每日债市速递 | 央行公开市场单日净回笼4922亿

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on November 5, with a fixed rate and a total amount of 65.5 billion yuan, at an interest rate of 1.40% [1] - On the same day, 557.7 billion yuan of reverse repos matured, resulting in a net withdrawal of 492.2 billion yuan [1] Group 2: Funding Conditions - The central bank's net withdrawal scale has increased, but interbank funding remains loose, with overnight repurchase rates around 1.31% [3] - The overnight quotes in the anonymous click (X-repo) system are also around 1.3%, indicating ample supply [3] - Non-bank institutions' overnight borrowing rates for pledged certificates of deposit and credit bonds are maintained at around 1.4% [3] - The market liquidity expectations are further soothed by the central bank's announcement to restart government bond trading and conduct buyout reverse repos [3] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is around 1.64%, showing a slight decline from the previous day [7] Group 4: Government Bond Futures - The closing prices for government bond futures show a slight decline, with the 30-year main contract down 0.08%, the 10-year down 0.01%, and the 2-year down 0.01% [12] Group 5: Key Economic Events - Premier Li Qiang emphasized the certainty of development and openness in China's economic strategy during the China International Import Expo [13] - The State Council announced the suspension of additional tariffs on certain U.S. imports starting November 10, 2025, while retaining a 10% tariff rate [13] - The National Development Bank reported that it has provided over 150 billion yuan in loans to support technological innovation and equipment upgrades since 2022 [14] Group 6: Global Macro Events - The U.S. federal government has entered its 36th day of shutdown, marking the longest in history [16] - The Bank of Japan's meeting minutes indicate a consensus on the potential for continued interest rate hikes if economic and price forecasts are met [16] Group 7: Bond Market Developments - The National Development Bank plans to issue up to 8 billion yuan in fixed-rate bonds on November 6 [18] - China Bank is assisting the Indonesian government in issuing 6 billion yuan in dim sum bonds in Hong Kong [18] - Country Garden reported a sales revenue of 27.96 billion yuan for the first ten months and held a creditor meeting for its offshore debt restructuring plan on November 5 [18]