Group 1: Fixed Income Market Overview - The 10Y government bond yield has shown a downward trend, decreasing by 2.10 basis points to 1.8090% compared to the previous week, influenced by discussions on new monetary policy tools and a weakening equity market [2][3] - The overall liquidity in the money market remains stable, with a slight increase in funding rates as the month-end approaches, but the central bank's supportive stance keeps the cross-month pressure manageable [4][11] Group 2: Money Market Analysis - The central bank's net liquidity injection this week was 530.5 billion, with a notable increase in the 7-day reverse repo balance to 17,615 billion, up by 5,805 billion from the previous week [11][12] - Funding rates have slightly increased, with DR007 rising by 9.91 basis points to 1.59% and R007 increasing by 10.41 basis points to 1.64% as of January 30, 2026 [25][26] Group 3: Primary Market Supply - The net supply of interest rate bonds decreased significantly this week to 3,805.14 billion, a drop of 3,544.45 billion from the previous week, with government bonds showing a net supply of -1,133.40 billion [32][34] - The net financing scale of negotiable certificates of deposit (NCD) turned positive this week, totaling 37.30 billion, an increase of 1,544.40 billion from the previous week [32][39] Group 4: Secondary Market Performance - The yield curve for government bonds is flattening, with the 10Y/1Y yield spread narrowing, indicating a shift in market sentiment [42][50] - The absolute level of government bond yields shows a downward trend, with the 10Y yield slightly decreasing, while the 30Y local government bond yield has seen a minor increase [47][49]
利率市场周度回顾：资金跨月压力可控，10Y国债收益率震荡下行-20260202
East Money Securities·2026-02-02 05:51