每日债市速递 | 银行间市场资金面出现收敛

Monetary Policy Operations - The central bank announced a 7-day reverse repurchase operation of 861 billion yuan at a fixed rate of 1.40% on January 12, with a net injection of 361 billion yuan after accounting for 500 billion yuan in maturing repos [1][4]. Market Liquidity - The interbank market liquidity has tightened, with the weighted average rate of DR001 rising over 5 basis points to 1.32%. Overnight rates in the anonymous click (X-repo) system increased by 10 basis points to 1.35%, with supply reduced to several hundred billion [2][4]. - The latest overnight financing rate in the U.S. stands at 3.64% [2]. Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is at 1.64%, showing a slight increase from the previous day [6][7]. Government Investment Funds - Four departments jointly issued guidelines to strengthen the planning and direction of government investment funds, introducing 14 policy measures focusing on investment in emerging and future industries, including new-generation information technology, renewable energy, and artificial intelligence [10][11]. Bond Market Developments - The yields on major interbank bonds have generally declined, with the 30-year government bond futures contract rising by 0.30%, the 10-year by 0.06%, and the 5-year by 0.05% [8][10]. - Recent negative events in the bond market include disciplinary actions against executives of Sunac Real Estate Group for failing to disclose overdue debts and considerations by China Overseas Hongyang Group to issue dim sum bonds [12]. Non-Standard Assets Risks - Recent disclosures indicate various non-standard asset risks, including defaults and risk warnings related to trust plans and private equity funds [14].