每日债市速递 | 央行就《银行间市场经纪业务管理办法（征求意见稿）》公开征求意见

Group 1: Open Market Operations - The central bank announced a 7-day reverse repurchase operation of 187.5 billion yuan at a fixed rate of 1.4% on July 18, with a total bid and awarded amount of 187.5 billion yuan [1] - On the same day, 84.7 billion yuan of reverse repos matured, resulting in a net injection of 102.8 billion yuan [1] - From July 21 to 25, a total of 1.7268 trillion yuan in reverse repos will mature, along with 200 billion yuan in MLF maturing on July 25 and 120 billion yuan in treasury cash deposits maturing on July 22 [1] Group 2: Funding Conditions - The overall funding conditions are slightly easing, with overnight pledged repo rates down slightly to 1.45% and 7-day pledged repo rates down by less than 2 basis points to 1.50% [3] - The latest overnight financing rate in the U.S. is 4.34% [4] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is around 1.62%, showing a slight decline from the previous day [7] Group 4: Bond Market - The yields on major interbank bonds are mixed, with the 30-year main contract down 0.22%, the 10-year main contract down 0.08%, and the 5-year main contract down 0.05% [11] - The 2-year main contract remained flat [11] Group 5: Regulatory Developments - The central bank is soliciting opinions on the "Interbank Market Brokerage Business Management Measures (Draft for Comments)," which includes 26 articles focusing on brokerage institution types, risk isolation, and client qualification management [12] - The National Development and Reform Commission and six other departments issued measures to encourage foreign investment enterprises to reinvest domestically, optimizing management processes [12] - The Ministry of Industry and Information Technology announced that a work plan for stabilizing growth in ten key industries will be released soon [12] Group 6: Global Macro - Federal Reserve Governor Waller stated that economic data should dictate the pace of interest rate cuts, emphasizing the importance of central bank independence [15] Group 7: Bond Events - Anhui Province plans to issue 92.752 billion yuan in local bonds in August, all of which are special bonds [17] - Jilin Province plans to issue 10.36555 billion yuan in local government bonds in August [17]