Monetary Policy Operations - The People's Bank of China conducted a 7-day reverse repurchase operation of 242.2 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net withdrawal of 33.9 billion yuan due to 276.1 billion yuan maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for the 7-day tenor decreased by 11.80 basis points to 1.4050%, while the 14-day tenor increased by 17.50 basis points to 1.7020% [1] Interbank Repo Market - In the interbank repo market, the weighted average rates for DR001 and R001 increased by 7.5 basis points and 15.6 basis points, respectively, while DR007 and R007 rates decreased by 15.0 basis points and 25.8 basis points, respectively [4][5] - The transaction volume for DR001 and R001 decreased by 539.3 billion yuan and 1,191.7 billion yuan, while DR007 saw an increase of 109 billion yuan in transaction volume [4][5] Funding Market Conditions - The overall funding market showed a balanced state, with overnight rates for non-bank institutions around 1.50% and 7-day rates between 1.93% and 1.95% [7] - A total of 13 interbank certificates of deposit were issued on September 30, with an actual issuance amount of 3.78 billion yuan [7] Certificate of Deposit Market - The primary market for certificates of deposit was relatively active, with 1-month, 3-month, and 6-month rates declining by 3.5 basis points, 3 basis points, and 3 basis points, respectively [8] - The 1-year rate remained stable at around 1.68%, with the yield curve showing slight adjustments compared to the previous trading day [8] Government Bonds and Financial Policies - The National Development and Reform Commission, in conjunction with the Ministry of Finance, allocated 69 billion yuan in special long-term bonds to support the consumption upgrade policy, completing the annual target of 300 billion yuan [10] - The National Financial Regulatory Administration released guidelines for the high-quality development of health insurance, focusing on enhancing sustainability and regulatory oversight [10]

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 ...

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 276.1 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net withdrawal of 10.9 billion yuan after 287 billion yuan of reverse repos matured on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term products declined, with the overnight Shibor down by 1.40 basis points to 1.4130%, the 7-day Shibor down by 0.40 basis points to 1.4620%, and the 14-day Shibor down by 10.80 basis points to 1.5670% [1][2] Group 2 - In the interbank pledged repo market, most products experienced narrow fluctuations, with the R007 transaction ratio rising to 7.9%. The weighted average rates for DR001 and R001 decreased by 1.4 basis points and 1.3 basis points, respectively, with transaction volumes decreasing by 199.7 billion yuan and 116.5 billion yuan [4] - The weighted average rates for DR007 and R007 fell by 1.3 basis points and 0.4 basis points, respectively, with transaction volumes increasing by 72.6 billion yuan and 96.5 billion yuan [4] Group 3 - The funding environment was balanced and slightly loose, with overnight transactions mainly occurring in the range of 1.50%-1.53%. The 7-day credit repo rates were around 1.55%, with transactions in the 1.52%-1.58% range [8] - A total of 110 interbank certificates of deposit were issued on September 23, with an actual issuance amount of 194.67 billion yuan [8] Group 4 - In the primary certificate of deposit market, except for the 1-month and 1-year maturities, all other maturities were due on working days. The 3-month to 9-month products saw active trading, with yields generally rising [9] - The 1-year to 1-month yield spread was 7.75 basis points, narrowing by 1 basis point compared to the previous day [9]

转自：新华财经 新华财经北京9月17日电（幸骊莎）人民银行17日开展4185亿元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3040亿元7天期逆回购到 期，公开市场实现净投放1145亿元。 上海银行间同业拆放利率（Shibor）多数品种连续小幅上涨，14天Shibor涨超10BP。具体来看，隔夜Shibor上涨4.60BP，报1.4830%；7天Shibor上涨4.40BP， 报1.5190%；14天Shibor上涨10.10BP，报1.6070%。 上海银行间同业拆放利率（9月17日） | | | | 2025-09-17 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | 1 | O/N | 1.4830 | 4.60 | | 0 | 1W | 1.5190 | 4.40 | | 中 | 2W | 1.6070 | 10.10 | | 中 | 1M | 1.5410 | 0.60 | | 中 | 3M | 1.5540 | 0.10 | | 中 | 6M | 1.6300 | 0.00 | | 中 | 9M ...

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]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the short term, bond yields may fluctuate downward. Although government bond issuance brings certain net - increase pressure, the certainty of the downward trend of capital prices is relatively high due to the marginal decline of the central bank's open - market maturity scale and the gradual subsidence of tax - period disturbances. In the long term, the bond yield is still in a downward trend under the background of weak fundamentals [8]. 3. Summary by Relevant Catalogs Bond Market Performance Last Week - Bond yields generally increased, the term spread widened, and the curve became steeper. The 10 - year Treasury bond yield rose 6BP to 1.7465%, the short - term interest rate rose slightly, and the term spread increased by 4BP. Bank - to - bank pledged repo rates and financial institution pledged repo rates both increased. The liquidity of the banking system remained reasonably abundant, and the R007 - DR007 spread narrowed, but the stratification between non - bank institutions and banks still existed [3]. Factors Driving Bond Yield Increases - The increase in market risk preference, tax - period disturbances, and the substantial increase in government bond supply jointly pushed up bond yields. The stock - bond seesaw effect, with the steady rise of the equity index, suppressed the bond market. The tax - period on the 15th led to a convergence of the money market and a significant increase in capital prices. The net increase in government bond issuance also contributed to the rise in bond yields [4]. Policy - related Influences - Policies on preventing capital idling and fiscal discount loans indicate that the pace of comprehensive interest rate cuts may slow down. The central bank's second - quarter monetary policy report emphasizes preventing capital idling, suggesting a possible delay in the pace of reserve requirement ratio and interest rate cuts. The fiscal discount policy for personal consumption and business loans strengthens the signal of a slowdown in the pace of comprehensive interest rate cuts [5]. Fundamental Situation - Economic data generally declined, and loans in the real - sector weakened, reflecting the weak economic operation. In July, economic and financial data showed that the contradiction of "weak demand + resilient supply + low prices" continued. Industrial added - value growth slightly decreased, overall investment growth was dragged down by real estate, infrastructure, and manufacturing, consumption momentum slightly slowed down, and financing in the resident and enterprise sectors was weak [6][7]. Capital - related Situation - This week, liquidity continued to be relatively loose. The maturity scale of the central bank's reverse repurchase decreased significantly, which will relieve capital pressure. The tax - period disturbances are gradually subsiding, and capital prices may decline [7]. Supply - side Situation - This week, local government bond issuance increased, and government bond issuance maintained a net - increase trend. It is expected that the central bank will adjust capital injection to maintain liquidity. The net increase in local government bond issuance this week was 2366 billion yuan compared with last week, and the net increase in Treasury bond issuance also increased by about 1000 billion yuan compared with last week. The scale of government bond payments decreased marginally compared with last week [8].

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]