新华财经北京1月12日电人民银行12日开展861亿元7天期逆回购操作，操作利率1.40%，与前次持平；鉴于当日有500亿元逆回购到期， 公开市场实现净投放361亿元。 上海银行间同业拆放利率（Shibor）短期品种小幅上涨，隔夜品种涨幅略大。具体来看，隔夜Shibor上涨4.40BP，报1.3160%；7天Shibor 上涨1.20BP，报1.4730%；14天Shibor上涨0.20BP，报1.4890%。 上海银行间同业拆放利率（1月12日） | | | | CULL | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | 1 | O/N | 1.3160 | 4.40 | | 中 | 1W | 1.4730 | 1.20 | | 1 | 2W | 1.4890 | 0.20 | | 1 | 1M | 1.5560 | 0.10 | | 1 | 3M | 1.5980 | 0.30 | | ↑ | 6M | 1.6200 | 0.20 | | � | 9M | 1.6370 | 0.20 | | | 1Y | 1.6480 | 0.20 | ...

Group 1: Monetary Policy and Market Operations - The People's Bank of China conducted a 99 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net injection of 99 billion yuan into the market as there were no reverse repos maturing on that day [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term instruments saw a slight increase, with overnight Shibor rising by 0.40 basis points to 1.2700%, 7-day Shibor up by 1.20 basis points to 1.4620%, and 14-day Shibor increasing by 2.90 basis points to 1.4820% [1] Group 2: Interbank Repo Market - In the interbank pledged repo market, short-term funding rates continued to fluctuate within a narrow range, with overnight rates increasing in both volume and price. The weighted average rates for DR001 and R001 rose by 0.2 basis points and 0.6 basis points, respectively, to 1.2695% and 1.3424%, with transaction volumes increasing by 3,121 billion yuan and 1,455 billion yuan [4] - The weighted average rates for DR007 and R007 showed mixed movements, with DR007 rising by 1.2 basis points to 1.474% while R007 fell by 0.6 basis points to 1.5261%, with transaction volumes decreasing by 176 billion yuan and 648 billion yuan, respectively [4] Group 3: Market Sentiment and Trading Activity - Overall, the funding environment on January 8 was balanced, with major banks lending out funds and non-bank overnight transactions occurring at rates around 1.45%. The market maintained stability post-open market operations, with overnight rates fluctuating between 1.30% and 1.42% [9] - In the secondary market for negotiable certificates of deposit, trading sentiment was generally moderate, with 1-month, 3-month, and 6-month maturities experiencing active trading. The 1-month national bank rate closed at approximately 1.54%, unchanged from the previous day, while the 3-month rate decreased by about 1 basis point to 1.60% [10]

| | | | 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 ...

新华财经北京12月19日电（刘润榕）人民银行19日开展562亿元7天期和1000亿元14天期逆回购操作；鉴于当日有1205亿元7天期逆回购到期，公开 市场实现净投放357亿元。人民银行本周共进行6575亿元逆回购操作，因当周有6685亿元逆回购到期，公开市场合计实现净回笼110亿元。 上海银行间同业拆放利率（Shibor）短期品种延续小幅回升，14天品种站上1.6%。具体来看，隔夜Shibor上涨0.03BP，报1.2733%；7天Shibor上涨 0.51BP，报1.4311%；14天Shibor上涨2.58BP，报1.6078%。 | | | | 2025-12-19 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | f | O/N | 1.2733 | 0.03 | | ゃ | 1W | 1.4311 | 0.51 | | 食 | 2W | 1.6078 | 2.58 | | 食 | 1M | 1.5544 | 0.44 | | f | 3M | 1.6022 | 0.08 | | ゃ | 6M | 1.6311 | 0. ...

银行间质押式回购市场方面，隔夜资金价格仍在1.27%附近震荡走低。具体看，DR001加权平均利率下行0.13BP，报1.2731%；DR007加 权平均利率下行0.65BP，报1.4423%；DR014加权平均利率下行2.88BP，报1.4794%。 货币市场利率（12月17日） | 交易品种 | DR001 | DR007 | DR014 | DR021 | DR1M | DR4M | | --- | --- | --- | --- | --- | --- | --- | | 加权利率(%) | 1.2731 | 1.4423 | 1.4794 | 1.6429 | 1.6202 | 1.6874 | | 涨跌幅(BP) | -0.13 | -0.65 | -2.88 | 1.99 | 0.04 | | 新华财经北京12月17日电（刘润榕）人民银行17日开展468亿元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1898亿 元7天期逆回购到期，公开市场实现净回笼1430亿元。 上海银行间同业拆放利率（Shibor）短期品种微跌。具体来看，隔夜Shibor下跌0.10BP，报1.2750%；7 ...

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]

新华财经北京12月1日电（幸骊莎）人民银行1日开展1076亿元7天逆回购操作，操作利率为1.40%，与此前持平；鉴于当日有3387亿元逆回购到期，公开市 场实现净回笼2311亿元。 上海银行间同业拆放利率（Shibor）窄幅震荡。具体来看，隔夜Shibor上涨0.60BP，报1.3070%；7天Shibor上涨1.70BP，报1.4540%；14天Shibor下跌 5.20BP，报1.4770%。 | | | | 2025-12-01 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | t | O/N | 1.3070 | 0.60 | | 中 | 1W | 1.4540 | 1.70 | | 价 | 2W | 1.4770 | 5.20 | | � | 1M | 1.5190 | 0.10 | | 中 | 3M | 1.5800 | 0.00 | | 个 | 6M | 1.6200 | 0.00 | | 中 | 9M | 1.6400 | 0.00 | | � | 1Y | 1.6500 | 0.00 | 上海银行间同业拆放利率 ...