Economic Data - In July, China's consumer price index rose by 0.5%[1] - The total retail sales of consumer goods increased by 2.7%[1] - Fixed asset investment grew by 3.6%[1] - Industrial value-added for large enterprises increased by 5.1%[1] Monetary Policy - The People's Bank of China (PBOC) lowered the one-year Loan Prime Rate (LPR) to 3.35% and the five-year LPR to 3.85%, both down by 10 basis points from the previous month[1][4] - The central bank conducted a 149.1 billion yuan reverse repurchase operation with a 7-day rate of 1.70%, maintaining the previous rate[3] Bond Market Performance - On August 20, the 2-year government bond futures contract (TS2409) closed at 102.074, down 0.03%[1] - The 5-year government bond futures contract (TF2412) closed at 104.400, up 0.01%[1] - The 10-year government bond futures contract (T2412) closed at 105.790, up 0.02%[1] - The 30-year government bond futures contract (TL2412) closed at 111.460, up 0.22%[1] Market Sentiment - The overall sentiment in the bond market is positive due to favorable economic data and reduced pressure from the central bank on large banks to sell bonds[4] - Analysts suggest maintaining positions and continuing to observe the market rather than chasing high prices[4]