国债期货震荡整理

Group 1: Report Core View - Today, Treasury bond futures fluctuated and consolidated. After continuous corrections since July, the 1-year Treasury bond yield rebounded to near the policy rate, triggering the anchoring effect of the policy rate. Coupled with the policy emphasis on implementing a moderately loose monetary policy in the second half of the year, Treasury bond futures bottomed out and rebounded. However, the central bank's recent open market operations have shifted to net liquidity withdrawal, and the high trading volume in the stock market indicates that investors have a strong risk appetite, so the upward momentum of Treasury bonds is insufficient. In general, it is expected that Treasury bond futures will mainly fluctuate within a range in the short term [4] Group 2: Industry News - On August 1st, the People's Bank of China announced that it conducted 126 billion yuan of 7-day reverse repurchase operations at a fixed rate through quantity tender. Both the bid volume and winning bid volume were 126 billion yuan, and the operating rate was 1.40%. There were 789.3 billion yuan of 7-day reverse repurchases maturing today, resulting in a net withdrawal of 663.3 billion yuan on the day [6]