Core Points - The central bank conducted a reverse repurchase operation of 928 billion yuan with a bid amount of 928 billion yuan and a winning amount of 928 billion yuan [1] - The operation interest rate remains unchanged at 1.40%, consistent with previous rates [1] Summary by Category - **Central Bank Operations** - The central bank executed a 7-day reverse repurchase operation totaling 928 billion yuan [1] - The bid and winning amounts were both 928 billion yuan, indicating full subscription [1] - **Interest Rates** - The interest rate for the operation was set at 1.40%, maintaining the previous level [1]

Group 1 - The People's Bank of China conducted a 1,595 billion yuan reverse repurchase operation today, with a bid amount of 1,595 billion yuan and a winning amount of 1,595 billion yuan, maintaining an operation interest rate of 1.40%, unchanged from previous levels [1] Group 2 - As of October 21, 2025, the central parity rates of the Chinese yuan against various currencies showed a depreciation against the US dollar by 43 points to 7.0930, and against the euro by 162 points to 8.2734, while the Australian dollar saw an appreciation of 72 points to 4.6309 [2]

Core Viewpoint - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 612 billion yuan, maintaining the operation interest rate at 1.40% [1] Group 1 - The total bidding amount for the reverse repurchase operation was 612 billion yuan, which matches the amount awarded [1] - The operation interest rate remains unchanged at 1.40%, consistent with previous rates [1]

Group 1 - The central bank conducted a reverse repurchase operation of 181.7 billion yuan for 7 days, with the bidding amount and winning amount both at 181.7 billion yuan [1] - The operation interest rate remains unchanged at 1.40%, consistent with previous rates [1]

Core Points - The People's Bank of China conducted a 401.5 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net withdrawal of 17 billion yuan due to 418.5 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term maturities increased across the board, with the 7-day Shibor leading the rise [1][2] - The weighted average rates for various repo products also saw increases, particularly in the 7-day category, indicating a tightening liquidity environment [5] Shibor Summary - Overnight Shibor rose by 2.10 basis points to 1.4340% [3] - 7-day Shibor increased by 12.80 basis points to 1.5900% [3] - 14-day Shibor went up by 8.90 basis points to 1.6560% [3] Repo Market Summary - The weighted average rates for DR001 and R001 increased by 2.3 basis points and 3.5 basis points, respectively, with transaction volumes decreasing significantly [5] - DR007 and R007 saw larger increases of 11.1 basis points and 18.5 basis points, respectively, with notable reductions in transaction volumes [5] - DR014 and R014 had smaller increases in rates but experienced an increase in transaction volumes [5] Money Market Conditions - The money market showed a tight condition in the morning, with overnight transactions around 1.55%, shifting to a more relaxed state by the afternoon [9] - The issuance of interbank certificates of deposit was active, with 85 certificates issued totaling approximately 133.99 billion yuan [9] Bond Market Summary - The bond market saw rising rates across various maturities, with overall trading sentiment being moderate [10] - Specific increases included a 6 basis point rise for 1-month bonds and a 1.5 basis point rise for 6-month bonds compared to the previous day [10] Future Operations - The People's Bank of China plans to conduct a 600 billion yuan Medium-term Lending Facility (MLF) operation on September 25, 2025, with a one-year term [12]

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 266.5 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 154.5 billion yuan after 112 billion yuan of reverse repos matured [1] - The Shanghai Interbank Offered Rate (Shibor) for overnight loans increased by 3.80 basis points to 1.4360%, while the 7-day Shibor rose by 1.80 basis points to 1.4830%, and the 14-day Shibor increased by 3.20 basis points to 1.5370% [2][3] Group 2 - In the interbank pledged repo market, various rates saw slight increases, with the 7-day and 14-day rates both surpassing 1.5%. The weighted average rates for DR001 and R001 rose by 4.7 basis points and 6.5 basis points, respectively, while transaction volumes decreased significantly [4] - The money market maintained a tense liquidity situation, with overnight rates stabilizing around 1.55% and 7-day rates between 1.53% and 1.55% after the central bank's operations [9] Group 3 - Agricultural Bank successfully issued a floating-rate green financial bond in the interbank market with a scale of 6 billion yuan and a term of 3 years at an interest rate of 1.80%. This bond is the first in the market linked to the central bank's reverse repo rate [12]

Core Viewpoint - The People's Bank of China (PBOC) conducted a 1.875 trillion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level [1] Group 1 - On the same day, 847 billion yuan of reverse repos matured [1] - Throughout the week, the PBOC executed a total of 1.7268 trillion yuan in 7-day reverse repos [1] - This week saw 4.257 trillion yuan in 7-day reverse repos and 1 trillion yuan in 1-year Medium-term Lending Facility (MLF) maturing [1] Group 2 - The net injection for the week amounted to 1.2011 trillion yuan [1]

Monetary Policy Operations - The People's Bank of China conducted a 985 billion yuan reverse repurchase operation with a rate of 1.40%, unchanged from previous levels, resulting in a net withdrawal of 2,668 billion yuan due to 3,653 billion yuan of reverse repos maturing on the same day [1][12] Interbank Offered Rates - The Shanghai Interbank Offered Rate (Shibor) saw a slight decline across various maturities, with the 7-day Shibor falling below 1.5%. Specifically, the overnight Shibor decreased by 0.20 basis points to 1.3650%, the 7-day Shibor dropped by 3.30 basis points to 1.4970%, and the 14-day Shibor fell by 1.50 basis points to 1.5540% [1][2][3] Repo Market Activity - In the interbank pledged repo market, short-term rates continued to decline slightly. The weighted average rates for DR001 and R001 fell by 0.8 basis points and 3.0 basis points, respectively, to 1.3597% and 1.4191%, with transaction volumes decreasing for DR001 and increasing for R001. Similarly, DR007 and R007 rates decreased by 4.0 basis points and 4.9 basis points, respectively [4][9] Funding Conditions - Overall funding conditions remained loose, with overnight rates trading in the range of 1.30%-1.55% and 7-day rates around 1.53%-1.58%. By the end of the trading day, the overnight rates had further eased to around 1.30% [9][10] Interbank Certificate of Deposit Issuance - On July 2, there were 50 interbank certificates of deposit issued, with a total issuance amount of 770.3 million yuan, indicating active market participation [9][10]

Core Viewpoint - The People's Bank of China (PBOC) conducted a 135 billion yuan reverse repurchase operation today, maintaining the operation rate at 1.40% [1] Summary by Relevant Sections Monetary Policy Operations - The PBOC executed a reverse repurchase operation of 135 billion yuan with a rate unchanged at 1.40% [1] - A total of 2,911 billion yuan in reverse repos is set to mature today [1] - This week, the PBOC carried out reverse repurchase operations totaling 9,309 billion yuan, while 16,026 billion yuan in reverse repos are maturing this week, resulting in a net withdrawal of 6,717 billion yuan [1]

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 454.5 billion yuan, maintaining the operation interest rate at 1.40% [1] - A total of 830 billion yuan in reverse repos is set to mature today [1]