Market Performance - The majority of government bond futures closed higher, with the 10-year main contract up by 0.15% and the 5-year main contract up by 0.13% [1] - The yield on the 30-year government bond "25超长特别国债02" decreased by 1.5 basis points to 2.0790%, while the 10-year government bond "25附息国债11" yield fell by 1.6 basis points to 1.7840% [1] Funding Situation - The central bank conducted a 287 billion yuan 7-day reverse repurchase operation at a fixed rate of 1.40%, with a net injection of 40 billion yuan for the day [2] - The interbank market saw an increase in overnight repurchase weighted rates above 1.44%, indicating a tightening funding situation despite the central bank's liquidity injections [2] Operational Suggestions - Despite a tightening funding situation, the bond market is showing signs of recovery due to improved cost-effectiveness and expectations of renewed bond purchases by the central bank [3] - The bond market remains uncertain, with factors such as market risk appetite and potential policy changes influencing future stability [3]
国债期货：期债先抑后扬 央行买债预期增强
Jin Tou Wang·2025-09-17 02:11