11月8日,央行公开市场招标发行100亿1年期央票,中标利率3.5733%,较之前3.5840%的发行利率小幅下行1.07bp。这也是自2009年7月1年期央票重启发行以来,首次出现一级市场发行利率下降的情形。紧接着的一周,央行意外放量发行520亿1年期央票,中标利率再度下行8.58bp至3.4875%。央票发行利率的下行一方面体现了当时 On November 8, the central bank issued 10 billion 1-year central bank bills openly on the open market, winning a bid of 3.5733%, a slight 1.07bp lower than the 3.5840% issuance rate. This is the first time since the central bank reissued and issued in July 2009 that the first-tier market has seen its interest rate fall. The following week, the central bank unexpectedly released 52 billion one-year central bills in unexpected amounts, and the winning interest rate again dropped 8.58bp to 3.4875%. The downward spiral of the central bank bills on the one hand reflects the time