Market Performance - The majority of government bond futures closed higher, with the 30-year main contract rising by 0.28% to 120.740, the 10-year main contract up by 0.10% to 109.005, the 5-year main contract increasing by 0.06% to 106.205, and the 2-year main contract down by 0.01% to 102.488 [1] - The yields on major interbank bonds mostly declined, with the 30-year government bond yield down by 0.9 basis points to 1.8520%, the 10-year policy bank bond yield down by 0.85 basis points to 1.7175%, the 10-year government bond yield down by 0.25 basis points to 1.6435%, and the 2-year government bond yield up by 0.1 basis points to 1.3660% [1] Funding Conditions - The central bank announced a fixed-rate reverse repurchase operation of 131 billion yuan for 7 days at an interest rate of 1.40%, with a total bid amount of 131 billion yuan and a successful bid amount of 131 billion yuan [2] - On the same day, 406.5 billion yuan of reverse repos matured, resulting in a net withdrawal of 275.5 billion yuan [2] - After the month-end, the funding conditions for banks have returned to a loose state, with overnight pledged repo rates dropping over 14 basis points to 1.36%, and seven-day pledged repo rates declining over 37 basis points [2] Operational Suggestions - As the funding conditions turn loose at the beginning of the month, the overall bond market has rebounded, but there is currently a lack of momentum to break previous highs [3] - Key points to monitor include whether funding rates can further decline, the subsequent fundamental conditions, and whether the central bank will announce government bond trading situations [3] - For government bond futures strategy, it is suggested to appropriately allocate long positions during adjustments, take profit near previous highs, and pay attention to economic data and funding trends [3]
国债期货：跨月后资金利率大幅下行 期债整体回升
Jin Tou Wang·2025-07-02 01:51