债市日报：5月23日

Core Viewpoint - The bond market is experiencing narrow fluctuations, with government bond futures showing slight gains while interbank bond yields are mostly rising, indicating a mixed sentiment in the market [1][2]. Market Performance - Government bond futures closed higher across the board, with the 30-year main contract up 0.04% to 119.600, the 10-year main contract up 0.04% to 108.850, the 5-year main contract up 0.07% to 106.050, and the 2-year main contract up 0.04% to 102.408 [2]. - Interbank major bond yields generally increased, with the 10-year government bond yield rising by 0.75 basis points to 1.6925%, and the 30-year government bond yield increasing by 1 basis point to 1.927% [2]. Monetary Policy and Liquidity - The People's Bank of China (PBOC) conducted a net injection of 360 billion yuan in the open market, with short-term funding rates turning upward [1][6]. - The PBOC is expected to maintain a loose monetary policy, with a net MLF injection of 3.75 trillion yuan anticipated for May, following a recent reserve requirement ratio cut [8] [6]. Institutional Insights - CITIC Securities noted that the MLF operations are expected to continue providing substantial liquidity, with the potential for MLF net injections to become a regular practice [8]. - Dongfang Jincheng highlighted that the ongoing unconventional counter-cyclical adjustments are aimed at maintaining ample liquidity in the banking system and enhancing credit availability for enterprises and residents [8]. - Huatai Securities pointed out that the significant rise in long-term bond yields in the US and Japan is primarily due to concerns over government bond auctions and sovereign rating downgrades, exacerbated by high debt levels in both countries [8].