公开市场短期利率走低，资金宽松，债市回暖

Core Viewpoint - The liquidity injection of one trillion yuan has led to significant changes in the market's funding environment, with a notable decline in short-term interest rates across various instruments, indicating a continued easing of monetary conditions [1][2][3]. Group 1: Market Interest Rates - As of June 9, 2025, the weighted average interest rates for various repo instruments have decreased, with DR001 at 1.377%, DR007 at 1.5126%, and DR014 at 1.5393%, marking new lows since December 2024 and January 2023 respectively [1][2]. - The R007 rate also fell to 1.4938%, the lowest since October 2024, while the overnight repo rate dropped to 1.3705%, the lowest since December 2024 [2][3]. Group 2: Monetary Policy Actions - The People's Bank of China (PBOC) has implemented a one trillion yuan buyout reverse repo operation to maintain liquidity, which has been a key factor in the recent decline of short-term interest rates [5][6]. - The PBOC's actions, including the announcement of large-scale reverse repos at the beginning of the month, are aimed at countering the pressure from maturing interbank certificates of deposit, which have reached a peak of over 4.2 trillion yuan in June [6][7]. Group 3: Bond Market Impact - The bond market has shown signs of recovery, with long-term bond yields continuing to decline. The 10-year government bond yield was reported at 1.6547% on June 6, down 1.65 basis points from the previous week [10][11]. - Analysts expect the bond market to remain strong due to supportive monetary conditions and the PBOC's proactive liquidity management, which is likely to keep interest rates low [10][11].