每日债市速递 | 上海发布楼市“沪六条”调整限购

Group 1: Open Market Operations - The central bank announced a reverse repurchase operation of 288.4 billion yuan for 7-day terms at a fixed rate of 1.40% on August 25, with a total bid amount of 288.4 billion yuan and a successful bid amount of 288.4 billion yuan. The net injection for the day was calculated to be 21.9 billion yuan after considering the maturity of 266.5 billion yuan in reverse repos [1]. Group 2: Funding Conditions - The interbank market maintained a surplus in funding on Monday, with the weighted average rate for overnight repos dropping over 6 basis points to around 1.35%. The 7-day rate increased by over 5 basis points due to cross-month transactions. The overnight quotes in the anonymous click (X-repo) system were above 1.3%, with supply exceeding 100 billion yuan [3]. - The latest overnight financing rate in the U.S. was reported at 4.32% [3]. Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major banks was around 1.67%, remaining stable compared to the previous day [7]. Group 4: Bond Market Overview - Major interest rates for interbank bonds saw a decline [9]. - Government bond futures closed collectively higher, with the 30-year main contract rising by 0.78%, the 10-year by 0.27%, the 5-year by 0.15%, and the 2-year by 0.10% [13]. Group 5: Policy and Market Developments - The central bank and three departments jointly issued a notice to support the high-quality development of forestry, encouraging the construction of forestry industry bases and increasing medium to long-term loan investments without adding hidden local government debt [14]. - Shanghai released new housing market policies, allowing unlimited purchases for eligible buyers outside the outer ring and increasing the maximum loan amount for housing provident funds by 15% for certain new green buildings [14]. - The People's Bank of China announced that commercial personal housing loan rates in Shanghai will no longer differentiate between first and second homes, reducing the rate for second homes to 3.05% [14]. - The central bank successfully issued 45 billion yuan in central bank bills in Hong Kong, with a 3-month bill yield of 1.6% and a 1-year bill yield of 1.62% [14]. Group 6: Global Macro Developments - The Governor of the Reserve Bank of India stated that 50% of tariffs have yet to take effect and that the current account deficit is sustainable, emphasizing a balanced monetary policy focused on price stability and growth [16]. - South Korean President Lee Jae-myung visited the U.S. for the first time since taking office, discussing trade agreements and tariffs with President Trump [16]. Group 7: Bond Market Events - The China Development Bank will auction up to 27 billion yuan in fixed-rate bonds on August 26 [18]. - Evergrande's Guangdong company was ruled for bankruptcy liquidation by the Guangzhou Intermediate People's Court [18]. - A joint venture was established between Wanda and JD.com with a registered capital of 8.053 billion yuan [18].