Core Viewpoint - The domestic funding market interest rates are experiencing a comprehensive rebound due to government bond issuance, concentrated tax payments, and increased funding demand at the end of the month [1] Group 1: Interest Rate Trends - As of September 10, the Shanghai Interbank Offered Rate (Shibor) for various terms has increased, with overnight, 1-week, 2-week, 1-month, 3-month, 6-month, 9-month, and 1-year rates reported at 1.425%, 1.449%, 1.501%, 1.528%, 1.553%, 1.621%, 1.653%, and 1.663% respectively, showing increases of 10.9, 1.6, 1.5, 1.1, 0.3, 1.1, 0.8, and 0.7 basis points compared to September 3 [1] Group 2: Central Bank Operations - The central bank has 10,684 billion yuan in reverse repos maturing this week and has conducted 7,425 billion yuan in reverse repo operations in the first three working days of the week, indicating a likely increase in reverse repo injections to stabilize funding rates [1] Group 3: Future Expectations - In the short term, funding market interest rates are expected to maintain a strong trend due to the convergence of seasonal funding demands from the end of the quarter and upcoming holidays, with short-term rates likely to continue rising [1] - Overall financing demand is recovering, and mid-to-long-term rates are expected to remain stable with a slight upward trend [1]

本周央行有16563亿元逆回购到期，前两个工作日央行开展了9450亿元逆回购操作。为了对冲短期资金 需求上升情况，本周央行大概率通过逆回购向市场注入流动性。7月25日，央行有2000亿元中期借贷便 利（MLF）到期，央行续作4000亿元MLF，向市场注入流动性2000亿元。 展望后市，资金市场利率或呈现"短降长升"局面。月初资金需求回落，短端利率承压。此外，积极的财 政政策频繁出台，中长端利率受此影响，可能延续小幅上升态势。（作者单位：弘毅物产） 近期，国内资金市场利率全面上升。一方面，国债集中发行，加之临近月底，资金需求回升，短端利率 走强；另一方面，政府公布一系列大型基建项目，市场对未来资金需求预期回升，中长端利率走强。截 至7月29日，上海银行间同业拆放利率（Shibor）隔夜、1周期、2周期、1月期、3月期、6月期、9月 期、1年期利率分别报收于1.366%、1.545%、1.631%、1.55%、1.56%、1.613%、1.632%、1.644%，较7 月22日分别上升4.9、8.3、8、2.1、1.1、2.2、2、2.3个基点。 ...