每日债市速递 | 本周央行公开市场将有16760亿逆回购到期

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation of 375 billion yuan at a fixed rate of 1.40% on November 21, with a total bid and awarded amount of 375 billion yuan [1] - On the same day, 212.8 billion yuan of reverse repos matured, resulting in a net injection of 162.2 billion yuan. The total net injection for the week reached 1.354 trillion yuan, including 120 billion yuan from maturing treasury cash deposits [1] - For the week of November 24 to 28, 1.676 trillion yuan of reverse repos are set to mature, along with 900 billion yuan of MLF and 300 billion yuan of 182-day reverse repos [1] Group 2: Funding Conditions - The interbank market saw a continued easing of funding conditions, with overnight repo rates dropping over 4 basis points to around 1.32%. The overnight quotes on the anonymous X-repo system fell to a low of 1.3% [3] - Non-bank institutions borrowing overnight funds against pledged credit bonds saw rates decline to around 1.35% to 1.4% [3] - With the tax period passed and ongoing net injections from the central bank, liquidity is expected to remain loose, with market expectations for further central bank bond purchases rising as month-end approaches [3] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is stable at 1.64% [6] Group 4: Government Bonds and Futures - The closing prices for government bond futures showed a decline, with the 30-year main contract down 0.31%, the 10-year down 0.04%, the 5-year down 0.06%, and the 2-year remaining flat [11] Group 5: Key News and Developments - The Ministry of Finance and the People's Bank of China announced that electronic savings bonds will be included in personal pension products, with allocation ratios adjusted quarterly based on the proportion of uninvested amounts in pension accounts [12] - The Governor of the People's Bank of China met with UAE officials to discuss strengthening bilateral financial cooperation and witnessed the launch of several payment projects [12] Group 6: Global Macro Developments - The U.S. Congressional Budget Office revised down its estimate of savings from President Trump's tariff policies by 1 trillion dollars, now projecting total savings of 3 trillion dollars [14] - Japan's cabinet approved a 21.3 trillion yen (approximately 135.4 billion dollars) economic stimulus plan, which includes significant general expenditures and tax reduction measures [14]