Market Performance - Treasury futures closed lower across the board, with the 30-year main contract down 0.26% at 119.460, the 10-year main contract down 0.11% at 108.735, the 5-year main contract down 0.03% at 106.030, and the 2-year main contract down 0.02% at 102.408 [1] - Major interbank bond yields rose, with the 30-year government bond yield increasing by 0.8 basis points to 1.9180%, the 10-year government bond yield rising by 1.4 basis points to 1.7090%, and the 3-year government bond yield up by 0.50 basis points to 1.4925% [1] Funding Conditions - The central bank announced a fixed-rate reverse repurchase operation of 448 billion yuan for 7 days at an interest rate of 1.40%, with a net injection of 91 billion yuan for the day [2] - Liquidity remains loose, with overnight and 7-day pledged repo rates declining, the former down over 6 basis points and the latter down over 3 basis points [2] - The one-year interbank certificates of deposit rates are around 1.71%, showing little change from the previous day, indicating pressure on banks' liabilities [2] Operational Suggestions - The bond market is expected to continue a narrow range of fluctuations, with limited risk of a significant decline in the short term due to the central bank's support for liquidity [3] - Short-term 10-year government bond yields are anticipated to fluctuate between 1.65% and 1.7%, while 30-year government bond yields are expected to range between 1.85% and 1.95% [3] - A single strategy of observation is recommended, focusing on high-frequency economic data and liquidity dynamics, while a spread strategy is suggested for the 2509 contract [3]
国债期货：期债全线下行 短期难摆脱窄幅震荡
Jin Tou Wang·2025-05-28 02:03