货币市场流动性

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低利率环境延续
Qi Huo Ri Bao· 2025-08-11 23:25
Group 1 - The overnight, 1-month, and 1-year Shibor rates increased by 0.06, 0.14, and 0.02 basis points, closing at 1.3150%, 1.5270%, and 1.6380% respectively [1] - The 1-week, 2-week, 3-month, and 9-month Shibor rates decreased by 0.36, 1.39, 0.54, and 0.09 basis points, closing at 1.4320%, 1.4550%, 1.5490%, and 1.6280% respectively [1] - The 6-month Shibor rate remained unchanged at 1.6100% [1] Group 2 - The central bank conducted a regular reverse repurchase operation of 11,267 billion yuan, with 16,632 billion yuan maturing, resulting in a net withdrawal of 5,365 billion yuan [2] - After July, the central bank reduced the scale of regular reverse repurchase operations and began net withdrawal, indicating a shift in monetary policy [2] - In early August, the central bank executed a small-scale buyout reverse repurchase operation of 7,000 billion yuan, reflecting sufficient liquidity in the domestic money market [2] - A significant increase in trading activity in the A-share market has been observed, with funds shifting from bond funds to equity funds [2] - The Central Committee's Political Bureau meeting set the tone for economic work in the second half of the year, emphasizing the need for macro policies to continue to exert force and maintain moderate monetary policy [2] - The "anti-involution" policy has led to an initial rise in some commodity futures prices, which in turn has boosted spot prices [2] - July's consumption data showed improvement, but external factors, such as the U.S. tax rate determinations, may exert long-term pressure on domestic exports [2] - Economic growth pressure is expected to increase in the second half of the year, with the low interest rate environment likely to remain unchanged [2]