每日债市速递 | 中央经济工作会议确定明年经济工作重点

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on December 11, with a fixed rate and quantity tendering, amounting to 118.6 billion yuan at an interest rate of 1.40%, with the same amount being the bid and awarded [1] - On the same day, 180.8 billion yuan of reverse repos matured, resulting in a net withdrawal of 62.2 billion yuan [1] Group 2: Funding Conditions - The interbank market remains loose, with the D R001 weighted average interest rate dropping over 1 basis point to around 1.27%, marking a new low for the phase [3] - Overnight quotes in the anonymous click (X-repo) system stabilized at 1.25% after a drop, indicating ample supply; non-bank institutions' pledging of credit bonds for overnight funding is quoted around 1.45% [3] - The latest overnight financing rate in the U.S. is reported at 3.93% [3] Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among national and major joint-stock banks is around 1.66%, showing a slight increase from the previous day [7] Group 4: Major Interest Rate Bond Yields - The yields for various government bonds have shown slight changes, with the 1-year government bond yield at 1.3875%, down 0.25 basis points, and the 10-year yield at 1.7090%, down 0.75 basis points [9] - The yields for policy bank bonds and local government bonds also reflect minor fluctuations, indicating a stable bond market environment [9] Group 5: Central Economic Work Conference - The conference held on December 10-11 emphasized a policy direction focused on stability and quality improvement, advocating for a more proactive fiscal policy and maintaining necessary fiscal deficits and debt levels [13] - Key tasks for the upcoming year include promoting domestic demand, fostering innovation, enhancing high-quality development, and addressing local government debt risks [14] Group 6: Global Macro Insights - South Korea plans to strengthen market monitoring due to rising government bond yields and concerns over foreign exchange volatility [17] - Japan is set to introduce tax incentives to stimulate capital expenditure, reflecting a broader trend of fiscal support in the region [18]