Group 1 - The core viewpoint of the article highlights the performance of various government bond futures contracts, indicating a positive trend in their prices [1] - The 2-year government bond futures (TS) main contract increased by 0.01% [1] - The 5-year government bond futures (TF) main contract rose by 0.08% [1] - The 10-year government bond futures (T) main contract saw an increase of 0.17% [1] - The 30-year government bond futures (TL) main contract experienced the highest rise at 0.57% [1]

Group 1: Report Core View - Bank - to - bank major interest - rate bond yields generally rose by about 4bp; Treasury bond futures closed sharply lower, with the 30 - year main contract down 0.78% and the 10 - year main contract down 0.25%. The yields of bank "secondary and perpetual bonds" generally rose by about 4bp. The central bank made continuous net injections in the open market, and the short - term liquidity in the inter - bank market further eased. The weighted average rate of DR001 dropped by about 10bp to around 1.36%. Recently, the sharply falling commodity futures showed signs of stabilizing, and the stock market continued to fluctuate strongly, expanding its gains in the afternoon, suppressing the risk - aversion sentiment. In addition, rumors about the Politburo meeting focusing on "anti - involution" also had a certain negative impact. Continued attention should be paid to the final meeting content and the progress of China - US negotiations [3] - On July 29, the People's Bank of China conducted 449.2 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tender method, with an operating rate of 1.40%. The bid volume was 449.2 billion yuan, and the winning volume was 449.2 billion yuan. According to Wind data, 214.8 billion yuan of reverse repurchases matured on that day, resulting in a net injection of 234.4 billion yuan for the day [3] - The main basis of TS is 0.0139, with the spot bond at a premium to the futures, which is bullish. The main basis of TF is 0.0286, with the spot bond at a premium to the futures, which is bullish. The main basis of T is 0.1589, with the spot bond at a premium to the futures, which is bullish. The main basis of TL is 0.3153, with the spot bond at a premium to the futures, which is bullish [3] - The balances of deliverable bonds for the main contracts of TS, TF, and T are 1.3594 trillion, 1.4935 trillion, and 2.3599 trillion respectively; it is neutral [4] - The main contract of TS is running below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish. The main contract of TF is running below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish. The main contract of T is running below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish [4] - The main contract of TS has a net long position, and the long position increases. The main contract of TF has a net long position, and the long position increases. The main contract of T has a net long position, and the long position decreases [5] - In June, the three major PMI indices all rebounded, the year - on - year CPI turned positive, and the core CPI continued to rise. China's LPR in July remained unchanged for the second consecutive month. In the first half of the year, the total financial volume increased reasonably, and China's credit total... (incomplete information in the original text) [6] Group 2: Market Review - The 30 - year, 10 - year, 5 - year, and 2 - year main contract market element table shows that for T2509, the current price is 108.130, down 0.25%, with a trading volume of 77,800, an open interest of 187,214, a daily open - interest change of - 625, and the CTD bond is 240013.IB; for TF2509, the current price is 105.545, down 0.17%, with a trading volume of 59,900, an open interest of 148,330, a daily open - interest change of - 32, and the CTD bond is 240001.IB; for TS2509, the current price is 102.302, down 0.06%, with a trading volume of 40,300, an open interest of 98,505, a daily open - interest change of - 2929, and the CTD bond is 240012.IB; for TL2509, the current price is 117.87, down 0.78%, with a trading volume of 140,800, an open interest of 120,771, a daily open - interest change of + 488, and the CTD bond is 200012.IB [9] Group 3: Cash Bond Analysis - There are data on DR interest rates and inter - bank Treasury bond yields and Treasury bond term spreads, but specific numerical analysis is not clearly summarized in the given text [10][14] Group 4: Basis Analysis - There are basis analysis charts for T2509, TF2509, and TS2509 CTD bonds, showing the basis trends from December 16, 2024, to May 20, 2025 [17][18][20]

Group 1 - The core viewpoint of the article highlights the performance of various government bond futures, indicating a positive trend in the early trading session [1] Group 2 - The 2-year government bond futures (TS) main contract increased by 0.01% [1] - The 5-year government bond futures (TF) main contract rose by 0.05% [1] - The 10-year government bond futures (T) main contract saw an increase of 0.06% [1] - The 30-year government bond futures (TL) main contract experienced a rise of 0.21% [1]

Report Information - Report Title: Treasury Bond Futures Daily Report 2025/7/29 [1] - Data Source: Third - party - Researcher: Liao Hongbin - Futures Practitioner Qualification Number: F30825507 - Futures Investment Consulting Practitioner Certificate Number: Z0020723 Report Industry Investment Rating - Not provided in the report Core View - On Tuesday, Treasury bond spot yields weakened collectively, and Treasury bond futures closed down. The central bank continued net injections, and the weighted average DR007 rate fell to around 1.56%. Domestically, the decline in industrial enterprise profits narrowed in June, but weak PPI remained a drag. Industrial growth rose slightly, fixed - asset investment and social retail sales declined slightly, and the unemployment rate remained stable. Socially - financed growth exceeded expectations, credit demand improved marginally, and deposit activation increased. Overseas, the US July S&P Global Composite PMI rebounded unexpectedly, the labor market was stable, and global trade tensions eased. Affected by policy themes, risk appetite increased, and the bond market was under pressure. If relevant policies are further introduced, the bond market may continue to face pressure in the short - term, and interest - rate bonds may be adjusted. It is recommended to observe the adjustment of Treasury bond futures in the short - term and allocate after stabilization [2] Summary by Relevant Catalogs 1. Futures Disk - **Closing Prices**: T, TF, TS, and TL main contract closing prices decreased by 0.25%, 0.17%, 0.06%, and 0.78% respectively [2] - **Trading Volumes**: T and TL main contract trading volumes increased by 94 and 5157 respectively, while TF and TS main contract trading volumes decreased by 1398 and 677 respectively [2] 2. Futures Spreads - TL2512 - 2509, T2512 - 2509, and TS2512 - 2509 spreads decreased by 0.09, 0.02, and 0.01 respectively; T09 - TL09, TF09 - T09, TS09 - T09, and TS09 - TF09 spreads increased by 0.64, 0.09, 0.21, and 0.12 respectively [2] 3. Futures Positions - **Main Contract Positions**: T and TS main contract positions decreased by 625 and 2929 respectively, while TF main contract positions decreased by 32, and TL main contract positions increased by 488 [2] - **Top 20 Long and Short Positions**: T top 20 long positions decreased by 379, and short positions increased by 1659; TF top 20 long positions increased by 1156, and short positions increased by 309; TS top 20 long positions increased by 149, and short positions decreased by 2562; TL top 20 long and short positions increased by 3633 and 3786 respectively [2] 4. CTD (Cheapest to Deliver) - The net prices of various CTD bonds, such as 220010.IB, 250007.IB, etc., all decreased [2] 5. Active Treasury Bonds - Yields of active Treasury bonds with maturities of 1y, 3y, 5y, 7y, and 10y decreased by 1.75bp, 2.05bp, 2.50bp, 2.25bp, and 1.75bp respectively [2] 6. Short - term Interest Rates - Silver - pledged overnight, 7 - day, Shibor overnight, and 7 - day interest rates all decreased [2] 7. Industry News - The national child - rearing subsidy system implementation plan was announced on July 28. From January 1, 2025, a subsidy of 3600 yuan per child per year will be provided for children under 3 years old [2] - In June, the profits of industrial enterprises above designated size decreased by 4.3% year - on - year, with a narrowing decline compared to May. The profits of new - kinetic - energy industries represented by the equipment industry grew rapidly. From January to June, the total profits of industrial enterprises above designated size were 3436.5 billion yuan, a year - on - year decrease of 1.8%. The profits of the ferrous metal smelting and rolling processing industry increased 13.7 times year - on - year, and the profits of the mining industry decreased by 30.3% year - on - year [2] 8. Key Data to Focus On - July 29, 22:00, US July Conference Board Consumer Confidence Index - July 30, 20:15, US July ADP Employment (in ten thousand people) [3]

Market Overview - The bond futures market experienced a decline across the board, with the 30-year main contract falling by 0.78% to 117.870 yuan, and the 10-year main contract down by 0.25% to 108.130 yuan [1] - The yields on medium to long-term government bonds rose significantly, with the 10-year government bond yield increasing by 3 basis points to 1.745%, and the 30-year government bond yield rising by 3.7 basis points to 1.96% [1][2] Economic Sentiment - Market concerns are heightened regarding the potential introduction of anti-involution policies and measures to stabilize the real estate sector, coinciding with a rebound in the equity market [2] - Despite a decrease in interbank funding prices, non-bank funding remains high, with the average R001 rate at 1.65% [2] Central Bank Operations - The central bank conducted a 7-day reverse repurchase operation amounting to 4,492 billion yuan at a fixed rate of 1.40%, with a net injection of 2,344 billion yuan for the day [2] - Short-term Shibor rates mostly declined, with the overnight rate down by 10.1 basis points to 1.366% [2][3] Bond Auction Results - Recent bond auctions showed varying results, with the 2-year bonds yielding 1.598% and 1.7045% for different issuances, indicating strong demand with bid-to-cover ratios of 5.2 and 3.16 respectively [5] - The non-financial corporate bond market saw significant declines in certain bonds, with H0 Zhongjun 02 dropping by 78.16% [6] Credit Market Trends - The credit market displayed mixed performance, with some non-financial corporate bonds experiencing notable gains, while others faced substantial losses [6][7] - AAA-rated certificates of deposit showed demand at rates between 1.55% and 1.68%, reflecting a slight increase from the previous day [7]

Report Overview - **Report Name**: Baocheng Futures Treasury Bond Futures Morning Report (July 29, 2025) - **Report Type**: Futures Research Report - **Report Author**: Long Aoming - **Author Department**: Baocheng Futures Investment Consulting Department - **Author Qualification**: F3035632 (从业资格证号), Z0014648 (投资咨询证号) 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - The short - term and medium - term view of TL2509 is "oscillation", and the intraday view is "oscillation with a weak bias". The overall view is "oscillation". The core logic is that the monetary policy environment is biased towards looseness, but the possibility of short - term interest rate cuts is low [1]. - For the main varieties (TL, T, TF, TS), the intraday view is "oscillation with a weak bias", the medium - term view is "oscillation", and the reference view is "oscillation". Previously, due to the easing of domestic and foreign risk factors and the rapid rise in stock market risk appetite, the demand for treasury bonds was weak, and treasury bond futures were in an oscillatory adjustment. As market interest rates rose rapidly, the anchoring effect of policy rates emerged, and the upward space for treasury bond yields was limited. In the long - term, a loose monetary environment is still needed to support the economy, and there is an expectation of interest rate cuts, so the long - term upward basis for treasury bond futures is relatively solid. In the short - term, the possibility of interest rate cuts is low, and treasury bond futures are expected to maintain an oscillatory consolidation trend [5]. 3. Summary by Relevant Catalogs 3.1 Variety View Reference - Financial Futures Stock Index Sector - **TL2509**: Short - term: oscillation; Medium - term: oscillation; Intraday: oscillation with a weak bias; Overall view: oscillation. Core logic: The monetary policy environment is biased towards looseness, but the possibility of short - term interest rate cuts is low [1]. 3.2 Main Variety Price Quotation Driving Logic - Financial Futures Stock Index Sector - **Varieties**: TL, T, TF, TS. - **Intraday view**: Oscillation with a weak bias; **Medium - term view**: Oscillation; **Reference view**: Oscillation. - **Core logic**: Treasury bond futures oscillated and rose yesterday. Previously, due to the easing of domestic and foreign risk factors and the rapid rise in stock market risk appetite, the demand for treasury bonds was weak, and treasury bond futures were in an oscillatory adjustment. As market interest rates rose rapidly, the anchoring effect of policy rates emerged, and the upward space for treasury bond yields was limited. In the long - term, a loose monetary environment is still needed to support the economy, and there is an expectation of interest rate cuts, so the long - term upward basis for treasury bond futures is relatively solid. In the short - term, the possibility of interest rate cuts is low, and treasury bond futures are expected to maintain an oscillatory consolidation trend [5].

Core Viewpoint - The 30-year government bond ETF from Bosera has shown significant performance, with a recent price increase and strong liquidity, indicating a positive market sentiment towards long-term government bonds [3][4]. Group 1: Performance Metrics - As of July 28, 2025, the 30-year government bond ETF from Bosera rose by 0.38%, reaching a price of 110.89 yuan, with a one-year cumulative increase of 10.21% as of July 25, 2025 [3]. - The ETF's latest scale reached 14.24 billion yuan, marking a one-year high, and the number of shares reached 12.9 million, also a one-year high [4]. - Over the past week, the ETF experienced a net inflow of 5.353 billion yuan, with a maximum single-day inflow of 1.51 billion yuan [4]. Group 2: Market Dynamics - The bond futures market saw collective gains, with the 30-year main contract rising by 0.5%, indicating a favorable environment for long-term bonds [3]. - According to Citic Securities, factors such as rising inflation expectations and a loose funding environment are driving the current adjustments in bond market interest rates [3]. Group 3: Risk and Return Analysis - The ETF has a maximum drawdown of 6.89% since inception, with a management fee of 0.15% and a custody fee of 0.05% [5]. - The ETF closely tracks the Shanghai Stock Exchange 30-year government bond index, which reflects the overall performance of corresponding maturity government bonds [5].

30年期国债期货（TL）主力合约日内涨超0.50%，现报118.72元。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The domestic economy continued to recover in the first half of the year, with GDP growing by 5.3% year-on-year and a 1.1% quarter-on-quarter increase in Q2, providing strong support for the full - year GDP growth target of around 5%. In June, industrial production increased slightly, while fixed - asset investment and social retail sales declined slightly, and the unemployment rate remained stable at a low level. However, the price level was under pressure, with PPI in the negative growth range for seven consecutive months, indicating insufficient demand and supply - demand imbalance. In terms of financial data, social financing grew more than expected, credit demand improved marginally, and deposit activation increased. Against the backdrop of the stable economic development in the first half of the year, the urgency of large - scale incremental policies in the second half may decrease [93]. - In the overseas market, the US July S&P Global Composite PMI rebounded more than expected, with strong growth in the service sector, indicating that the economy's internal momentum remains resilient. The labor market is stable, with the number of initial jobless claims reaching the lowest level since April. Trade tensions have eased, with recent trade agreements between the US and Japan and progress in US - EU tariff negotiations. However, the independence of US policies is challenged as the US president visited the Fed to pressure for interest rate cuts, increasing concerns about the politicization of monetary policy. Given the strong economic data, the probability of an interest rate cut in the short term is further reduced, and policy path uncertainty may increase [93]. - Affected by policy themes such as "anti - involution" and Yajiang Water Conservancy Project construction, the equity market continued to strengthen, and the bond market continued to adjust, with long - term bonds performing significantly worse than short - term bonds. If the relevant details of the "anti - involution" policy are further introduced, it will continue to put pressure on the bond market in the short term. Due to the weak economic recovery and loose liquidity, the adjustment space for long - term bonds may be limited, and interest - rate bonds are likely to continue the pattern of weakening in a volatile manner. It is necessary to focus on the sustainability of the strong performance of risk assets. Operationally, it is recommended to observe the adjustment of Treasury bond futures in the short term and allocate after the market stabilizes [94]. 3. Summary by Directory 3.1. Market Review - **Weekly Data**: The 30 - year, 10 - year, 5 - year, and 2 - year Treasury bond futures main contracts fell by 2.05%, 0.61%, 0.43%, and 0.13% respectively. The trading volumes of the main contracts of TS, TF, T, and TL all decreased, as did their open interests [11][15][30]. - **Treasury Bond Futures Market Review**: The trading volumes and open interests of the main contracts of TS, TF, T, and TL all decreased [30]. 3.2. News Review and Analysis - **Key News Review**: As of the end of Q2, the balance of RMB real - estate loans was 53.33 trillion yuan, with a year - on - year increase of 0.4%. The balance of individual housing loans was 37.74 trillion yuan, with a year - on - year decrease of 0.1%. Foreign investment in RMB bonds increased, with the total amount of foreign - held RMB bonds exceeding $600 billion. Foreign investment in domestic stocks improved, with a net increase of $10.1 billion in stocks and funds in H1, and a net increase of $18.8 billion in May and June. Vice - Premier He Lifeng will go to Sweden for Sino - US economic and trade talks from July 27 - 30. The 2025 central budgetary investment of 735 billion yuan has been basically allocated, focusing on modern industrial systems, infrastructure, new urbanization, and rural revitalization. The Ministry of Commerce will take measures to combat strategic mineral smuggling. The US - Japan trade agreement was reached, with the US reducing the "reciprocal tariff" on Japan from 25% to 15%, and Japan increasing US rice imports and investing $550 billion in the US. The US July S&P Global Manufacturing PMI dropped to 49.5, while the service and composite PMIs reached new highs since December 2024 [33][34]. 3.3. Chart Analysis - **Spread Changes**: The spread between 10 - year and 5 - year yields, and between 10 - year and 1 - year yields widened slightly. The spread between 2 - year and 5 - year main contracts widened, while the spread between 5 - year and 10 - year main contracts narrowed. The 10 - year contract's inter - period spread widened slightly, the 30 - year contract's inter - period spread narrowed slightly, and the 2 - year and 5 - year contracts' inter - period spreads widened [42][46][52]. - **Treasury Bond Futures Main Position Changes**: The net long positions of the top 20 holders of the T main contract increased slightly [62]. - **Interest Rate Changes**: Overnight Shibor, 1 - week, 2 - week, and 1 - month interest rates all increased, and the weighted average DR007 rate rebounded to around 1.65%. The yields of Treasury bonds weakened, with 1 - 7Y yields rising by 3.5 - 7.3bp, and 10Y and 30Y yields rising by 5.9bp and 6.3bp to 1.74% and 1.96% respectively. The spreads between Chinese and US 10 - year and 30 - year Treasury bond yields narrowed slightly [66][70]. - **Central Bank Open - Market Operations**: The central bank conducted 1.6563 trillion yuan in reverse repurchases, 400 billion yuan in MLF injections, with 1.7268 trillion yuan in reverse repurchases and 200 billion yuan in MLF maturing, resulting in a net injection of 109.5 billion yuan. The weighted average DR007 rate rebounded to around 1.51% [73]. - **Bond Issuance and Maturity**: This week, bonds worth 1.578232 trillion yuan were issued, with a total repayment of 1.757588 trillion yuan, resulting in a net financing of - 179.357 billion yuan [77]. - **Market Sentiment**: The central parity rate of the US dollar against the RMB was 7.1419, with a cumulative increase of 79 basis points this week. The spread between the offshore and onshore RMB weakened. The 10 - year US Treasury bond yield and the VIX index both decreased slightly. The 10 - year Treasury bond yield increased significantly, and the A - share risk premium increased [82][87][90]. 3.4. Market Outlook and Strategies - The domestic economy continues to recover, but the price level is under pressure. Overseas, the US economy is resilient, but policy uncertainty increases. Affected by policy themes, the bond market continues to adjust. It is recommended to observe the adjustment of Treasury bond futures in the short term and allocate after the market stabilizes [93][94].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On July 24, Treasury bond spot yields weakened collectively, with 1 - 7Y maturity yields rising by about 2.75 - 3.60bp, and 10Y and 30Y yields rising by about 3.15bp to 1.74% and 1.95% respectively. Treasury bond futures closed down collectively, with the TS, TF, T, and TL main contracts falling by 0.07%, 0.21%, 0.29%, and 0.91% respectively. The central bank continued net withdrawals, and affected by the capital gap, the weighted average rate of DR007 climbed to around 1.57% [2]. - Domestically, in June, industrial added - value increased slightly, fixed - asset investment and social retail sales decreased slightly, and the unemployment rate remained low. In terms of financial data, social financing increased more than expected, credit demand improved marginally, and the degree of deposit activation increased. Overseas, the US and Japan reached a trade agreement, easing global trade tensions. Recently, Fed officials' statements showed increased internal divergence on the impact of tariffs on the inflation path, but the policy tone remained cautiously watchful, and there was no consensus on interest - rate cuts, reducing the possibility of a short - term rate cut [2]. - Catalyzed by policy themes such as "anti - involution" and Yajiang water conservancy construction, the equity market continued to strengthen, and the bond market continued to adjust. The long - end performance was significantly weaker than the short - end. If more detailed rules related to "anti - involution" are introduced, it will continue to pressure the bond market in the short term. Affected by the weak economic recovery and loose liquidity, the adjustment space of long - term bonds may be limited, and interest - rate bonds are likely to continue the pattern of oscillating weakness. Attention should be paid to the sustainability of the strong performance of risk assets. Operationally, it is recommended to observe the adjustment of Treasury bond futures in the short term and choose the opportunity to allocate after stabilization [2]. 3. Summary by Related Catalogs 3.1 Futures Market 3.1.1 Futures Prices and Volumes - T main contract closed at 108.220, down 0.29%, with a trading volume of 90,744 contracts, a decrease of 675 contracts [2]. - TF main contract closed at 105.585, down 0.21%, with a trading volume of 88,969 contracts, a decrease of 666 contracts [2]. - TS main contract closed at 102.304, down 0.07%, with a trading volume of 55,229 contracts, a decrease of 417 contracts [2]. - TL main contract closed at 118.250, down 0.92%, with a trading volume of 152,329 contracts, a decrease of 275 contracts [2]. 3.1.2 Futures Spreads - TL2512 - 2509 spread was - 0.20, down 0.03; T09 - TL09 spread was - 10.03, up 0.72 [2]. - T2512 - 2509 spread was 0.03, down 0.05; TF09 - T09 spread was - 2.64, up 0.09 [2]. - TF2512 - 2509 spread was 0.08, unchanged; TS09 - T09 spread was - 5.92, up 0.22 [2]. - TS2512 - 2509 spread was 0.09, up 0.01; TS09 - TF09 spread was - 3.28, up 0.13 [2]. 3.1.3 Futures Positions - T main contract open interest was 196,329 contracts, an increase of 2,431 contracts. The top 20 long positions were 201,483 contracts, an increase of 3,049 contracts; the top 20 short positions were 194,743 contracts, an increase of 1,102 contracts; the net short position of the top 20 was - 6,740 contracts, a decrease of 1,947 contracts [2]. - TF main contract open interest was 159,796 contracts, an increase of 1,940 contracts. The top 20 long positions were 165,141 contracts, an increase of 4,183 contracts; the top 20 short positions were 176,706 contracts, an increase of 1,546 contracts; the net short position of the top 20 was 11,565 contracts, a decrease of 2,637 contracts [2]. - TS main contract open interest was 106,090 contracts, a decrease of 974 contracts. The top 20 long positions were 80,831 contracts, an increase of 926 contracts; the top 20 short positions were 90,943 contracts, a decrease of 2,360 contracts; the net short position of the top 20 was 10,112 contracts, a decrease of 3,286 contracts [2]. - TL main contract open interest was 122,606 contracts, an increase of 2,694 contracts. The top 20 long positions were 126,655 contracts, an increase of 3,656 contracts; the top 20 short positions were 126,589 contracts, an increase of 2,682 contracts; the net short position of the top 20 was - 66 contracts, an increase of 974 contracts [2]. 3.2 Bond Market 3.2.1 CTD Bonds - The net prices of CTD bonds such as 220010.IB (6y), 250007.IB (6y), 240020.IB (4y) all declined [2]. 3.2.2 Active Treasury Bonds - Yields of 1 - year, 3 - year, 5 - year, 7 - year, and 10 - year active Treasury bonds all increased, with increases of 1.50bp, 1.85bp, 2.25bp, 1.15bp, and 1.40bp respectively [2]. 3.3 Interest Rates 3.3.1 Short - term Interest Rates - Overnight silver - pledged repo rate was 1.5412%, up 15.12bp; Shibor overnight was 1.6350%, up 26.80bp [2]. - 7 - day silver - pledged repo rate was 1.5800%, down 2.00bp; Shibor 7 - day was 1.5450%, up 8.20bp [2]. - 14 - day silver - pledged repo rate was 1.6500%, up 5.00bp; Shibor 14 - day was 1.6150%, up 8.80bp [2]. 3.3.2 LPR Rates - The 1 - year LPR was 3.00%, unchanged; the 5 - year LPR was 3.5%, unchanged [2]. 3.4 Open Market Operations - The issuance scale of reverse repurchase was 331 billion yuan, and the maturity scale was 450.5 billion yuan, with a net withdrawal of 119.5 billion yuan at an interest rate of 1.4% for 7 days [2]. 3.5 Industry News - Chinese Vice - Premier He Lifeng will go to Switzerland from July 27th to 30th for economic and trade talks with the US [2]. - The National Development and Reform Commission and the State Administration for Market Regulation solicited public opinions on the draft amendment to the Price Law, further clarifying the criteria for identifying improper price behavior [2]. - Hainan Free Trade Port will start the full - island customs closure operation on December 18th this year, and the proportion of "zero - tariff" commodity tariff items for "first - line" imports will increase from 21% to 74% [2]. 3.6 Key Data to Watch - At 20:15 on July 24th, the European Central Bank will announce its interest - rate decision [3]. - At 20:30 on July 24th, the number of initial jobless claims in the US for the week ending July 19th will be released [3].