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 509.3 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 305.8 billion yuan after 203.5 billion yuan of reverse repos matured on the same day [1][12]. - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the overnight Shibor decreasing by 0.10 basis points to 1.3700%, the 7-day Shibor also down by 0.10 basis points to 1.6700%, while the 14-day Shibor increased by 1.40 basis points to 1.7360% [1][2][3]. - In the interbank pledged repo market, the 14-day rate continued to rise, with R007 and R014 rates showing an inversion. The weighted average rates for DR001 and R001 decreased slightly, while DR007 and R007 saw mixed movements with DR007 down by 0.9 basis points and R007 up by 6.0 basis points [4][9]. Group 2 - The overall funding situation on June 26 was balanced, with significant credit differentiation. The rates for pledged deposits and commercial credit showed a range of 1.52% to 2.10%, indicating a slight easing in the market towards the end of the trading day [9][10]. - A total of 51 interbank certificates of deposit were issued on June 26, with an actual issuance volume of 42.74 billion yuan. The market sentiment was generally positive, although the total transaction volume remained limited due to fewer issuing institutions [10][12]. - The recent joint announcement by the Financial Regulatory Bureau and the People's Bank of China outlined a plan for the high-quality development of inclusive finance, aiming to establish a comprehensive inclusive financial system over the next five years [12].

Monetary Policy Operations - The People's Bank of China conducted a 365.3 billion yuan reverse repurchase operation with a rate of 1.40%, unchanged from previous levels, resulting in a net injection of 209 billion yuan after 156.3 billion yuan of reverse repos matured on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term instruments saw a slight increase, with overnight Shibor rising by 0.10 basis points to 1.3710%, and 7-day Shibor increasing by 4.20 basis points to 1.6710% [1][2] Interbank Repo Market - In the interbank pledged repo market, all varieties experienced slight increases, with the R007 transaction ratio rising to 15.6%, while R014 continued to be inverted [4] - The weighted average rates for DR001 and R001 rose by 0.1 basis points and 0.2 basis points, respectively, while DR007 and R007 saw increases of 2.5 basis points and 3.7 basis points [4] Money Market Rates - The overall funding situation in the money market on June 25 was balanced and slightly loose, with various rates showing minor declines post-OMO [10] - The issuance of interbank certificates of deposit totaled 100.77 billion yuan, with trading sentiment remaining subdued, particularly in the 9-month maturity segment [11] REITs Market Development - On June 25, the Huaxia Beijing Affordable Housing REIT expansion project was listed on the Shanghai Stock Exchange, marking the first successful expansion of a rental housing REIT in China, indicating a further development in the public REITs market [13]

Monetary Policy Operations - The People's Bank of China conducted a 7-day reverse repurchase operation of 220.5 billion yuan at a steady interest rate of 1.40%, resulting in a net withdrawal of 21.5 billion yuan after 242 billion yuan of reverse repos matured on the same day [1] - An additional 100 billion yuan in treasury cash deposits is set to mature on the same day [1] Interbank Offered Rates - The Shanghai Interbank Offered Rate (Shibor) for short-term instruments showed a slight decline, with overnight Shibor down by 0.10 basis points to 1.3670%, 7-day Shibor down by 3.20 basis points to 1.4970%, and 14-day Shibor down by 0.60 basis points to 1.7130% [1][2] Repo Market Activity - In the interbank pledged repo market, most rates continued to decline, except for a slight increase in DR007. Specifically, the weighted average rates for DR001 and R001 fell by 0.4 basis points and 0.8 basis points to 1.3704% and 1.4394%, respectively, with transaction volumes decreasing by 602 billion yuan and 723 billion yuan [4] - The weighted average rates for DR007 increased by 1.3 basis points to 1.5075%, while R007 decreased by 2.8 basis points to 1.5629%, with transaction volumes decreasing by 394 billion yuan and 301.2 billion yuan, respectively [4] Funding Market Conditions - The overall funding environment on June 23 was balanced, with major banks lending funds. The rates for pledged deposits were around 1.52% to 1.57%, while 7-day pledged deposits were around 1.55% [9] - By the end of the day, the lowest transaction rates for overnight pledged deposits were recorded at 1.40% and for pledged deposits at 1.48%, maintaining a loose stance until the market closed [9] Interbank Certificate of Deposit Issuance - As of 5:30 PM on June 23, there were 102 interbank certificates of deposit issued, with a total issuance amount of 225.12 billion yuan. The trading was particularly active for short-term deposits, although sentiment slightly cooled in the afternoon [10] - The yields for various maturities showed slight increases compared to the previous Friday, with 1-month national bank deposits ending at 1.63%, 3-month at 1.61%, and 6-month at 1.625% [10]

Group 1 - The People's Bank of China (PBOC) conducted a 7-day reverse repurchase operation of 2,911 billion yuan at an interest rate of 1.40%, maintaining the previous rate [1] - On the same day, 1,425 billion yuan of reverse repos matured, resulting in a net injection of 1,486 billion yuan into the market [1] - For the week, the PBOC executed a total of 16,026 billion yuan in 7-day reverse repos, with a net injection of 6,566 billion yuan after 9,460 billion yuan matured [1] Group 2 - The Shanghai Interbank Offered Rate (Shibor) for overnight and 7-day tenors increased, while the 14-day tenor slightly decreased [1] - Specifically, the overnight Shibor rose by 6.00 basis points to 1.4710%, and the 7-day Shibor increased by 1.50 basis points to 1.6170% [1] - The 14-day Shibor fell by 0.50 basis points to 1.7390% [1] Group 3 - In the interbank pledged repo market, overnight rates continued to rise, with the R007 and R014 rates showing an inverted relationship [4] - The weighted average rates for DR001 and R001 increased by 7.0 basis points and 10.3 basis points, respectively, to 1.4822% and 1.5667% [4] - The transaction volume for DR001 and R001 decreased significantly, with DR001 down by 2,589 billion yuan and R001 down by 5,841 billion yuan [4] Group 4 - The money market rates on May 30 showed a balanced funding situation, with overnight rates for collateralized deposits trading between 1.60% and 1.65% [10] - The 7-day collateralized deposit rates were in the range of 1.70% to 1.72% at the opening, later dropping to around 1.65% [10] - By the end of the day, the overnight collateralized deposit rates reached a low of 1.55% [10] Group 5 - The issuance of interbank certificates of deposit saw 14 issues on May 30, with a total issuance volume of 2.2 billion yuan [11] - The secondary market for certificates of deposit showed a slight decline in yields, particularly influenced by the upcoming Dragon Boat Festival holiday [11] - The 1-year large bank deposit certificates traded at around 1.7025%, showing stability throughout the day [11]

Group 1 - The domestic money market interest rates continue the trend of "short-term rise and long-term decline" as the demand for funds increases ahead of the Dragon Boat Festival, pushing up short-term rates [1] - As of May 20, the overnight, 1-week, and 2-week Shanghai Interbank Offered Rates (Shibor) were reported at 1.509%, 1.556%, and 1.65%, respectively, showing increases of 10.3, 6.6, and 9.4 basis points compared to May 13 [1] - The People's Bank of China (PBOC) announced a 0.1 percentage point reduction in the 7-day reverse repurchase rate effective May 8, and a 0.5 percentage point reduction in the reserve requirement ratio for financial institutions effective May 15, injecting approximately 1 trillion yuan of long-term liquidity into the market [1] Group 2 - On May 20, the 1-year Loan Prime Rate (LPR) and the 5-year LPR were both reduced by 0.1 percentage points to 3% and 3.5%, respectively, marking the first LPR cut in eight months [1] - The PBOC is expected to inject liquidity through reverse repos to stabilize the impact of the upcoming Dragon Boat Festival and month-end on the money market [2] - The expectation is that the money market interest rates will continue to exhibit the "short-term rise and long-term decline" trend in the following week [2]