国庆长假期间，央行累计有20633亿元逆回购到期。10月9日，央行有6000亿元14天期逆回购到期。国庆 长假期间，央行通过逆回购操作回笼资金的力度较大。10月10日至19日，政府将发行第七期国债和第八 期国债，额度均为130亿元，为储蓄类国债。这在短时间内增加了资金需求。 预计假期之后资金利率将延续短降长升态势。虽然国庆假期逆回购大量到期，但短期资金需求旺季结 束，短端利率可能继续回落。此外，投资热情上升，中长期资金需求回暖，中长端利率料稳中有升。 （作者单位：好想你物产） 国庆长假之前，国内资金市场利率呈现短降长升格局。一方面，国庆假期临近，短期资金需求释放完 毕，短端利率走弱；另一方面，整体融资需求回暖，中长端利率稳中有升。截至9月30日，上海银行间 同业拆放利率（Shibor）隔夜、1周期利率分别报收于1.379%、1.405%，较9月23日分别下降3.4、5.7个 基点；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1.702%、1.57%、1.58%、1.64%、 1.67%、1.68%，较9月23日分别上升13.5、1.9、1.8、1、0.7、0.8个基点。 ...

Monetary Policy Operations - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 181.7 billion yuan at an interest rate of 1.40%, unchanged from previous operations [1] - The overnight and 7-day Shanghai Interbank Offered Rate (Shibor) slightly decreased, while the 14-day Shibor fell by over 10 basis points [1][2] Shibor Rates - As of September 28, the overnight Shibor decreased by 0.70 basis points to 1.3140%, the 7-day Shibor fell by 0.40 basis points to 1.4970%, and the 14-day Shibor dropped by 10.90 basis points to 1.5370% [2] Interbank Repo Market - In the interbank pledged repo market, the 7-day rates increased while the 14-day rates significantly decreased. The weighted average rates for DR001 and R001 fell by 0.6 basis points and 1.2 basis points, respectively, while DR007 and R007 rates rose by 2.4 basis points and 8.4 basis points [4] Market Conditions - On September 28, due to a holiday adjustment, most non-bank institutions were absent, leading to a relaxed funding environment. Overnight repo rates were around 1.45%, while rates for credit and certificates of deposit were between 1.90% and 1.95% [8] - A total of 44 interbank certificates of deposit were issued, with an actual issuance volume of 107.74 billion yuan [8] Secondary Market Activity - Trading sentiment in the secondary market was relatively quiet due to the holiday adjustment, with prices remaining stable compared to the previous trading day. The 1-month national bank stock ended at 1.66%, unchanged from the previous day [9]

新华财经北京9月26日电（高二山）人民银行26日开展1658亿元7天期逆回购操作，操作利率1.40%，同时以固定数量、利率招标、多重 价位中标方式开展了6000亿元14天期逆回购操作；鉴于当日有3543亿元逆回购到期，公开市场实现净投放4115亿元。本周，人民银行开 展15674亿元7天期逆回购操作、9000亿元14天期逆回购和6000亿元MLF操作，因本周有18268亿元7天期逆回购和3000亿元1年期中期借 贷便利（MLF)到期，公开市场实现净投放9406亿元。 上海银行间同业拆放利率（Shibor）隔夜和7天品种明显下行，14天品种小幅上涨。具体来看，隔夜Shibor下跌15.10BP，报1.3210%；7天 Shibo下跌8.30BP，报1.5010%；14天Shibor上涨2.10BP，报1.6460%。 据上海国际货币经纪公司交易员消息，26日资金面早盘均衡，午盘均衡偏松。早盘国股大行均有融出，受调休日影响，开盘隔夜成交在 1.45%附近，3天押利率存单成交在1.53%-1.55%区间，押信用3天成交在1.58%-1.60%区间；7天14天成交在1.88%-1.95%区间，最低成交 到1.85%位 ...

Core Viewpoint - Domestic market interest rates are showing a strong trend due to high demand for funds at the end of the quarter, with expectations of a weaker rate next week as short-term funding needs are likely to ease [1] Interest Rate Summary - As of September 25, the Shanghai Interbank Offered Rate (Shibor) overnight rate closed at 1.472%, a decrease of 4.2 basis points from September 18 [1] - The rates for 1-week, 2-week, 1-month, 3-month, 6-month, 9-month, and 1-year periods are reported at 1.584%, 1.625%, 1.564%, 1.574%, 1.635%, 1.669%, and 1.679% respectively, with increases of 5.6, 4.4, 2, 1.8, 0.4, 0.7, and 0.6 basis points compared to September 18 [1] Central Bank Operations - This week, the central bank has 18,268 billion yuan of reverse repos maturing, and has conducted 17,016 billion yuan of reverse repos in the first four working days [1] - The central bank has 300 billion yuan of Medium-term Lending Facility (MLF) maturing and has rolled over 600 billion yuan of MLF, injecting 300 billion yuan of liquidity into the market [1] Future Outlook - The probability of weaker domestic market interest rates next week is high due to the release of short-term funding needs before the holiday and the central bank's liquidity injection through MLF, which helps stabilize medium to long-term rates [1]

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]

Monetary Policy Operations - The People's Bank of China conducted a 7-day reverse repurchase operation of 416.1 billion yuan at an interest rate of 1.40%, unchanged from previous rates, resulting in a net injection of 163.1 billion yuan after 253.0 billion yuan of reverse repos matured on the same day [1][4][10] Interbank Rates - The Shanghai Interbank Offered Rate (Shibor) for overnight loans increased by 0.10 basis points to 1.3160%, while the 7-day Shibor rose by 3.50 basis points to 1.5260% [2][3] - The 14-day Shibor also saw an increase of 2.40 basis points, reaching 1.5500% [2] Repo Market Activity - In the interbank pledged repo market, most rates experienced slight increases, with the R007 and R014 rates inverted, and R007 transaction volume rising to 17.6% [4] - The weighted average rates for DR001 and R001 decreased by 0.1 basis points and increased by 0.4 basis points, respectively, with transaction volumes decreasing significantly [4] Funding Conditions - Throughout the day, the funding environment transitioned from balanced to loose, with overnight rates stabilizing between 1.35% and 1.38% and 7-day rates around 1.53% to 1.55% [10] - By the end of the trading day, overnight rates dropped to a low of 1.30% [10] Interbank Certificates of Deposit - On August 28, 37 interbank certificates of deposit were issued, with a total issuance amount of 64.67 billion yuan [11] Market Sentiment - The sentiment in the secondary market for certificates of deposit was mixed, with long-term yields slightly higher than the previous day, while 1-month yields decreased marginally [12]

新华财经北京8月26日电（高二山）人民银行26日开展4058亿元7天期逆回购操作，操作利率为1.40%，与此前持平；鉴于当日有3000亿 元1年期中期借贷便利（MLF）和5803亿元7天期逆回购到期，公开市场全口径实现净回笼4745亿元。 上海银行间同业拆放利率（Shibor）短期品种均小幅下行。具体来看，隔夜Shibor下跌3.90BP，报1.3170%；7天Shibor下跌1.70BP，报 1.4670%；14天Shibor下跌4.00BP，报1.5150%。 | | | | 2025-08-26 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | 1 | O/N | 1.3170 | 3.90 | | ↑ | 1W | 1.4670 | 1.70 | | t | 2W | 1.5150 | 4.00 | | ゃ | 1M | 1.5300 | 0.00 | | t | 3M | 1.5500 | 0.00 | | � | 6M | 1.6100 | 0.00 | | f | 9M | 1.6420 | 0.00 | | t ...

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 580.3 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 465.7 billion yuan after 114.6 billion yuan of reverse repos matured on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term products continued to rise, with the overnight Shibor increasing by 2.80 basis points to 1.4640%, the 7-day Shibor rising by 3.40 basis points to 1.5170%, and the 14-day Shibor increasing by 6.20 basis points to 1.5990% [1][2] - In the interbank pledged repo market, various products continued to show a slight upward trend, with the R007 transaction ratio rising to 11.7%. The weighted average rates for DR001 and R001 increased by 2.3 basis points and 4.4 basis points, respectively, while DR007 and R007 rose by 3.1 basis points and 5.5 basis points [4] Group 2 - The money market showed a tight funding situation throughout the day, with major banks reducing lending volumes and a strong demand for borrowing from banking institutions. Overnight pledged rate certificates traded around 1.60%-1.63%, while 7-day pledged rate certificates traded around 1.55%-1.58% [10] - As of 5:30 PM on August 19, there were 49 interbank certificates of deposit issued, with an actual issuance amount of 26.06 billion yuan [10] - In the primary market for certificates of deposit, except for 1-month and 6-month maturities, other maturities were all due on working days. The secondary market for certificates of deposit showed a downward trend, with yields for various maturities declining compared to the previous day's close [11]

Group 1 - The People's Bank of China conducted a 128.7 billion yuan 7-day reverse repurchase operation at an interest rate of 1.40%, maintaining the previous rate, resulting in a net withdrawal of 32 billion yuan due to 160.7 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for overnight remained unchanged at 1.3150%, while the 7-day Shibor decreased by 0.80 basis points to 1.4260%, and the 14-day Shibor increased by 1.90 basis points to 1.4920% [2][3] Group 2 - In the interbank pledged repo market, the overnight and 14-day rates saw slight increases, while the 7-day transaction volume decreased. The weighted average rates for DR001 and R001 rose by 0.1 basis points and 0.3 basis points, respectively, while DR007 and R007 rates fell by 1.0 basis points and 0.2 basis points [4] - As of 5:30 PM on August 14, there were 65 interbank certificates of deposit issued, with a total issuance amount of 157.4 billion yuan. The primary market showed active trading sentiment, while the secondary market remained generally stable with yields fluctuating within a range [10] Group 3 - The People's Bank of China announced plans to conduct a 500 billion yuan fixed-quantity, interest-rate tendered, multi-price reverse repurchase operation on August 15, 2025, with a term of 6 months (182 days) to maintain ample liquidity in the banking system [12]

Group 1 - The People's Bank of China conducted a 112 billion yuan 7-day reverse repurchase operation at an interest rate of 1.40%, maintaining the previous rate, resulting in a net withdrawal of 432.8 billion yuan due to 544.8 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the overnight Shibor rising by 0.06 basis points to 1.3150%, while the 7-day Shibor decreased by 0.36 basis points to 1.4320% [2][3] - In the interbank pledged repo market, various rates experienced minor fluctuations, with the R007 transaction ratio slightly increasing to 8.2% [4] Group 2 - The overall funding environment on August 11 was described as relaxed, with overnight rates trading in the range of 1.41% to 1.45% and 7-day rates around 1.44% [9] - A total of 137 interbank certificates of deposit were issued on August 11, with an actual issuance volume of 333.88 billion yuan, indicating a generally weak sentiment in the primary market [10]