Market Performance - The closing of treasury futures showed mixed results, with the 30-year main contract down by 0.04%, while the 10-year main contract rose by 0.01% [1] - The yield on the 30-year government bond "23附息国债23" decreased by 0.1 basis points to 1.9150% [1] - The yield on the 10-year government bond "25附息国债04" increased by 1.1 basis points to 1.685% [1] Funding Conditions - The central bank announced a 7-day reverse repo operation of 154.5 billion yuan at a fixed rate of 1.40%, resulting in a net injection of 90 billion yuan for the day [2] - The overnight and 7-day pledged repo rates in the interbank market continued to decline, down by approximately 3 basis points and 0.5 basis points, respectively [2] - The central bank is expected to conduct a 500 billion yuan MLF operation on May 23, 2025, to continue injecting medium- and long-term funds [2] Operational Recommendations - The bond market is expected to enter a phase of fluctuation, with limited risk of decline in treasury bonds due to the ongoing counter-cyclical policy [3] - The 10-year government bond yield is anticipated to fluctuate within the range of 1.65% to 1.7%, while the 30-year bond yield is expected to be between 1.85% and 1.95% [3] - A cautious approach is recommended, focusing on high-frequency economic data and funding dynamics [3]
国债期货：资金利率小幅下行 期债延续震荡走势
Jin Tou Wang·2025-05-23 02:01