资金利率中枢下行 债市收益率震荡走高

Group 1 - The core viewpoint of the articles highlights the coordinated efforts of total control and structural tools to direct financial resources towards the weak links in the real economy, further consolidating the positive trend of economic recovery since May [1] - In May, the People's Bank of China (PBOC) implemented a 10 basis point interest rate cut and a 0.5 percentage point reserve requirement ratio (RRR) reduction, releasing 1 trillion yuan in funds [2] - The average daily transaction volume in the interbank market was 173.9 trillion yuan in May, a decrease of 5.3% month-on-month but an increase of 4.4% year-on-year [1][2] Group 2 - The bond market saw a total issuance of 4.48 trillion yuan in May, a month-on-month decrease of 9.8% but a year-on-year increase of 18.8% [4] - The yield on 10-year government bonds fluctuated between 1.63% and 1.73% in May, with the yield curve showing an upward trend [4][5] - The average weighted rates for overnight repurchase agreements (DR001) and pledged repos (R001) decreased by 17 basis points to 1.5% and 1.54%, respectively [3] Group 3 - The overall liquidity in the market remained balanced and loose, with a net injection of 1.3998 trillion yuan throughout May [2] - The interest rate swap curve shifted upward, with the 1-year and 5-year Shibor 3M swap rates showing slight increases [6] - The net financing in the bond market reached 2.11 trillion yuan in May, a month-on-month increase of 68% [4]