跨季后，资金面或自发式宽松

Group 1: Liquidity Overview - As the quarter-end approaches, liquidity is marginally converging, with R007 rising by 44bp to 2.26% and DR007 up by 28bp to 2.05% from March 24-28[1] - The overnight rates remained relatively stable, with R001 slightly increasing by 1bp to 1.78% and DR001 decreasing by 3bp to 1.72%[1] - After the tax period, the central bank resumed net absorption, leading to an initial rise in funding rates, which later declined as the central bank signaled support[1] Group 2: Market Signals - The certificate of deposit (CD) market shows improvement, indicating reduced pressure on banks' liabilities at quarter-end, with net lending from the banking system rising to CNY 3.64 trillion[2] - The issuance of CDs decreased to over CNY 800 billion, with weighted issuance rates falling by 5bp to 1.94%[2] - The secondary market saw a decline in CD yields across all maturities, with the 1-month AAA CD yield dropping by 7bp to 1.93%[2] Group 3: Government Bonds and Debt - Government bond net payments significantly dropped to CNY 1,660 billion for the period of March 31 to April 3, down from CNY 6,219 billion the previous week[5] - The planned issuance of government bonds for the same period is CNY 1,877 billion, all of which are local government bonds[5] Group 4: Interbank Certificates and Rates - The interbank certificate maturity scale drastically decreased to CNY 1,011 billion for the upcoming week, compared to CNY 8,307 billion the previous week[6] - The weighted average issuance rate for interbank certificates fell to 1.94%, with the average issuance term shortening to 6.5 months[6]