债市日报：1月16日

Core Viewpoint - The Chinese bond market shows a strong performance due to the central bank's recent policy measures, although the upward momentum in bond yields has narrowed in the afternoon session [1] Market Performance - Government bond futures closed mostly higher, with the 30-year main contract down 0.09% at 111.16, while the 10-year main contract rose 0.01% to 108.065 [2] - The interbank bond yield continued to decline slightly, with the 10-year policy bank bond yield down 0.4 basis points to 1.9640% and the 10-year government bond yield down 1.25 basis points to 1.8425% [2] - The China Convertible Bond Index rose 0.47% to 519.31 points, with a trading volume of 989.35 billion yuan [2] Monetary Policy - The central bank implemented a series of measures to support high-quality economic development, including a 0.25 percentage point reduction in the re-lending and rediscount rates, and an increase in the re-lending quota for small and micro enterprises by 500 billion yuan [7] - The central bank indicated that there is still room for further reductions in reserve requirements and interest rates this year [7] Economic Indicators - The latest financial data shows that the social financing scale increased by 35.6 trillion yuan in 2025, with a year-on-year increase of 3.34 trillion yuan [6] - The total amount of RMB loans increased by 16.27 trillion yuan, and RMB deposits increased by 26.41 trillion yuan in 2025 [6] Institutional Insights - According to China International Capital Corporation (CICC), the recent policy measures mark the beginning of a loosening process by the central bank, with potential for further monetary policy tools to be utilized if economic conditions worsen [8] - Huatai Securities noted that the current policy focus is on structural support rather than total volume tools, with expectations for a positive economic outlook at the beginning of the year [8] - CITIC Securities highlighted that the central bank's reduction in various re-lending tool rates is aimed at enhancing bank lending activity and stabilizing credit growth [9]