债市日报：9月2日

Core Viewpoint - The bond market experienced a slight decline, with an overall increase in market risk appetite, leading to a drop in government bond futures and a rise in interbank bond yields [1][2]. Market Performance - Government bond futures closed lower across the board, with the 30-year main contract down 0.18% to 116.680, the 10-year main contract down 0.03% to 107.955, the 5-year main contract down 0.02% to 105.57, and the 2-year main contract down 0.02% to 102.412 [2]. - The yields on major interbank bonds generally increased, with the 10-year policy bank bond yield rising by 0.1 basis points to 1.871%, and the 10-year government bond yield increasing by 0.15 basis points to 1.77% [2]. Liquidity and Monetary Policy - The central bank conducted a reverse repurchase operation of 2,557 billion yuan at a fixed rate of 1.40%, resulting in a net withdrawal of 1,501 billion yuan for the day [4]. - The Shibor rates for short-term products mostly declined, with the overnight rate down 0.1 basis points to 1.314%, and the 7-day rate down 0.7 basis points to 1.431%, marking a new low since September 2022 [4]. Institutional Insights - Financial institutions suggest that while the bond market may not be overly pessimistic, the overall liquidity in the secondary market remains weak, with structural highlights in certain floating-rate bonds [5]. - The outlook for September indicates that the central bank will maintain a reasonable liquidity level, especially considering the seasonal pressures from the end of the quarter [5].