Market Performance - Treasury futures closed lower across the board, with the 30-year main contract down 0.34%, the 10-year main contract down 0.12%, the 5-year main contract down 0.07%, and the 2-year main contract down 0.02% [1] - The yields on major interbank bonds showed mixed performance, with long-term bonds underperforming; the yield on the 10-year government bond "25附息国债16" rose by 0.95 basis points to 1.8370%, and the yield on the 30-year government bond "25超长特别国债06" increased by 1 basis point to 2.1950% [1] Funding Conditions - The central bank announced a 7-day reverse repurchase operation of 212.5 billion yuan at a fixed rate of 1.40%, with the same amount being the bid and awarded [2] - On the same day, 236 billion yuan of reverse repos matured, resulting in a net withdrawal of 23.5 billion yuan [2] - The interbank market remains stable, with overnight repurchase rates hovering around 1.31% for several days, while non-bank institutions have been borrowing against certificates of deposit and credit bonds at rates between 1.40% and 1.45% [2] Policy Developments - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held from October 20 to 23, 2025, outlining major goals for the "14th Five-Year Plan" period, including significant achievements in high-quality development and technological self-reliance [3] - By 2035, the goals include a substantial increase in economic, technological, and national defense strength, with the aim of achieving a per capita GDP at the level of moderately developed countries [3] Operational Suggestions - The bond market experienced fluctuations with mixed closing results, lacking direction ahead of major meetings and new regulations [4] - It is suggested to focus on new policy guidance from upcoming press conferences and the status of China-U.S. trade negotiations, with a recommendation for a wait-and-see approach for unilateral strategies [4]
国债期货：期债走势震荡收盘涨跌不一 等待新的政策指引
Jin Tou Wang·2025-10-24 02:32