Market Performance - The majority of government bond futures closed lower, with the 30-year main contract down 0.04% at 119.400 yuan, while the 10-year main contract remained flat at 108.730 yuan [1] - The yields on major interbank bonds rose, with the 30-year government bond yield increasing by 0.65 basis points to 1.9240%, and the 10-year government development bond yield rising by 0.45 basis points to 1.7140% [1] Funding Conditions - The central bank announced a 215.5 billion yuan 7-day reverse repo operation at a fixed rate of 1.40%, with a net injection of 58.5 billion yuan for the day [2] - Liquidity remains ample, with overnight and 7-day pledged repo rates declining, indicating a stable funding environment ahead of month-end [2] - The latest transaction rate for one-year interbank certificates of deposit is around 1.71%, showing little change from the previous day [2] News Highlights - During this year's Dragon Boat Festival holiday, the average daily inbound and outbound personnel at national ports is expected to reach 2.15 million, a 12.2% increase from last year [3] - The Ministry of Finance reported that in April, a total of 253.4 billion yuan in new local government bonds were issued, with 230.1 billion yuan in special bonds [3] - The total issuance of local government bonds reached 693.3 billion yuan, indicating a potential increase in investment growth in May and June [3] Operational Suggestions - The bond market is expected to continue its narrow fluctuations, with limited downside risk due to the central bank's support for liquidity [4] - Short-term 10-year government bond yields are projected to fluctuate between 1.65% and 1.7%, while 30-year bond yields may range from 1.85% to 1.95% [4] - A cautious approach is recommended, focusing on high-frequency economic data and funding dynamics, with attention to the upcoming PMI data [4]
国债期货：期债延续震荡偏弱 短期难摆脱窄幅震荡
Jin Tou Wang·2025-05-29 02:07