Group 1: Domestic Market Developments - The Ministry of Finance and the State Administration of Taxation announced that starting from August 8, 2025, value-added tax will be reinstated on interest income from newly issued government bonds, local government bonds, and financial bonds [2] - The People's Bank of China emphasized the use of various monetary policy tools to maintain liquidity and support credit growth for technology-oriented small and medium-sized enterprises [3] - The National Development and Reform Commission reported that the issuance of special long-term bonds has progressed significantly, with 61% of the planned issuance completed by August 1, 2025 [5] Group 2: Bond Market Dynamics - On August 1, major interest rate bonds in the interbank market saw a general decline in yields, influenced by the announcement regarding the reinstatement of VAT on new government bonds [13] - The convertible bond market experienced a rebound, with major indices showing increases, and a significant number of convertible bonds rising in price [22] - The issuance of new policy-based financial instruments is expected to accelerate, with various regions holding meetings to discuss the establishment of these instruments [7] Group 3: International Market Insights - The U.S. non-farm payrolls for July showed a significant drop to 73,000 jobs, far below the expected 104,000, with previous months' data also revised downwards [8] - U.S. Treasury yields fell sharply across all maturities due to the weak employment data, with the 2-year yield down 25 basis points to 3.69% and the 10-year yield down 14 basis points to 4.23% [25] - In the European bond market, the 10-year government bond yields showed mixed movements, with Germany's yield decreasing slightly while others remained stable [28]
债市早报:国债等债券利息收入恢复征收增值税;银行间主要利率债收益率普遍下行
Sou Hu Cai Jing·2025-08-04 02:20