转自：新华财经 来源：全国银行间同业拆借中心 新华财经北京1月8日电（刘润榕）人民银行8日开展99亿元7天期逆回购操作，操作利率1.40%，与此前持平；鉴于当日无逆回购到期，公开市场实 现净投放99亿元。 上海银行间同业拆放利率（Shibor）短期品种小幅上行。具体来看，隔夜Shibor上涨0.40BP，报1.2700%；7天Shibor上涨1.20BP，报1.4620%；14天 Shibor上涨2.90BP，报1.4820%。 上海银行间同业拆放利率（1月8日） 银行间质押式回购市场方面，短期资金利率延续窄幅震荡，隔夜品种量价齐升。具体看，DR001、R001加权平均利率分别上行0.2BP、0.6BP，报 1.2695%、1.3424%，成交额分别增加3121亿元、1455亿元；DR007、R007加权平均利率分别上行1.2BP、下行0.6BP，报1.474%、1.5261%，成交 额分别减少176亿元、648亿元；DR014、R014加权平均利率分别上行3.3BP、下行0.7BP，报1.486%、1.5547%，成交额分别增加14亿元、106亿 元。 货币市场利率（1月8日） 来源：全国银行间同业拆借中心 ...

| | | | 2026-01-07 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | 1 | O/N | 1.2660 | 0.30 | | 个 | 1W | 1.4500 | 2.80 | | t | 2W | 1.4530 | 1.20 | | t | 1M | 1.5640 | 0.50 | | 价 | 3M | 1.5970 | 0.10 | | 价 | 6M | 1.6190 | 0.10 | | fr | 9M | 1.6370 | 0.00 | | 1 | 1Y | 1.6490 | 0.10 | 上海银行间同业拆放利率（1月7日） 来源：全国银行间同业拆借中心 银行间质押式回购市场方面，短期资金利率整体波动不大，隔夜品种量价齐升。具体看，DR001、R001加权平均利率分别上行0.5BP、0.6BP，报 1.2674%、1.3365%，成交额分别增加1502亿元、3763亿元；DR007、R007加权平均利率分别上行3.0BP、3.9BP，报1.4625%、1.5323%，成交额分 别减少1亿元、550亿元；D ...

上海银行间同业拆放利率（Shibor）隔夜品种微跌，7天和14天品种上涨。具体来看，隔夜Shibor下跌0.40BP，报1.2580%；7天Shibor上 涨4.80BP，报1.4480%；14天Shibor上涨0.10BP，报1.5960%。 | | | | 2025-12-26 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | t | O/N | 1.2580 | 0.40 | | � | 1W | 1.4480 | 4.80 | | ↑ | 2W | 1.5960 | 0.10 | | f | 1M | 1.5840 | 0.00 | | t | 3M | 1.6000 | 0.00 | | ↑ | 6M | 1.6280 | 0.10 | | 个 | 9M | 1.6400 | 0.00 | | ↑ | 1Y | 1.6500 | 0.00 | 上海银行间同业拆放利率（12月26日） 银行间质押式回购市场方面，隔夜品种下跌，7D、14D品种上涨。具体看，DR001、R001加权平均利率分别下行0.3BP、1.1BP，报 ...

Group 1 - The People's Bank of China conducted a 135.3 billion yuan 7-day reverse repurchase operation at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 18 billion yuan due to 117.3 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) showed minor fluctuations, with the overnight Shibor rising by 0.20 basis points to 1.2760%, while the 7-day Shibor decreased by 0.30 basis points to 1.4290%, and the 14-day Shibor fell by 0.10 basis points to 1.5100% [1][2] Group 2 - In the interbank pledged repo market, bank rates increased while non-bank rates decreased. Specifically, the weighted average rates for DR001 and R001 remained stable and decreased by 0.2 basis points to 1.2744% and 1.3448%, respectively, with transaction volumes showing mixed results [4] - The overall funding situation on December 16 was balanced, with overnight rates fluctuating between 1.30% and 1.46% throughout the day, indicating a generally loose funding environment [9] - As of 5:30 PM on December 16, 90 interbank certificates of deposit (CDs) were issued, totaling 180.65 billion yuan, with secondary market trading showing slight fluctuations, particularly in the 1-month and 3-month maturities [10]

新华财经北京12月11日电 人民银行11日开展1186亿元7天逆回购操作，操作利率为1.40%，与此前持平；鉴于当日有1808亿元逆回购到 期，公开市场实现净回笼622亿元。 上海银行间同业拆放利率（Shibor）隔夜和7天品种微跌，14天品种持平。具体来看，隔夜Shibor下跌1.50BP，报1.2830%；7天Shibor下 跌0.70BP，报1.4320%；14天Shibor持平，报1.5000%。 | | | | 2025-12-11 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | 中 | O/N | 1.2830 | 1.50 | | 1 | 1W | 1.4320 | 0.70 | | 1 | 2W | 1.5000 | 0.00 | | tr | 1M | 1.5240 | 0.10 | | ゃ | 3M | 1.5840 | 0.20 | | ゃ | 6M | 1.6230 | 0.10 | | 企 | 9M | 1.6410 | 0.10 | | 1 | 1Y | 1.6510 | 0.10 | 上海银行间同 ...

Core Points - The People's Bank of China conducted a 793 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net withdrawal of 1,340 billion yuan due to 2,133 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the overnight Shibor decreasing by 0.10 basis points to 1.3010%, and the 7-day Shibor decreasing by 0.80 basis points to 1.4260% [2][3] Market Rates - In the interbank pledged repo market, various rates showed narrow fluctuations, with DR001 and R001 weighted average rates increasing by 0.2 basis points and decreasing by 0.3 basis points, respectively, with transaction volumes of 791 billion yuan and 1,420 billion yuan [4] - The weighted average rates for DR007 and R007 remained stable and increased by 0.2 basis points, with transaction volumes decreasing by 35 billion yuan and increasing by 508 billion yuan, respectively [4] Money Market Conditions - The money market on December 3 was characterized by a balanced and slightly loose liquidity environment, with overnight rates around 1.40% to 1.42% for various collateral types [9] - A total of 94 interbank certificates of deposit were issued on December 3, with an actual issuance amount of 1,482.1 billion yuan [9][10] Service Trade Development - From January to October 2025, China's service trade showed steady growth, with total service trade imports and exports amounting to 65,844.3 billion yuan, a year-on-year increase of 7.5% [12] - Service exports reached 29,090.3 billion yuan, growing by 14.3%, while imports totaled 36,754 billion yuan, increasing by 2.6% [12]

Core Points - The People's Bank of China conducted a 7-day reverse repurchase operation of 156.3 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net withdrawal of 145.8 billion yuan due to 302.1 billion yuan maturing on the same day [1] - Short-term Shibor rates showed a slight decline, with overnight Shibor down by 0.50 basis points to 1.3020%, and 7-day Shibor down by 2.00 basis points to 1.4340% [1][2] - The interbank pledged repo market saw a slight decrease in short-term rates, with DR001 and R001 weighted average rates down by 0.9 basis points and 1.0 basis points, respectively [6] Shibor Rates Summary - Overnight Shibor: 1.3020%, down 0.50 BP [2] - 7-day Shibor: 1.4340%, down 2.00 BP [2] - 14-day Shibor: 1.4650%, down 1.20 BP [2] Interbank Repo Market Summary - DR001 weighted average rate: 1.2973%, down 0.9 BP, with a transaction volume decrease of 58 billion yuan [6] - R001 weighted average rate: 1.3611%, down 1.0 BP, with a transaction volume increase of 245.9 billion yuan [6] - DR007 weighted average rate: 1.441%, down 1.7 BP, with a transaction volume increase of 34 billion yuan [6] Market Conditions - The funding environment was balanced and slightly loose, with overnight rates around 1.40% to 1.42% [10] - A total of 69 interbank certificates of deposit were issued, with an actual issuance amount of 135.28 billion yuan [11] - The overall yield trend for secondary certificates of deposit showed an upward movement, with 1M and 3M rates closing at approximately 1.60% [11]

新华财经北京11月28日电（刘润榕）人民银行28日开展3013亿元7天期逆回购操作，鉴于当日有3750亿元7天期逆回购到期，公开市场实现净回笼737亿 元。本周人民银行合计开展15118亿元7天期逆回购操作和10000亿元1年期中期借贷便利（MLF）操作，因本周有16760亿元7天期逆回购和9000亿元1年期 中期借贷便利（MLF）到期，公开市场合计实现净回笼642亿元。 上海银行间同业拆放利率（Shibor）延续窄幅震荡。具体来看，隔夜Shibor下跌1.30BP，报1.3010%；7天Shibor上涨1.20BP，报1.4370%；14天Shibor上涨 210BP，报1.5290%。 | | | | 2025-11-28 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | 中 | O/N | 1.3010 | 1.30 | | 中 | 1W | 1.4370 | 1.20 | | 中 | 2W | 1.5290 | 2.10 | | ⇒ | 1M | 1.5200 | 0.00 | | t | 3M | 1.5800 | 0 ...

Core Viewpoint - The People's Bank of China (PBOC) has resumed trading of government bonds, leading to a stable performance in the bond market, with yields showing mixed movements across different maturities [1][3][4]. Market Performance - On November 11, the bond market saw a decline in yields, with the 10-year government bond yield dropping to 1.8040%, down 0.1 basis points from the previous trading day [1][3]. - The 30-year government bond yield increased by 0.6 basis points to 2.1525%, while the 5-year yield decreased by 0.25 basis points to 1.5250% [3]. - The overall bond market has remained stable since the beginning of November, with the PBOC's net purchase of government bonds amounting to 20 billion yuan in October [3][4]. PBOC's Actions and Market Impact - The PBOC's resumption of government bond trading is aimed at supporting year-end fiscal liquidity and enhancing control over the yield curve, with a relatively small net purchase scale of 20 billion yuan [4][5]. - Analysts suggest that the PBOC's actions are not intended to significantly lower interest rates but rather to guide market expectations without causing excessive market reactions [4][5]. Future Outlook - The bond market is expected to experience a range-bound fluctuation, influenced by regulatory policies, capital flows, and spillover effects from the stock market [1][6]. - Investment strategies may focus on leveraging interest rate strategies in a relatively stable funding environment, while investors are advised to remain cautious and attentive to policy developments [6].

Group 1 - The People's Bank of China conducted a 655 billion yuan 7-day reverse repurchase operation on November 5, maintaining the operation rate at 1.40%, resulting in a net withdrawal of 4,922 billion yuan due to 5,577 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) showed minor fluctuations in short-term varieties, with the overnight Shibor remaining unchanged at 1.3150%, the 7-day Shibor rising by 0.80 basis points to 1.4230%, and the 14-day Shibor decreasing by 1.70 basis points to 1.4610% [1][2] - In the interbank pledged repo market, most varieties saw slight increases, with the overnight weighted average rates for DR001 and R001 at 1.3151% and 1.3615%, respectively, while the transaction volumes for these instruments increased by 1,220 billion yuan and 1,638 billion yuan [4] Group 2 - The funding environment on November 5 was characterized by a loose stance, with major banks lending out funds, leading to a stable transaction rate for overnight repos around 1.40%-1.42% [7] - A total of 105 interbank certificates of deposit were issued on November 5, with an actual issuance amount of 1,696.8 billion yuan [7][8] - The trading sentiment for primary certificates of deposit was relatively active, particularly for 6-month and 9-month maturities, while secondary certificates of deposit showed general activity with slight yield declines [8]