Group 1: Open Market Operations - The central bank announced a reverse repurchase operation of 229.1 billion yuan for 7 days at a fixed rate of 1.40% on September 3, with a total bid amount of 229.1 billion yuan and a successful bid amount of 229.1 billion yuan. On the same day, 379.9 billion yuan of reverse repos matured, resulting in a net withdrawal of 150.8 billion yuan [1]. Group 2: Funding Conditions - Continuous net withdrawals by the central bank do not hinder the gradual easing of the interbank funding market at the beginning of the month. The overnight repurchase rate for deposit-taking institutions slightly decreased, remaining around 1.31%. The overnight quotes in the anonymous click (X-repo) system stayed unchanged at 1.30%, with supply around 100 billion yuan. Non-bank institutions borrowed overnight using certificates of deposit and credit bonds as collateral, with the latest quotes around 1.4%, slightly down from the previous day, while the 7-day rate concentrated around 1.45% [3]. Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is around 1.66%, remaining basically unchanged from the previous day [8]. Group 4: Bond Market Overview - The yields on major interbank bonds mostly declined. The yields for various government bonds are as follows: - 1Y: 1.3650% - 2Y: 1.3775% - 5Y: 1.5860% - 10Y: 1.7500% - 30Y: 1.9990% [10]. Group 5: Recent Treasury Auctions - The Ministry of Finance's weighted average yields for 63-day, 91-day, and 182-day treasury bonds were 1.2018%, 1.2352%, and 1.3101%, respectively, with bid-to-cover ratios of 3.08, 2.84, and 2.36 [15]. Group 6: Global Macro Insights - According to the latest forecast from South Korea's Ministry of Strategy and Finance, the debt-to-GDP ratio is expected to rise from 49.1% this year to 51.6% by 2026, and further to 58% by 2029. The ministry warns that without structural reforms, a fiscal crisis may occur [17].
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Wind万得·2025-09-03 22:49