每日债市速递 | 中国11月经济“成绩单”出炉

Monetary Policy Operations - The central bank conducted a 7-day reverse repurchase operation on December 15, with a fixed rate and a total of 130.9 billion yuan, at an interest rate of 1.40%. The total bid and awarded amount was also 130.9 billion yuan. On the same day, 122.3 billion yuan of reverse repos matured, resulting in a net injection of 8.6 billion yuan [1]. Market Liquidity - The interbank market maintained a loose liquidity environment, with the overnight repo weighted average rate (DR001) slightly decreasing. The overnight quotes in the anonymous click (X-repo) system remained around 1.25%, but supply showed a significant contraction. Non-bank institutions' pledging of credit bonds for overnight funding was quoted at around 1.45% [3]. Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major banks was around 1.66%, showing little change from the previous day [7]. Government Bond Futures - The closing prices for government bond futures showed declines: the 30-year main contract fell by 0.99%, the 10-year by 0.12%, the 5-year by 0.03%, the 2-year by 0.01% [12]. Economic Performance - In November, the industrial added value above designated size increased by 4.8% year-on-year and 0.44% month-on-month. The service production index rose by 4.2% year-on-year. However, the total retail sales of consumer goods grew by only 1.3% year-on-year, with a month-on-month decline of 0.42%. From January to November, fixed asset investment (excluding rural households) decreased by 2.6%, while investment excluding real estate development increased by 0.8%. Real estate development investment fell by 15.9%, and the sales area of new commercial housing dropped by 7.8% [13]. Technological Advancements - The Ministry of Industry and Information Technology announced the first batch of L3 conditional autonomous driving vehicle permits, marking a significant step towards commercial application in designated areas of Beijing and Chongqing [13]. Global Trade Developments - India is nearing a "framework" agreement with the U.S. but has not provided a timeline. The country is also negotiating with Mexico regarding tariff increases, which could impact approximately 2 billion USD in exports. In November, India's trade deficit was 24.53 billion USD, better than the expected 32 billion USD, driven by exports in engineering, electronics, and gems [16].