您的当前位置：首页 > 行业数据 > 2025年以来R001/DR001（单位：%）

2025年以来R001/DR001（单位：%）

行业数据

下载图片

原图定位

同报告图片

/ 4

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

所属报告：

银行行业行业专题研究：为何资金面持续偏松？——探寻利率方向（8）-260111（12页）.pdf

打包全文图表

图 1：2025 年以来 R001/DR001（单位：%） ..................................................... 5 图 2：2025 年以来存单利率（单位：%） ............................................................. 5 图 3：固收视角与总量视角对于资产荒的对比解释 ................................................ 5 图 4：2025 年以来 R001/DR001（单位：%） ..................................................... 6 图 5：2025 年以来存单利率（单位：%） ............................................................. 6 图 6：2025 年 2 月-12 月，央行流动性投放结构（单位：亿元） ......................... 7 图 7：人民币跨境资金流动对我国基础货币和货币供应量的影响 .......................... 7 图 8：清算行模式下人民币流动情况 ..................................................................... 8 图 9：央行口径国外负债及占比（单位：%） ....................................................... 8 图 10：代理行模式下人民币流动情况 ................................................................... 9 图 11：银行业对外金融负债：人民币（单位：亿美元） ...................................... 9 图 12：代理行模式下人民币流动情况 ................................................................... 9 图 13：优化优化流动性指标的两种途径 .............................................................. 10 一、为何资金面持续偏松？——探寻利率方向（8）当下市场关注点在于，央行并未降准降息/大额投放流动性，而资金面/存单估值持续稳定且低，如何理解当前资金面持续偏松的环境，参考25Q1的资金面收紧，26年资金是否能保持持续宽松？

行业数据原图定位