4月份货币市场资金面保持均衡

Group 1 - The U.S. "reciprocal tariffs" policy poses challenges to the global economic environment and financial market stability, prompting China to implement a series of macroeconomic policies to support economic growth [1] - In April, the People's Bank of China (PBOC) announced ten monetary policy measures to enhance macroeconomic control and support the real economy [1][3] - The interbank market showed resilience with a total transaction volume of 183.6 trillion yuan in April, reflecting a 4.7% month-on-month increase but a 2.6% year-on-year decrease [1] Group 2 - In April, the PBOC net injected 500 billion yuan through Medium-term Lending Facility (MLF) and net withdrew 179.2 billion yuan through reverse repos, resulting in an overall net injection of 270.8 billion yuan for the month [2][3] - Major repo rates declined, with the weighted average of overnight repo rates (DR001 and R001) decreasing by 10 and 16 basis points respectively [2] Group 3 - The bond market saw an issuance of 4.96 trillion yuan in April, a 7.8% month-on-month increase and a 23% year-on-year increase, while net financing decreased by 7.9% month-on-month [4] - The issuance of special government bonds and central financial institution bonds is expected to increase supply pressure in May [4] Group 4 - The yield on government bonds decreased in April, with the 1-year to 30-year yields dropping between 8 and 20 basis points [5] - The credit bond yields also declined, while credit spreads widened, indicating a mixed performance in the bond market [5] Group 5 - The interest rate swap curve shifted downward in April, with significant decreases in the swap rates for various maturities [6] - The average daily transaction volume in the RMB interest rate swap market decreased, indicating a reduction in trading activity [6]