Monetary Market Overview - The central bank's OMO net injection was 196.1 billion CNY, and MLF net injection was 300 billion CNY, leading to a continued loose liquidity environment[7] - DR001 and DR007 both reached new year-to-date lows, with DR001 averaging 1.35% and DR007 averaging 1.48% for August[19] - The liquidity injection for the month reached 600 billion CNY, reflecting the central bank's stabilizing attitude amid market volatility[19] Institutional Behavior - The average daily transaction volume of pledged repos decreased by 0.06 trillion CNY to 7.07 trillion CNY, with significant fluctuations observed on the last trading day of the month[15] - The new adjusted capital gap index fell to -630.2 billion CNY, the lowest level this year, indicating a slow pace of institutional cross-month activities[15] - The demand for interbank certificates of deposit remained stable, but the issuance success rate for various banks showed mixed results, with state-owned banks performing better[4] Government Debt and Financing - The expected government bond payment scale for next week is approximately 121.6 billion CNY, down from 211.4 billion CNY this week[20] - Cumulative issuance of new general bonds reached 620.8 billion CNY, while new special bonds totaled 32,641 billion CNY[20] - The net financing scale for government bonds is projected to decrease to about 1.2 trillion CNY in September[20]

Monetary Policy and Economic Support - The central bank has intensified counter-cyclical adjustments and implemented a package of financial support measures, resulting in significant effects on supporting the real economy [1] - The People's Bank of China (PBOC) will continue to implement a moderately loose monetary policy and closely monitor the transmission and actual effects of previously implemented policies [1][2] Market Liquidity and Interest Rates - In the first half of the year, the interbank RMB market saw a decrease in trading volume and balance, with a total transaction volume of 101.5 trillion yuan, down 12% quarter-on-quarter and 5% year-on-year [1] - The average weighted rates for overnight repo rates (DR001) and overnight pledged repo rates (R001) increased by 5 basis points to 1.62% and 1.73%, respectively [3] Bond Market Performance - A total of 27.1 trillion yuan in bonds were issued in the first half of the year, representing a 3.8% increase quarter-on-quarter and a 24.1% increase year-on-year, with net financing reaching 10.5 trillion yuan, up 33.3% quarter-on-quarter and 99% year-on-year [4] - The issuance of government bonds and local government bonds reached historical highs, with significant support for infrastructure investment [4] Interest Rate Swaps and Trading Activity - The interest rate swap curve shifted upward, with the average prices for 6-month, 1-year, and 5-year Shibor3M swaps increasing by 6, 15, and 8 basis points, respectively [6] - The total nominal principal for RMB interest rate swaps reached 20.9 trillion yuan, with a daily average transaction volume of 1.745 trillion yuan, reflecting a 28.9% increase [6]

在适度宽松的货币政策取向下，今年上半年，央行进一步加大逆周期调节力度，出台实施一揽子金融支 持举措，货币政策支持实体经济效果明显。同时，货币政策与其他宏观政策加强相互配合，形成合力， 为推动经济回升向好营造了适宜的环境。 中国外汇交易中心(以下简称"交易中心")最新发布的数据显示，2025年上半年，银行间本币市场流动性 先紧后松，货币市场交易量及余额环比减少，主要回购利率多数上行；债券发行及净融资规模续增再创 新高，债券交易环比增加，国债收益率短升长降，曲线走平；利率互换曲线整体上移，成交额环比增 加。从成交量看，上半年，银行间本币市场成交1015万亿元，环比减少12%，同比减少5%。 "从经济理论和实践经验看，货币政策的传导是需要时间的，已经实施的货币政策的效果还会进一步显 现。"近日，中国人民银行副行长邹澜在国新办新闻发布会上表示，下一阶段，中国人民银行将继续实 施好适度宽松的货币政策，密切关注评估前期已实施政策的传导情况和实际效果，根据国内外经济金融 形势和金融市场运行情况，把握好政策实施的力度和节奏，更好地推动扩大国内需求、稳定社会预期、 激发市场活力，支持实现全年经济社会发展目标和任务。 资金利率中 ...