每日债市速递 | 2025年央行MLF净投放11610亿元

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation of 177.1 billion yuan on December 25, with a fixed rate of 1.40%, resulting in a net injection of 88.8 billion yuan for the day after accounting for 88.3 billion yuan in reverse repos maturing [1] - On December 24, the central bank announced a 400 billion yuan MLF operation for a one-year term, leading to a net injection of 100 billion yuan through MLF in December, marking the 10th consecutive month of increased MLF operations [1] Group 2: Market Liquidity - The interbank market liquidity remains stable and slightly loose, with the weighted average rate of DR001 dropping below 1.26%, while DR007 increased by over 10 basis points due to year-end factors [3] - The overnight financing rate in the U.S. is reported at 3.66% [3] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is around 1.64%, unchanged from the previous day [6] Group 4: Bond Market Overview - The yields on major interbank bonds show a mixed trend, with long-term bonds appearing weaker [8] - The closing prices for government bond futures showed declines across various maturities, with the 30-year contract down by 0.24% [10] Group 5: Economic Indicators - The People's Bank of China is expected to have a net injection of 11.61 trillion yuan in MLF for 2025, contrasting with a net withdrawal of 19.86 trillion yuan in 2024, indicating a shift in monetary policy tools [11] - The offshore yuan has surpassed the 7.0 mark against the U.S. dollar for the first time since September 2024, with the onshore yuan closing at 7.0066, reflecting a 95 basis point increase from the previous trading day [11] Group 6: Infrastructure Development - The National Development and Reform Commission emphasizes the need to accelerate the construction of a modern infrastructure system, including market-oriented adjustments in transportation pricing and reforms in the energy sector [11] Group 7: Climate Disclosure Standards - The newly released "Corporate Sustainability Disclosure Standards No. 1 - Climate (Trial)" outlines common requirements for climate-related information disclosure across various industries, with specific guidelines for sectors like electricity, steel, and cement under development [12] Group 8: Global Economic Insights - Japan's Prime Minister announced a preliminary budget of 122.3 trillion yen for the next fiscal year, with a debt dependency ratio of 24.2% [14] - The Bank of Japan's governor indicated a steady approach towards achieving a 2% stable inflation target, with low real interest rates suggesting potential for future rate increases [14]