China conducted a 122 billion yuan 7-day reverse repurchase operation on August 8, maintaining the operation rate at 1.40%, resulting in a net withdrawal of 4 billion yuan due to 126 billion yuan of reverse repos maturing on the same day [1] - In the week, the People's Bank of China performed a total of 1,126.7 billion yuan in reverse repurchase operations, with 1,663.2 billion yuan maturing, leading to a net withdrawal of 536.5 billion yuan [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term products remained stable, with the overnight Shibor down by 0.06 basis points to 1.3144%, while the 7-day Shibor increased by 0.16 basis points to 1.4356% [1][2] Group 2 - In the interbank pledged repo market, short-term funding rates were mostly unchanged from the previous day, with DR001 and R001 weighted average rates decreasing by 0.3 basis points and 0.9 basis points, respectively [6] - The weighted average rates for DR007 and R007 fell by 2.6 basis points and 2.7 basis points, respectively, with transaction volumes increasing [6] - The market showed a relaxed funding environment on August 8, with overnight lending rates around 1.30% and deposit rates for certificates of deposit ranging from 1.35% to 1.38% [11] Group 3 - On August 8, a total of 148 interbank certificates of deposit were issued, with an actual issuance volume of 274.11 billion yuan [12] - The primary market for certificates of deposit continued to show strong demand, while the secondary market exhibited fluctuations with slight declines in yield rates [12] - The 1-month national bank certificate of deposit closed at 1.46%, down approximately 2.5 basis points from the previous day [12]

6月份，银行间债券市场现券成交34.3万亿元，日均成交1.7万亿元，同比减少1.2%，环比增加6.2%。单 笔成交量在500-5000万元的交易占总成交金额的48.0%，单笔成交量在9000万元以上的交易占总成交金 额的45.8%，单笔平均成交量4290.6万元。交易所债券市场现券成交3.8万亿元，日均成交1905.4亿元。 商业银行柜台债券成交11.9万笔，成交金额995.6亿元。 三、债券市场对外开放情况 6月份，沪市日均交易量5104.4亿元，环比增加8.6%；深市日均交易量7969.0亿元，环比增加11.5%。 7月31日，央行公布2025年6月份金融市场运行情况。 一、债券市场发行情况 6月份，债券市场共发行各类债券87939.5亿元。国债发行15903.9亿元，地方政府债券发行11753.2亿 元，金融债券发行10738.7亿元，公司信用类债券发行14257.3亿元，信贷资产支持证券发行247.2亿元， 同业存单发行34569.3亿元。 截至6月末，债券市场托管余额188.5万亿元。其中,银行间市场托管余额166.7万亿元，交易所市场托管 余额21.9万亿元。分券种来看，国债托管余额37.2万亿元 ...

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 495.8 billion yuan at an interest rate of 1.40%, resulting in a net injection of 325.1 billion yuan after 170.7 billion yuan of reverse repos matured on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for overnight and 7-day terms decreased slightly, with overnight Shibor down by 5.30 basis points to 1.4670% and 7-day Shibor down by 2.40 basis points to 1.5960% [1][2] - The overnight and 7-day repo rates also saw declines, with the weighted average rates for DR001 and R001 down by 5.5 basis points and 6.2 basis points, respectively, while DR007 and R007 rates decreased by 7.2 basis points and 6.7 basis points [5] Group 2 - The interbank market showed a balanced funding situation in the morning, transitioning to a looser environment later in the day, with overnight rates for collateralized deposits dropping to around 1.50% [13] - A total of 77 interbank certificates of deposit were issued on July 28, with an actual issuance volume of 132.81 billion yuan, indicating active market participation despite cautious sentiment [14] - The insurance industry reported a premium income of 3.735 trillion yuan in the first half of the year, reflecting a year-on-year growth of 5.3%, with life insurance companies showing particularly strong performance in June [16]

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 214.8 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net withdrawal of 127.7 billion yuan due to 342.5 billion yuan maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term maturities declined across the board, with overnight Shibor down by 4.90 basis points to 1.3170%, and 7-day Shibor down by 1.50 basis points to 1.4620% [1][2] - In the interbank pledged repo market, various rates decreased while transaction volumes increased, with DR001 and R001 weighted average rates down by 4.7 basis points and 4.1 basis points, respectively, while transaction amounts rose significantly [4] Group 2 - The money market showed a generally loose liquidity condition, with overnight rates for pledged repo transactions fluctuating between 1.35% and 1.45% during the day, indicating a balanced supply and demand [9] - On July 22, 73 interbank certificates of deposit were issued, totaling 82.85 billion yuan, with mixed trading sentiment observed in the secondary market, where yields showed slight fluctuations [10] - The People's Bank of China reported that by the end of Q2 2025, the balance of RMB loans from financial institutions reached 268.56 trillion yuan, reflecting a year-on-year growth of 7.1% [12]

Group 1 - The People's Bank of China conducted a 170.7 billion yuan 7-day reverse repurchase operation at an interest rate of 1.40%, maintaining the previous rate, resulting in a net withdrawal of 55.5 billion yuan due to 226.2 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for overnight and 7-day tenors decreased, while the 14-day tenor saw a slight increase. Specifically, the overnight Shibor fell by 9.60 basis points to 1.3660%, and the 7-day Shibor decreased by 1.70 basis points to 1.4770% [1][2] - In the interbank pledged repo market, various rates continued to decline, with the 7-day rate dropping below 5%. The weighted average rates for DR001 and R001 fell by 9.6 basis points and 8.7 basis points, respectively, with transaction volumes increasing significantly [6] Group 2 - The funding environment on July 21 was characterized by a loose liquidity situation, with overnight and 7-day transactions settling around 1.48% and 1.47%, respectively. The lowest overnight rate reached 1.35% by the end of the trading day [11] - A total of 95 interbank certificates of deposit were issued on July 21, with an actual issuance volume of 187.56 billion yuan [12] - The loan market quoted interest rates (LPR) were reported at 3.0% for 1-year and 3.5% for 5-year and above, remaining effective until the next announcement [14]

Group 1 - The People's Bank of China conducted a 1,875 billion yuan 7-day reverse repurchase operation on July 18, maintaining an interest rate of 1.40%, resulting in a net injection of 1,028 billion yuan after 847 billion yuan of reverse repos matured on the same day [1] - For the week, the People's Bank of China executed a total of 17,268 billion yuan in 7-day reverse repos, leading to a total net injection of 12,011 billion yuan after accounting for 4,257 billion yuan in reverse repos and 1,000 billion yuan in 1-year MLF maturing [1] - The Shanghai Interbank Offered Rate (Shibor) remained stable, with the overnight Shibor decreasing by 0.10 basis points to 1.4620%, and the 7-day Shibor down by 1.00 basis points to 1.4940% [1] Group 2 - The overnight funding rate in the interbank pledged repo market fell below 1.5%, while the 14-day funding rate saw a slight increase. The weighted average rates for DR001 and R001 decreased by 0.7 basis points and 2.4 basis points, respectively, with transaction volumes dropping significantly [1] - The overall funding environment on July 18 was balanced and slightly loose, with overnight rates stabilizing around 1.48%-1.50% and 7-day rates remaining stable [10] - A total of 169 interbank certificates of deposit were issued on July 18, with an actual issuance volume of 2,617.7 billion yuan, reflecting active trading sentiment in the primary market [11] Group 3 - The Financial Regulatory Administration held a meeting emphasizing the need to advance the reform of small and medium financial institutions and effectively prevent and resolve key area risks [14] - The People's Bank of China is soliciting opinions on the "Interbank Market Brokerage Business Management Measures (Draft for Comments)," which includes 26 articles focusing on the types and scope of brokerage institutions and risk isolation requirements [14] - The People's Bank of China is also seeking feedback on the draft supervision and management measures for financial institutions regarding anti-money laundering and anti-terrorist financing, detailing regulatory responsibilities and requirements [14]

Monetary Policy Operations - The People's Bank of China conducted a 7-day reverse repurchase operation of 450.5 billion yuan at an interest rate of 1.40%, maintaining the previous rate [1] - With 90 billion yuan of 7-day reverse repos maturing on the same day, the net injection into the market was 360.5 billion yuan [1] Interbank Offered Rates - The Shanghai Interbank Offered Rate (Shibor) remained stable, with the overnight Shibor decreasing by 0.30 basis points to 1.4630%, while the 7-day Shibor remained unchanged at 1.5040% [1][2] - The 14-day Shibor decreased by 0.60 basis points to 1.5530% [2] Short-term Funding Rates - In the interbank pledged repo market, short-term funding rates showed minimal fluctuations, with DR001 and R001 weighted average rates decreasing by 0.5 basis points and 0.1 basis points, respectively [5] - The transaction volume for DR001 increased by 207.3 billion yuan, while R001's transaction volume rose by 194.9 billion yuan [5] Market Sentiment - Overall, the funding environment was balanced and slightly loose, with overnight pledged repo transactions occurring at rates around 1.55-1.58% [13] - The issuance of interbank certificates of deposit was active, with 43 certificates issued on July 17, totaling 51.32 billion yuan [13][14]