Group 1 - The funding environment remains loose, with interest rates dropping below the 1.4% policy rate level, supported by weak inflation and trade data [1][5] - The People's Bank of China (PBOC) announced a 400 billion yuan reverse repurchase operation, contributing to a net injection of 200 billion yuan in June, ensuring ample liquidity for government bond issuance and maturing interbank certificates of deposit [1][10] - The yield on 10-year government bonds decreased by 1 basis point to 1.64% over the week, indicating a flattening of the yield curve [1][5] Group 2 - The first meeting of the China-U.S. economic and trade consultation mechanism took place in London, where both sides reached a framework agreement to implement the consensus from the June 5 call between the two heads of state [1][11] - Despite improved market confidence, uncertainties regarding demand and the external trade environment may still disrupt economic growth [1][11] - The bond market fundamentals are expected to remain stable, with ongoing attention needed on international situations, second-quarter funding changes, and government debt supply impacts [1][11] Group 3 - The bond market saw a total issuance of 51 bonds amounting to 941.13 billion yuan last week, including 65.78 billion yuan in government bonds [5][6] - For the upcoming week, 68 bonds are planned for issuance, totaling 686.75 billion yuan, with 39 billion yuan in government bonds [6] - The yield curve for government bonds showed a downward trend across various maturities, with notable decreases in the long-term bonds [2][3]
【债市观察】央行买断式逆回购加码呵护流动性 中美经贸磋商引发市场震荡
Xin Hua Cai Jing·2025-06-16 03:45