每日债市速递 | 央行发布10月各项工具流动性投放情况

Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on November 4, with a fixed rate and quantity tendering, amounting to 117.5 billion yuan at an interest rate of 1.40%, with the same amount being the winning bid [1] - On the same day, 475.3 billion yuan in reverse repos matured, resulting in a net withdrawal of 357.8 billion yuan [1] Funding Conditions - The interbank funding environment remained stable and loose, with overnight repurchase rates slightly rising to around 1.31% [3] - The overnight quotes in the anonymous click (X-repo) system also hovered around 1.3%, with supply exceeding 100 billion yuan [3] - Non-bank institutions' pledging of certificates of deposit and credit bonds for overnight funding maintained rates between 1.42% and 1.43% [3] Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks was at 1.64%, showing a slight increase from the previous day [7] Government Bonds and Futures - The 30-year main contract for government bonds rose by 0.03%, while the 10-year contract remained unchanged, and the 5-year and 2-year contracts both fell by 0.01% [11] Central Bank Liquidity Measures - In October, the central bank resumed open market transactions of government bonds, with a net injection of 20 billion yuan, and a net injection of 200 billion yuan through medium-term lending facilities [11] - On November 5, the central bank planned to conduct a 700 billion yuan buyout reverse repurchase operation with a term of 3 months (91 days) [11] Local Government Bonds - In the first ten months of the year, local government bonds issued totaled approximately 910.62 billion yuan, a year-on-year increase of about 23%, marking a historical high for the same period [11] - The issuance of local government bonds accelerated significantly in the first half of the year, but showed a downward trend from July onwards, with October's issuance at approximately 56 billion yuan, slightly higher than January's issuance [11] Global Macro Insights - The U.S. Treasury Secretary expects stable and high-speed growth next year without triggering inflation, predicting a decline in inflation and interest rates [14] - The South Korean President stated that trade negotiations with the U.S. have created a fair competitive environment for local automotive and chip industries, indicating an improvement in consumer confidence and economic conditions in South Korea [15]