Market Performance - The majority of government bond futures closed higher, with the 30-year main contract up 0.05% at 120.520 yuan, and the 10-year main contract up 0.01% at 109.015 yuan [1] - The yield on the 30-year government bond "25 Super Long Special Government Bond 02" rose by 0.20 basis points to 1.8510% [1] - The yield on the 10-year government bond "25附息国债11" remained unchanged at 1.6420% [1] Funding Conditions - The central bank announced a reverse repurchase operation of 242 billion yuan at a fixed rate of 1.40% on June 16, resulting in a net injection of 68.2 billion yuan for the day [2] - The overnight pledged repo rate for deposit-taking institutions fell by over 2 basis points to around 1.39% [2] - The latest transaction for one-year interbank certificates of deposit was around 1.67%, unchanged from the previous day [2] Economic Fundamentals - In May, the industrial added value above designated size increased by 5.8% year-on-year, down from 6.1% in the previous month [3] - Retail sales of consumer goods in May grew by 6.4% year-on-year, up from 5.1% previously, with non-automobile retail sales increasing by 7.0% [3] - Fixed asset investment (excluding rural households) rose by 3.7% year-on-year in the first five months, down from 4% previously [3] Operational Suggestions - The economic data for May presents mixed signals, with the bond market likely not being the main trading focus in the short term [4] - The upcoming tax period and seasonal funding tests are expected to influence bond market trends, with potential seasonal increases in funding rates [4] - A strategy of adjusting long positions during market corrections is recommended, while monitoring high-frequency economic data and funding conditions [4]
国债期货：央行公开市场净投放 期债多数收涨
Jin Tou Wang·2025-06-17 02:37