每日债市速递 | 碧桂园：前11月销售303亿元，债务重组已基本落地

Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on December 5, with a fixed rate and a total of 139.8 billion yuan, at an interest rate of 1.40%. The total amount bid and awarded was also 139.8 billion yuan. On the same day, 301.3 billion yuan of reverse repos matured, resulting in a net withdrawal of 161.5 billion yuan. The weekly net withdrawal reached 848 billion yuan [1] - For the week of December 8-12, a total of 663.8 billion yuan in reverse repos will mature [1] Funding Conditions - The interbank market's funding conditions have slightly tightened, with the weighted average interest rate of DR001 rising to around 1.3%. Overnight quotes in the anonymous click (X-repo) system remain at 1.28%, but supply is less abundant than before. Non-bank institutions are borrowing overnight funds at rates between 1.48% and 1.50% [3] Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is at 1.66%, showing a slight decline from the previous day [7] Bond Market Overview - Major interest rates for interbank bonds have generally decreased. For example, the yield on 1-year government bonds is at 1.40%, while the yield on 10-year government bonds is at 1.73%, reflecting a decrease of 2 basis points [9] - The main contracts for government bond futures have collectively risen, with the 30-year contract increasing by 0.06%, the 10-year by 0.16%, the 5-year by 0.11%, and the 2-year by 0.04% [12] Recent Regulatory Developments - The Chairman of the China Securities Regulatory Commission (CSRC) emphasized the need to enhance the inclusiveness and adaptability of capital market systems, aiming to create a more attractive environment for long-term investments [13] - The Financial Regulatory Bureau announced adjustments to risk factors related to insurance companies' investments in stocks, encouraging the growth of patient capital [13] - The CSRC is soliciting public opinions on the draft of the "Regulations on the Supervision and Management of Listed Companies," which aims to strengthen information disclosure regulations and prevent financial fraud [14] Global Macro Developments - The Japanese government is closely monitoring foreign exchange market trends and is prepared to take necessary measures to address excessive volatility [16] - The Reserve Bank of India has lowered the benchmark interest rate by 25 basis points to 5.25%, shifting its policy stance from "neutral" to "accommodative" [17]