Monetary conditions remain loose, with the weighted average interest rate on overnight repurchase agreements hitting a new low of over 32 months.

The overnight weighted average interest rate of China's interbank repo fell to around 1.21% today, hitting a new low since August 4, 2023; the seven-day repo weighted average interest rate also dipped to around 1.30%, continuing to invert with the seven-day reverse repo operation rate, setting a new low since August 8, 2022. In the anonymous click system, overnight funding quotes continue to be maintained at 1.2%, with ample supply.