Monetary Policy Operations - The People's Bank of China conducted a 1,450 billion yuan 7-day reverse repurchase operation at a fixed rate of 1.4% on February 13 [1] - Additionally, a 10,000 billion yuan term reverse repurchase operation was carried out, resulting in a net injection of 6,135 billion yuan after accounting for maturing operations [1] Interbank Rates - The Shanghai Interbank Offered Rate (Shibor) for overnight loans fell below 1.3%, with the overnight Shibor decreasing by 9.70 basis points to 1.2710% [1] - The 7-day Shibor decreased by 8.80 basis points to 1.4300%, while the 14-day Shibor fell by 7.20 basis points to 1.5110% [1] Repo Market Activity - In the repo market, overnight rates decreased, while 7-day and 14-day rates saw a drop in price but an increase in transaction volume [3] - The weighted average rates for DR001 and R001 fell by 9.8 basis points and 14.9 basis points, respectively, with transaction volumes decreasing significantly [3][4] Market Conditions - The overall funding environment on February 13 was balanced, with overnight demand relatively low and rates fluctuating around 1.40% for overnight deposits [6] - As the Spring Festival approached, market activity decreased, with rates for various maturities showing mixed movements [7] Social Financing and Monetary Supply - As of the end of January 2026, the total social financing stock was 449.11 trillion yuan, reflecting an 8.2% year-on-year increase [11] - The broad money supply (M2) stood at 347.19 trillion yuan, growing by 9% year-on-year, while the narrow money supply (M1) was 117.97 trillion yuan, up by 4.9% [11]

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 311.4 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 205.9 billion yuan after 105.5 billion yuan of reverse repos matured on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term maturities rose across the board, with the overnight Shibor increasing by 9.20 basis points to 1.3620%, the 7-day Shibor up by 2.60 basis points to 1.5310%, and the 14-day Shibor rising by 2.00 basis points to 1.6040% [1][2] - In the interbank pledged repo market, all varieties saw an increase, with the overnight weighted average rates for DR001 and R001 rising by 9.2 basis points and 9.0 basis points, respectively, to 1.3653% and 1.4598%, while transaction volumes decreased significantly [4] Group 2 - The money market rates on February 10 showed a tightening trend in the morning, transitioning to a balanced state in the afternoon, with overnight deposit rates fluctuating between 1.60% and 1.62% [8] - The secondary market for negotiable certificates of deposit was active, with short-term yields rising significantly due to the tightening of the interbank funding market, while long-end yields remained stable [9] - The People's Bank of China emphasized the importance of credit reporting in the construction of the social credit system, aiming to enhance financial services for the real economy and mitigate financial risks [11][13]

Group 1 - The People's Bank of China conducted a 1,130 billion yuan reverse repurchase operation with a 7-day term at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 380 billion yuan after 750 billion yuan of reverse repos matured on the same day [1] - The overnight Shanghai Interbank Offered Rate (Shibor) slightly decreased by 0.70 basis points to 1.2700%, while the 7-day and 14-day Shibor rates increased by over 7 basis points, reaching 1.5050% and 1.5840% respectively [1][2] - In the interbank pledged repo market, most rates increased, with DR014 rising nearly 10 basis points and R014 surpassing 1.61%. The weighted average rates for DR001 and R001 decreased by 0.1 basis points and increased by 1.0 basis points, respectively [4] Group 2 - The money market rates on February 9 showed a balanced funding environment in the morning, but tightened in the afternoon, with overnight pledged rates trading around 1.50% and rising to 1.60% by the end of the day [8] - The secondary market for negotiable certificates of deposit (NCDs) remained relatively quiet, with long-end yields continuing a slight downward trend and short-end yields increasing slightly after midday [9] - The Ministry of Finance announced tax incentives for cross-border e-commerce export return goods, exempting import duties and VAT for goods returned within six months due to unsold or returned reasons [11]

Core Viewpoint - The People's Bank of China (PBOC) conducted reverse repurchase operations totaling 315 billion yuan for 7-day and 3000 billion yuan for 14-day tenors, resulting in a net withdrawal of 1460 billion yuan from the market due to 4775 billion yuan of 7-day reverse repos maturing on the same day [1]. Group 1: Market Operations - This week, the PBOC performed a total of 10055 billion yuan in reverse repos, leading to a cumulative net withdrawal of 7560 billion yuan as 17615 billion yuan of 7-day reverse repos matured [1]. - The Shanghai Interbank Offered Rate (Shibor) showed a downward trend, with the 14-day rate falling to 1.5%. Specifically, the overnight Shibor decreased by 4.20 basis points to 1.2770%, the 7-day Shibor fell by 2.90 basis points to 1.4350%, and the 14-day Shibor dropped by 11.00 basis points to 1.5040% [1][2]. Group 2: Interbank Repo Market - In the interbank pledged repo market, short-term funding rates slightly declined. The weighted average rates for DR001 and R001 fell by 4.4 basis points and 3.2 basis points, respectively, to 1.275% and 1.3605%, with transaction volumes increasing by 706 billion yuan and 1314 billion yuan [4]. - The weighted average rates for DR007 and R007 decreased by 2.1 basis points and 2.3 basis points, respectively, to 1.4613% and 1.5288%, with transaction volumes increasing by 142 billion yuan and decreasing by 1569 billion yuan [4]. Group 3: Money Market Rates - The money market maintained a balanced and slightly loose stance, with overnight deposit rates trading in the range of 1.48%-1.50% and 7-day rates around 1.52%-1.54% [10]. - The secondary market for negotiable certificates of deposit (NCDs) remained active, with long-end yields showing a slight downward trend while short-end yields remained stable. The 1-month NCD closed at approximately 1.55%, unchanged from the previous day [11].

Group 1 - The People's Bank of China conducted a net injection of 645 billion yuan into the market through reverse repos, with 1,185 billion yuan in 7-day reverse repos and 3,000 billion yuan in 14-day reverse repos on February 5 [1] - On the same day, 3,540 billion yuan in 7-day reverse repos matured, indicating a significant liquidity management effort by the central bank [1] - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the 14-day Shibor rising above 1.6% [1][2] Group 2 - The overnight Shibor increased by 0.10 basis points to 1.3190%, while the 7-day Shibor decreased by 0.90 basis points to 1.4640% [2] - The 14-day Shibor rose by 3.10 basis points to 1.6140%, reflecting a tightening in the short-term funding market [2] - The overall trend in the interbank pledged repo market showed minor fluctuations in short-term funding prices, with varying changes in weighted average rates for different maturities [5] Group 3 - The funding environment on February 5 was characterized as balanced and slightly loose, with overnight rates fluctuating between 1.45% and 1.53% [10] - The secondary market for negotiable certificates of deposit remained active, with stable pricing and slight declines in long-end yields [11] - The Ministry of Finance and the People's Bank of China announced a cash management operation scheduled for February 10, with an operation volume of 1,500 billion yuan for a one-month term [14]

Group 1 - The People's Bank of China conducted a 750 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net withdrawal of 3025 billion yuan due to 3775 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for the 14-day term approached 1.6%, while other terms experienced slight fluctuations. Specifically, the overnight Shibor rose by 0.10 basis points to 1.3180%, the 7-day Shibor fell by 1.50 basis points to 1.4730%, and the 14-day Shibor increased by 7.20 basis points to 1.5830% [1][2] Group 2 - In the interbank pledged repo market, short-term funding prices showed little volatility. The weighted average rates for DR001 and R001 increased by 0.3 basis points and decreased by 0.2 basis points, respectively, with transaction volumes changing accordingly [5] - The interbank funding market maintained a balanced and slightly loose stance, with overnight rates fluctuating between 1.50% and 1.53%, and 7-day rates around 1.52% to 1.53% [9] - The secondary market for negotiable certificates of deposit (NCDs) remained active, with short-term yields slightly rising but stabilizing by the end of the day. The 1-month NCD ended at approximately 1.55%, while the 3-month and 6-month NCDs were around 1.585% and 1.595%, respectively [10]

Core Viewpoint - The People's Bank of China (PBOC) is conducting a significant reverse repurchase operation to manage mid-term liquidity ahead of the Spring Festival, indicating a proactive approach to potential liquidity pressures [1][2]. Group 1: Reverse Repo Operations - On February 4, the PBOC conducted an 800 billion yuan reverse repurchase operation with a term of 3 months, resulting in a net injection of 100 billion yuan into the market [1]. - The total mid-term liquidity maturing in February amounts to 1.5 trillion yuan, with 700 billion yuan from 3-month reverse repos and 500 billion yuan from 6-month reverse repos [1]. Group 2: Market Impact and Analysis - The operation is seen as a forward-looking hedge against potential mid-term liquidity pressures, with the government’s bond issuance in January exceeding 1.2 trillion yuan, which has created a certain "drainage effect" on the banking system [2]. - The PBOC's actions are expected to stabilize the bank's liability structure and the operation of money market interest rates, particularly as the 3-month reverse repo can cover the period around the Spring Festival [2]. Group 3: Liquidity Conditions - As of February 4, the overnight Shanghai Interbank Offered Rate (Shibor) rose by 0.1 basis points to 1.318%, while the 7-day Shibor decreased by 1.5 basis points to 1.473% [5]. - The demand for liquidity is expected to increase in February due to seasonal cash withdrawal needs and concentrated loan payments, which may exert pressure on the banking system's liquidity [5][6].

Core Viewpoint - The People's Bank of China conducted a 7-day reverse repurchase operation of 105.5 billion yuan at an interest rate of 1.40%, resulting in a net withdrawal of 296.5 billion yuan from the open market due to the maturity of 402 billion yuan in reverse repos on the same day [1]. Group 1: Market Rates - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the overnight Shibor decreasing by 4.80 basis points to 1.3170%, while the 7-day Shibor increased by 0.30 basis points to 1.4880%, and the 14-day Shibor rose by 0.20 basis points to 1.5110% [1][2]. - The overnight funding rate in the interbank pledged repo market slightly fell to around 1.3%, while the 7-day and 14-day rates saw minor increases [4]. Group 2: Trading Activity - The overall funding environment on February 3 was relatively loose, with overnight rates for certificates of deposit trading around 1.52%-1.55% and 7-day rates at 1.52%-1.53% [10]. - The secondary market for certificates of deposit was active, with yields showing slight upward movements, particularly for 3-month and 6-month maturities [11]. Group 3: Central Bank Operations - In January, the central bank reported a net injection of 700 billion yuan through Medium-term Lending Facility (MLF) and a net withdrawal of 79 million yuan through Standing Lending Facility (SLF) [13]. - The central bank emphasized the importance of maintaining a reasonable growth in credit volume and balanced allocation, aiming to support the real economy effectively [14].

Core Viewpoint - The People's Bank of China conducted a 750 billion yuan reverse repurchase operation with a rate of 1.40%, resulting in a net withdrawal of 755 billion yuan from the market due to the maturity of 1,505 billion yuan in reverse repos on the same day [1]. Group 1: Market Rates - The overnight Shanghai Interbank Offered Rate (Shibor) increased by 3.70 basis points to 1.3650% [2][3]. - The 7-day Shibor decreased by 9.50 basis points to 1.4850%, while the 14-day Shibor fell by 8.90 basis points to 1.5090% [2][3]. - In the interbank pledged repo market, the weighted average rate for DR001 rose by 3.7 basis points to 1.3642%, while DR007 dropped below 1.5% [5]. Group 2: Trading Activity - The overall funding situation on February 2 was balanced, with overnight rates for certificates of deposit trading between 1.53% and 1.55% [9]. - The trading sentiment in the secondary market for certificates of deposit was positive, with the 1-month national bank stock closing around 1.55%, up approximately 5 basis points from the previous day [10].

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 402 billion yuan, resulting in a net injection of 78 billion yuan after 324 billion yuan of reverse repos matured on the same day [1] - The overnight Shanghai Interbank Offered Rate (Shibor) decreased by 4.90 basis points to 1.3710%, while the 7-day Shibor increased by 2.10 basis points to 1.5640% [1][2] - The weighted average rates for overnight and 7-day repurchase agreements (R007) rose slightly, while the rates for DR001 and R001 fell, indicating a mixed trend in the interbank pledged repo market [5] Group 2 - The interbank funding market showed a balanced state, with overnight rates fluctuating between 1.55% and 1.58% in early trading, and later stabilizing around 1.50% to 1.53% [9] - Trading sentiment for interbank certificates of deposit remained positive, with yields for various maturities continuing to rise, particularly for 1-month and 3-month maturities [10] - The People's Bank of China reported that the balance of RMB loans from financial institutions reached 271.91 trillion yuan by the end of Q4 2025, reflecting a year-on-year growth of 6.4% [12]