债市日报：7月30日

Core Viewpoint - The bond market showed significant recovery on July 30, with a general decline in yields following the release of key meeting content, which alleviated previous market caution [1][2]. Market Performance - Government bond futures closed higher across the board, with the 30-year main contract rising by 0.40% to 118.36, the 10-year main contract up by 0.15% to 108.3, and the 5-year main contract increasing by 0.08% to 105.63 [2]. - The average yield on interbank bonds fell by approximately 3 basis points, with the 30-year government bond yield decreasing by 4.1 basis points to 1.92% [2]. Monetary Policy and Liquidity - The central bank conducted a net injection of 158.5 billion yuan through reverse repos, with a total of 309 billion yuan in 7-day reverse repos at a rate of 1.40% [5]. - Short-term funding rates continued to decline, with the overnight Shibor down by 4.9 basis points to 1.317% [5]. Institutional Insights - Citic Securities indicated that the liquidity pressure for August is manageable, and the risk from fiscal and monetary policies is controllable, suggesting a cautious approach to market positioning [6]. - China International Capital Corporation (CICC) noted that the demand for credit bonds remains stable, and the risk of significant adjustments in interest rate bonds is low unless major growth-stabilizing policies are introduced [6].