Domestic News - The Minister of Finance, Lan Fan'an, attended the 2025 BRICS Finance Ministers and Central Bank Governors Meeting, emphasizing China's commitment to deepen financial cooperation among BRICS nations and support the development of the New Development Bank [2] - The People's Bank of China released a draft for public consultation regarding the rules for the Cross-Border Interbank Payment System (CIPS), aiming to optimize its functions and services [2] Market Dynamics - On July 4, the interbank market showed a mixed trend in major interest rate bonds, with short- to medium-term bonds continuing to decline due to ample liquidity, while long-term bonds experienced a slight increase [9][10] - The yield on the 10-year government bond rose by 0.15 basis points to 1.6410%, while the 10-year policy bank bond yield also increased by 0.15 basis points to 1.7175% [9][10] Credit Bonds - On July 4, two industrial bonds experienced significant price deviations, with "H1碧地01" dropping over 66% and "H0中骏02" declining over 19% [11] - Sunac China announced plans to issue 754 million shares to raise approximately 5.6 billion yuan to repay domestic bonds [11] Convertible Bonds - The convertible bond market showed divergence, with the China Securities Index for convertible bonds rising by 0.15% and the Shenzhen index declining by 0.01% on July 4 [14] - The trading volume in the convertible bond market reached 82.835 billion yuan, an increase of 15.047 billion yuan from the previous trading day [14] - Notable performers included the newly listed electric chemical convertible bond, which hit the upper limit, and the Anke convertible bond, which rose over 36% [14][15] International Market - The yield on 10-year government bonds in major European economies showed mixed trends, with Germany's yield decreasing by 1 basis point to 2.57% while France's yield increased by 1 basis point [17]
债市早报：资金面充盈宽松；债市收益率走势有所分化，中短端延续下行，长端小幅上行
Sou Hu Cai Jing·2025-07-07 01:48