【笔记20251020— 中美博弈关键的两周】

Core Viewpoint - The article discusses the current state of the US-China economic negotiations and its impact on the financial markets, highlighting the importance of upcoming meetings and the overall market sentiment [5][7]. Financial Market Overview - The interbank funding environment is balanced and slightly loose, with a notable increase in long-term bond yields [3]. - The central bank conducted a 1,890 billion yuan reverse repurchase operation, with 2,538 billion yuan maturing, resulting in a net withdrawal of 648 billion yuan [3]. - The funding rates remain stable, with DR001 around 1.31% and DR007 around 1.43% [3]. Bond Market Insights - The bond market showed a slight upward trend, influenced by comments from former President Trump regarding tariffs on China, which were deemed unsustainable [5][6]. - The 10-year government bond yield fluctuated, opening at 1.7525% and reaching approximately 1.768% [5]. - The latest LPR (Loan Prime Rate) remained unchanged, aligning with market expectations [5]. Upcoming Events - Key negotiations between US and Chinese representatives are scheduled in Malaysia, with significant implications for future trade relations [7]. - The upcoming APEC meeting is highlighted as a critical moment for high-level discussions between the two nations [7].