每日债市速递 | 日本30年期国债收益率创新高

Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on December 3, with a fixed rate and a total amount of 79.3 billion yuan, at an interest rate of 1.40%. The total bid amount matched the amount awarded, resulting in a net withdrawal of 134 billion yuan for the day, as 213.3 billion yuan in reverse repos matured [1]. Funding Conditions - The central bank's continued net withdrawal in the open market does not hinder the stable and accommodative trend in the interbank funding market at the beginning of the month. The weighted average interest rate of DR001 slightly increased but remained below 1.3%. Overnight quotes in the anonymous click (X-repo) system stayed around 1.28%, with significant supply. Non-bank institutions borrowed overnight funds using credit bonds as collateral, with quotes around 1.44% [3]. Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major national and joint-stock banks was around 1.65%, showing a slight increase compared to the previous day [8]. Government Bond Futures - The closing prices for government bond futures showed a decline in the 30-year main contract by 0.26%, while the 10-year, 5-year, and 2-year main contracts increased by 0.06%, 0.07%, and 0.03% respectively [13]. Key Economic Policies - The State-owned Assets Supervision and Administration Commission held a meeting emphasizing the optimization of the state-owned economy's layout and structural adjustments, focusing on technology and industry innovation, and high-quality development [14]. - Zhejiang province released a draft policy for public consultation aimed at promoting high-quality economic development, which includes securing funding support through long-term special bonds and policy financial tools [14]. - The Ministry of Commerce reported that from January to November, the trade-in of consumer goods generated over 250 billion yuan in sales, benefiting more than 360 million people [14]. Global Economic Insights - The U.S. Treasury Secretary indicated that the U.S. is expected to see "real wage growth" and "low-inflation growth," predicting a return to 4% economic growth by 2026 [16]. - South Korea's President noted stable prices, with rapid economic growth expected to exert upward pressure on prices, as the country's GDP grew by 1.3% in Q3, marking the highest increase in nearly 15 quarters [16]. Bond Market Developments - Japan's 30-year government bond yield rose by 5 basis points to 3.425%, reaching a record high [17]. - New City Holdings plans to issue new medium-term notes to repay 2 billion yuan due on December 12 [17]. - Xinda Real Estate canceled the issuance of 1.82 billion yuan in new medium-term notes originally intended to repay an equivalent amount due on December 7 [17].