MMi Daily Iron Ore Report (July 17 )

The PBOC issued a public market outright reverse repo tender announcement stating that, to maintain ample liquidity in the banking system, on October 15, 2026, the People's Bank of China will conduct a 700 billion yuan outright reverse repo operation through fixed quantity, interest rate tender, and multiple price bidding, with a tenor of 6 months (182 days) and a maturity date of April 15, 2027 (postponed in case of holidays).

According to central bank data, at the end of September, the broad money (M2) balance was 359.63 trillion yuan, up 7.2% YoY. The narrow money (M1) balance was 116.76 trillion yuan, up 3.2% YoY. Currency in circulation (M0) balance was 15.02 trillion yuan, up 10.6% YoY. Net cash injection in the first three quarters was 922.1 billion yuan.

PBOC data shows that at the end of September, the outstanding amount of domestic and foreign currency deposits was 357.52 trillion yuan, up 7.6% YoY. At month-end, the outstanding amount of RMB deposits was 349.45 trillion yuan, up 7.5% YoY. In the first three quarters, RMB deposits increased by 20.76 trillion yuan. Specifically, household deposits increased by 9.39 trillion yuan, non-financial enterprise deposits increased by 3.16 trillion yuan, fiscal deposits increased by 1.63 trillion yuan, and deposits of non-banking financial institutions increased by 4.41 trillion yuan. At the end of September, the outstanding amount of foreign currency deposits was $1.2 trillion, up 17.7% YoY. In the first three quarters, foreign currency deposits increased by $139.4 billion.