Stabilizing growth policies are being implemented, and there is room for market interest rates to decrease.

Facing the dual challenges of tax season and the transition to a new month, the People's Bank of China increased its liquidity injections this week. With the support of the central bank's liquidity, the interbank market had a relatively loose money market this week, and overall funding rates trended downward. Looking ahead to November, in terms of disruptive factors, Wang Qing, Chief Macro Analyst at Orient Securities, told reporters that recently 500 billion yuan has been allocated in local government debt limits for supplementing local government finances and expanding effective investments. This implies that there will be an additional 500 billion yuan of local government bonds issued before the end of the year, and the issuance of government bonds in November may be at a higher level. Furthermore, 500 billion yuan worth of new policy financial instruments have already been fully released, which will further boost the growth of corresponding loans. Finally, in November, there will be a significant increase in the maturity of interbank certificates of deposit. "Taking into account the current economic and financial situation, especially with macroeconomic policies focusing more on stabilizing growth and expectations by the end of the year, it is expected that in November, the central bank will comprehensively utilize various liquidity management tools to maintain a stable and relatively loose money market, with potential downward space for various market rates," said Wang Qing.