每日债市速递 | 国债作为保证金业务正式向境外投资者开放

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on December 9, with a fixed rate and a total of 117.3 billion yuan, at an interest rate of 1.40% [1] - On the same day, 156.3 billion yuan of reverse repos matured, resulting in a net withdrawal of 39 billion yuan [1] Group 2: Funding Conditions - The interbank market funding conditions remained stable and slightly eased, with the D R001 weighted average interest rate dropping below 1.3% [3] - Overnight quotes in the anonymous click (X-repo) system were at 1.28%, indicating ample supply [3] - Non-bank institutions' overnight funding quotes for pledged credit bonds remained stable in the range of 1.45%-1.46% [3] - The latest overnight financing rate in the U.S. was reported at 3.93% [3] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks was stable at 1.66% [7] Group 4: Bond Yield Rates - The yields for various government bonds showed slight decreases, with the 1-year yield at 1.40%, 2-year at 1.325%, 5-year at 1.560%, and 10-year at 1.833% [9] - The 30-year main contract for government bond futures increased by 0.45%, while the 10-year and 5-year contracts rose by 0.12% and 0.07%, respectively [13] Group 5: Recent Developments in the Bond Market - UBS Futures facilitated the first commodity futures transaction using government bonds as margin for qualified foreign institutional investors (QFII) [14] - Predictions indicate that new RMB loans and social financing scale in November will improve compared to the previous month, with government bond financing expected to decline year-on-year [14] - Yunnan Province published a plan to regulate the construction and operation of existing government and social capital cooperation projects, aiming for a comprehensive review by June 2026 [14] Group 6: Global Macro Insights - The Bank of Japan's governor indicated a potential increase in government bond purchases if long-term rates fluctuate significantly, with a possibility of interest rate hikes if economic conditions develop as expected [16] - Moody's chief economist warned that the debt levels of tech companies exceed those during the internet bubble, posing systemic risks [16] - The Reserve Bank of Australia maintained its key interest rate at 3.60%, aligning with market expectations, while assessing inflation trends [16]