PBOC Net Injects RMB 159 Billion as Overnight Shibor Hits 1.46%, Highest Since November 2025
The People's Bank of China injected a net RMB 159 billion on September 17, 2026, via RMB 162 billion of 7-day reverse repos at 1.40% and RMB 600 billion of overnight reverse repos against RMB 603 billion maturing. Overnight Shibor rose 1.8 basis points to 1.46%, its highest since November 2025, while government bond yields moved in a narrow range and Treasury futures closed mixed.
On September 17, 2026, funding conditions remained relatively tight and bond market yields fluctuated within a narrow range. Treasury futures closed mixed: the 30-year main contract rose 0.03% to 116.170 yuan, the 10-year main contract was flat at 109.465 yuan, the 5-year main contract gained 0.01% to 106.500 yuan, and the 2-year main contract was unchanged at 102.596 yuan. Yields on major interbank rate bonds moved in a narrow band. As of 16:30, the yield on the active 10-year government bond 260016 fell 0.09 basis points to 1.6806%, the yield on the active 10-year China Development Bank bond 260205 fell 0.05 basis points to 1.7665%, and the yield on the active 30-year government bond 2600004 fell 0.11 basis points to 2.1649%.
In the exchange bond market, "25 Shenzhen Investment 07" rose more than 2%, while "25 E Jiao K1", "26 Xingyuan 01", "26 Zhengchan 02", "25 Zhengchan 01" and "24 Guangxin 02" each rose more than 1%. "18 Qingcheng 05", "22 Luzi 10", "21 Min Neng 02" and "24 Tou K1" each fell more than 1%.
In open market operations, the People's Bank of China announced that on September 17 it conducted RMB 162 billion of 7-day reverse repurchase operations through fixed-rate, quantity-based bidding, fully meeting the demand of primary dealers, with an operation rate of 1.40%, a bid amount of RMB 162 billion and an allotment of RMB 162 billion. It also conducted RMB 600 billion of overnight reverse repurchase operations. Data showed that RMB 603 billion of reverse repurchases matured that day, resulting in a single-day net injection of RMB 159 billion.
On the funding side, short-term Shibor rates rose across the board. The overnight rate rose 1.8 basis points to 1.46%, a new high since November 2025; the 7-day rate rose 1.8 basis points to 1.45%; the 14-day rate rose 1.5 basis points to 1.438%; and the 1-month rate rose 0.02 basis points to 1.4222%. Interbank repo fixing rates all increased: FR001 rose 5.0 basis points to 1.5%, FR007 rose 2.0 basis points to 1.46%, and FR014 rose 1.0 basis point to 1.46%. Interbank repo fixing rates between banks also rose across the board: FDR001 rose 3.0 basis points to 1.48%, FDR007 rose 2.0 basis points to 1.45%, and FDR014 rose 5.0 basis points to 1.45%. In the primary certificate of deposit market, 3-month national joint-stock bank issues were quoted in the 1.42%-1.44% range, while 1-year national joint-stock bank issues were quoted in the 1.48%-1.49% range.
In the secondary certificate of deposit market, 6-month national joint-stock bank issues traded around 1.4600% and 1-year national joint-stock bank issues traded at 1.4880%, both little changed from the previous day.