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]

中国央行今日开展1350亿元7天逆回购操作，操作利率持平于1.40%。今日有2911亿元逆回购到期。本 周，中国央行进行9309亿元逆回购操作，因本周有16026亿元逆回购到期，本周实现净回笼67177亿元。 ...

中国央行今日开展4545亿元7天逆回购操作，操作利率持平于1.40%。今日有8300亿元逆回购到期。 ...

Core Points - The People's Bank of China (PBOC) conducted a 7-day reverse repurchase operation of 142.5 billion yuan today, maintaining the operation rate at 1.40% [1] - A total of 106.5 billion yuan in reverse repos is set to mature today [1] - Throughout this week, the PBOC has executed 7-day reverse repurchase operations totaling 946 billion yuan, with 486 billion yuan maturing this week, resulting in a net injection of 460 billion yuan [1]

中国央行今日开展3570亿元7天逆回购操作，操作利率持平1.40%。今日有1800亿元逆回购到期。 ...

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 106.5 billion yuan today, maintaining the operation rate at 1.40% [1] - A total of 77 billion yuan in reverse repos is set to mature today [1] - Throughout the week, the People's Bank of China has conducted a total of 486 billion yuan in 7-day reverse repurchase operations, with 836.1 billion yuan in 7-day reverse repos and 125 billion yuan in 1-year MLF maturing this week, resulting in a net withdrawal of 475.1 billion yuan [1]

Group 1 - The People's Bank of China (PBOC) conducted a 7-day reverse repurchase operation of 158.6 billion yuan on May 8, with the operation rate adjusted from 1.50% to 1.40%, resulting in a net injection of 158.6 billion yuan as there were no reverse repos maturing that day [1] - PBOC Governor Pan Gongsheng indicated that the market-driven interest rate transmission is expected to lead to a 0.1 percentage point decrease in the Loan Prime Rate (LPR) starting from May 8, which will also guide commercial banks to lower deposit rates accordingly [1] - Analysts believe that the reduction in the 7-day reverse repurchase rate aims to lower the LPR, thereby reducing financing costs for the real economy and enhancing financial support for economic growth [2] Group 2 - The LPR has remained unchanged for six consecutive months as of April 21, indicating a period of stability in lending rates prior to the recent adjustments [2]