Wind万得·2025-12-08 23:12Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on December 8, with a fixed rate and a total amount of 122.3 billion yuan, at an interest rate of 1.40% [1] - On the same day, 107.6 billion yuan of reverse repos matured, resulting in a net injection of 14.7 billion yuan [1] Group 2: Funding Conditions - The interbank market funding conditions remained stable, with the weighted average interest rate of DR001 slightly rising but still at a low level of 1.3% [3] - Overnight quotes in the anonymous click (X-repo) system remained at 1.28%, indicating ample supply [3] - Non-bank institutions borrowed overnight funds using credit bonds as collateral, with quotes slightly decreasing to the range of 1.45%-1.47% [3] Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major banks was at 1.66%, unchanged from the previous day [7] Group 4: Government Bond Futures - The closing prices for government bond futures showed a decline in the 30-year main contract by 0.29%, while the 10-year main contract increased by 0.02% [12] Group 5: Economic Policy Insights - The Central Political Bureau of the Communist Party of China emphasized the need for a stable yet progressive economic approach for 2026, advocating for a more proactive fiscal policy and moderately loose monetary policy [13] - Key focuses include enhancing domestic demand, fostering innovation, and promoting high-quality development while ensuring risk management in critical areas [13] Group 6: Global Economic Context - The U.S. Federal Reserve is expected to announce a potential interest rate cut of 25 basis points in its upcoming meeting, influenced by recent weak employment data [16] - Japan's government submitted a supplementary budget for 2025, with general account expenditures reaching a record high post-COVID, primarily funded through additional bond issuance [16] - Japan's GDP for Q3 showed a larger-than-expected contraction, confirming the first decline in six quarters [16]