每日债市速递 | 上海优化调整房地产政策

Monetary Policy Operations - The central bank announced a 7-day reverse repurchase operation of 409.5 billion yuan at a fixed rate of 1.40% on February 25, with a net injection of 9.5 billion yuan after 400 billion yuan matured on the same day [1] Market Liquidity - The interbank market remains tight due to the tax period and month-end effects, with the weighted average rate of DR001 rising nearly 2 basis points to above 1.38%, while DR007 decreased [3] - The overnight rate in the anonymous click (X-repo) system is reported at 1.43%, indicating unstable supply, with non-bank institutions borrowing overnight funds against pledged credit bonds at rates close to 1.6% [3] - The overnight financing rate in the US stands at 3.66% [3] Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is around 1.59%, showing a slight increase from the previous day [5] Bond Market - Major interbank bond yields have risen, with the 30-year futures contract down 0.47%, the 10-year down 0.13%, the 5-year down 0.10%, and the 2-year down 0.06% [9] Regulatory Developments - The draft amendment to the Certified Public Accountant Law was submitted for review, aiming to further regulate professional conduct and enhance accountability [10] - A joint notice from five departments in Shanghai aims to optimize real estate policies, including adjustments to housing purchase restrictions for non-local residents starting February 26, 2026 [10] International Developments - The US President highlighted low gasoline prices and mortgage rates in his State of the Union address, emphasizing the government's efforts to lower inflation [12] - The Bank of Thailand unexpectedly cut its key interest rate by 25 basis points to 1% [12] Upcoming Events - The China Development Bank plans to issue no more than 44 billion yuan in financial bonds on February 26 [15] - Country Garden intends to repurchase up to 450 million yuan of its domestic bonds [15]