每日债市速递 | 央行单日净回笼4688亿

Open Market Operations - The central bank announced a 135 billion yuan reverse repurchase operation with a fixed rate of 1.40% on January 5, with a total bid and awarded amount of 135 billion yuan. On the same day, 482.3 billion yuan of reverse repos matured, resulting in a net withdrawal of 468.8 billion yuan [1]. Funding Conditions - The interbank market remains generally loose, with the D R001 weighted average interest rate rising over 2 basis points to 1.26%. Overnight quotes in the anonymous click (X-repo) system are around 1.25%, with supply exceeding 100 billion yuan. Non-bank institutions are financing overnight with credit bonds at rates of 1.42%-1.43%. Seasonal patterns are expected to keep overnight rates low, but tax periods and credit issuance may soon exert tightening pressure. The latest overnight financing rate in the U.S. is 3.87% [3]. Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among national and major joint-stock banks is around 1.62%, showing a slight decline from the previous day [7]. Government Bond Futures - The closing prices for government bond futures show a 0.05% drop in the 30-year main contract, a 0.03% increase in the 10-year main contract, and a 0.02% drop in the 5-year main contract. The 2-year main contract also fell by 0.03% [12]. Key News - The National Development and Reform Commission has arranged over 100 billion yuan in funding for the Yangtze River protection project. The Ministry of Commerce and eight other departments released a notice to promote green consumption through various measures, including increasing the supply of green agricultural products and encouraging the purchase of certified green products [13]. - The issuance of local government bonds is set to begin in 2026, with Shandong Province leading by issuing 72.381 billion yuan [13]. - The interbank trading association has issued a notice to improve the preservation of bond trading records, highlighting issues with internal controls and compliance among some institutions [13]. Global Macro - The Bank of Japan's Governor, Kazuo Ueda, indicated that if wages, growth, and inflation continue to meet expectations, the central bank will proceed with interest rate hikes. The Japanese economy remains resilient, with moderate increases in wages and prices anticipated [15]. - The Bank of Thailand's monetary policy committee is closely monitoring economic and financial risks, considering further easing of monetary policy to support economic recovery, with an expected growth rate of 2.2% for Thailand in 2025 [15].