每日债市速递 | 25日央行将开展4000亿MLF操作

Group 1: Monetary Policy and Market Operations - The central bank conducted a 260 billion yuan reverse repurchase operation with a fixed rate of 1.40% on December 24, resulting in a net withdrawal of 208 billion yuan for the day after 468 billion yuan in reverse repos matured [1] - The interbank market showed structural differentiation, with the overnight repo weighted average rate (DR001) hovering around 1.26%, while the seven-day repo weighted average rate continued to decline below the seven-day reverse repo rate of 1.40% [2] - To maintain liquidity in the banking system, the People's Bank of China will conduct a 400 billion yuan MLF operation with a one-year term on December 25 [14] Group 2: Real Estate Policy Adjustments - Beijing has further optimized real estate policies by relaxing purchase conditions for non-local families, reducing the social security or tax payment duration required for purchasing homes within the Fifth Ring Road from three years to two years, and from two years to one year for homes outside the Fifth Ring Road [12] - Multi-child families are now allowed to purchase additional properties, with local families permitted to buy up to three homes within the Fifth Ring Road, and non-local multi-child families allowed to buy two homes under certain conditions [12] Group 3: Foreign Investment Encouragement - The National Development and Reform Commission and the Ministry of Commerce released the "Encouragement Directory for Foreign Investment Industries (2025 Edition)," which will take effect on February 1, 2026, adding 205 new items and modifying 303 items compared to the 2022 version [13] - The new directory encourages foreign investment in advanced manufacturing and modern service industries, aiming to enhance the development of supply chains and promote high-quality service industry growth [13] Group 4: Bond Market Overview - The scale of bank technology innovation bonds is approaching 300 billion yuan, with small and medium-sized banks accelerating issuance [18] - The 30-year government bond yield has risen to a record high due to increasing concerns over stimulus plans in Japan [18]