每日债市速递 | 本周央行公开市场将有9515亿元逆回购到期

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation of 867 billion yuan at a fixed rate of 1.40% on January 16, resulting in a net injection of 527 billion yuan for the day after accounting for 340 billion yuan in reverse repos maturing [2] - For the week, a total net injection of 812.8 billion yuan was achieved [2] - Upcoming reverse repos of 9.515 billion yuan are set to mature from January 19 to 23, along with 1.5 billion yuan in treasury cash deposits maturing on the 23rd [2] Group 2: Funding Conditions - The interbank market is gradually becoming more relaxed, with the weighted average rate of DR001 dropping over 4 basis points to around 1.32% [4] - Overnight rates in the anonymous click (X-repo) system have also decreased to approximately 1.30%, with supply around 100 billion yuan [4] - Non-bank institutions are borrowing overnight against pledged credit bonds at rates concentrated around 1.45% [4] Group 3: Interest Rates and Yields - The yield on major interbank bonds has generally declined [6] - The latest one-year interbank certificates of deposit are trading around 1.63%, showing a slight decrease from the previous day [7] - Government bond futures closed mostly higher, with the 10-year main contract rising by 0.01% [11] Group 4: Regulatory Developments - The China Securities Regulatory Commission (CSRC) emphasized maintaining stability in the market and preventing large fluctuations, while also promoting reforms in the ChiNext and STAR Market to enhance refinancing convenience [12] - The State-owned Assets Supervision and Administration Commission (SASAC) is focusing on optimizing the layout and structure of state-owned enterprises in 2026 [12] Group 5: Global Macro Insights - The Bank of Japan is increasingly concerned about the risks of inflation due to a weakening yen, potentially leading to an upward revision of economic growth and inflation expectations for the fiscal year 2026 [14] - Barclays analysts project that U.S. corporate bond issuance will reach $2.46 trillion in 2026, an 11.8% increase from 2025, driven by demand in the artificial intelligence sector [14] Group 6: Bond Market Events - Fitch Ratings upgraded the long-term credit rating of Dalian Wanda Commercial Management Group from RD to CC [16] - Goldman Sachs plans to issue bonds to raise $16 billion, setting a record for Wall Street banks [16] - U.S. overseas investors increased their net holdings of U.S. Treasury bonds by $85.6 billion in November 2025 [16]