每日债市速递 | 存款类机构隔夜和七天质押式回购利率双降

Group 1: Monetary Policy and Market Operations - The central bank conducted a 7-day reverse repurchase operation on May 20, with a fixed rate of 1.40%, totaling 357 billion yuan, resulting in a net injection of 177 billion yuan for the day after accounting for 180 billion yuan in reverse repos maturing [2][3] - Overnight and 7-day pledged repo rates for deposit-taking institutions decreased by approximately 2 basis points [4] - The latest overnight financing rate in the U.S. stands at 4.3% [4] Group 2: Interbank Rates and Bonds - The latest transaction rate for one-year interbank certificates of deposit is around 1.67%, showing a decline from the previous day [6] - The yields on major interbank bonds are as follows: 1-year government bonds at 1.4425%, 2-year at 1.4775%, 3-year at 1.4985%, 5-year at 1.5385%, 7-year at 1.6135%, and 10-year at 1.6670% [8] - The closing prices for government bond futures indicate a slight decline for the 5-year and 2-year contracts, while the 10-year contract saw a marginal increase [10] Group 3: Economic Indicators - The LPR was lowered by 10 basis points in May, with the 1-year LPR now at 3% and the 5-year LPR at 3.5% [11] - The unemployment rate for urban youth aged 16-24 reached 15.8% in April, while the rate for those aged 25-29 is 7.1%, and for ages 30-59, it is 4.0% [11] Group 4: Global Economic Context - The European Central Bank's executive board member noted that inflation is returning to normal, but new challenges arise from tariffs, which may have short-term anti-inflation effects but could pose upward risks in the medium term [13] Group 5: Bond Market Developments - As of April 2025, foreign institutions hold 4.44 trillion yuan in the interbank bond market [15] - The China Financial Futures Exchange announced the addition of deliverable bonds for 10-year government bond futures [17] - Recent negative events in the bond market include extensions for debt restructuring by certain companies and rating observations for others [17]