Due to factors such as cross-sectional and quarterly capital requirements compounded by government debt payments, many institutions expect a moderate decline in funding this week. Societe Generale Securities's fixed income team believes that this week, cross-sectional demand is compounded by large government debt payments, and funding may have moderately subsided, but the probability of obvious over-seasonal fluctuations is not high. There are only four trading days next week. The 7-day capital can span the Mid-Autumn Festival holiday, and the demand for capital may continue to increase across the holidays. Meanwhile, net government debt payments are expected to be 544.3 billion yuan this week. Although it is down from the previous week's level of over 600 billion yuan, it is still higher than the historical average, which will also cause some disturbance in terms of funding. However, the pressure on the tax period subsided, and the 14-day reverse repurchase was restarted, and the central bank released early signals to care for the cross-season and cross-season period. The sequel was relaunched on September 18 this year, which is basically in line with the same period in history. Looking at the scale of the launch, the first day of investment is 100 billion yuan, higher than the 10 billion yuan to 80 billion yuan level for the same period from 2022 to 2024, and lower than 300 billion yuan in 2025. The investment volume is relatively neutral. “Considering the strong demand of the central bank to maintain the smooth operation of capital interest rates this year, it is expected that it may continue to smooth out the gaps in cross-season and cross-season capital interest rates through a flexible combination of 7-day and 14-day reverse repurchases and additional overnight reverse repurchases.” The agency mentioned above stated.

Due to factors such as cross-sectional and quarterly capital requirements compounded by government debt payments, many institutions expect a moderate decline in funding this week. Societe Generale Securities's fixed income team believes that this week, cross-sectional demand is compounded by large government debt payments, and funding may have moderately subsided, but the probability of obvious over-seasonal fluctuations is not high. There are only four trading days next week. The 7-day capital can span the Mid-Autumn Festival holiday, and the demand for capital may continue to increase across the holidays. Meanwhile, net government debt payments are expected to be 544.3 billion yuan this week. Although it is down from the previous week's level of over 600 billion yuan, it is still higher than the historical average, which will also cause some disturbance in terms of funding. However, the pressure on the tax period subsided, and the 14-day reverse repurchase was restarted, and the central bank released early signals to care for the cross-season and cross-season period. The sequel was relaunched on September 18 this year, which is basically in line with the same period in history. Looking at the scale of the launch, the first day of investment is 100 billion yuan, higher than the 10 billion yuan to 80 billion yuan level for the same period from 2022 to 2024, and lower than 300 billion yuan in 2025. The investment volume is relatively neutral. “Considering the strong demand of the central bank to maintain the smooth operation of capital interest rates this year, it is expected that it may continue to smooth out the gaps in cross-season and cross-season capital interest rates through a flexible combination of 7-day and 14-day reverse repurchases and additional overnight reverse repurchases.” The agency mentioned above stated.