王青：央行打破惯例公告大规模逆回购操作或与近月银行同业存单到期规模持续处于高峰期有关 金十数据6月5日讯，东方金诚首席宏观分析师王青认为，在当前资金面及债市都处在平稳运行状态的背 景下，央行月初打破惯例，公告大规模逆回购操作，或与近月银行同业存单到期规模持续处于高峰期有 关。这有助于保持银行体系流动性持续处于充裕状态，控制资金面波动，稳定市场预期。另外，5月7日 央行等部门推出一揽子金融政策措施后，当前的一个重点是激励银行加大对实体经济信贷投放力度，支 持政府债券发行。现阶段加大中期流动性投放，释放了数量型政策工具持续加力的政策信号，有助于推 动宽信用进程，强化逆周期调节。预计后续央行还会综合运用抵押式逆回购、MLF、买断式逆回购等 中短期流动性管理工具，推动银行体系流动性持续处于充裕状态。这也是当前增加企业和居民信贷可获 得性、降低实体经济融资成本的重要一环。 （新华财经） ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The negative impact on the bond market caused by the unexpected outcome of the Sino-US tariff negotiations has been largely digested. The bond market is now driven by the money supply and economic fundamentals. In the short term, there are no clear positive or negative factors, so the bond market is expected to continue its volatile consolidation. Attention should be paid to subsequent high-frequency economic data and changes in the money supply. Given the recent underperformance of short-term bond futures compared to long-term ones and the significant market divergence, there may be no good short-term trading opportunities, and the risk of a correction in long-term bond prices due to short-term spread adjustments should be watched out for [2] Summary by Related Catalogs Futures Market - **Closing Prices and Volume Changes**: T, TF, TS, and TL main contract closing prices increased by 0.09%, 0.07%, 0.04%, and 0.1% respectively. T and TL main contract trading volumes increased by 12,841 and 9,425 respectively, while TF and TS main contract trading volumes decreased by 1,213 and 6,072 respectively [2] - **Price Spreads**: The spreads of TL2509 - 2506, T2509 - 2506, TF2509 - 2506, and TS2509 - 2506 all increased by 0.02, while T06 - TL06, TS06 - T06, TS06 - TF06 spreads decreased by 0.04, and TF06 - T06 spread remained unchanged [2] - **Open Interest**: T, TF, TS, and TL main contract open interests decreased by 225, 1,564, 339, and 2 respectively. T and TL top 20 long positions increased by 3,788 and 1,637 respectively, while TF and TS top 20 long positions decreased by 358 and 1,040 respectively. T and TL top 20 short positions increased by 1,978 and 852 respectively, while TF top 20 short positions increased by 3,052 and TS top 20 short positions decreased by 1,025. T and TL top 20 net short positions decreased by 1,810 and 785 respectively, while TF and TS top 20 net short positions increased by 3,410 and 15 respectively [2] CTD Bonds - The net prices of several CTD bonds, such as 2500802.IB, 220010.IB, 240020.IB, etc., all showed an upward trend [2] Active Treasury Bonds - Yields of 1 - 7Y active treasury bonds increased by 0.75 - 1.00bp, and the 10Y yield increased by 0.10bp [2] Short - term Interest Rates - Silver - pledged overnight and Shibor overnight rates decreased by 1.37bp and 0.20bp respectively, while silver - pledged 7 - day, Shibor 7 - day, and silver - pledged 14 - day rates changed by 1.00bp, 2.80bp, and 1.00bp respectively [2] LPR Rates - 1 - year and 5 - year LPR rates remained unchanged [2] Open Market Operations - The issuance scale was 214.9 billion yuan, the maturity scale was 215.5 billion yuan, and the interest rate was 1.4% for 7 - day reverse repurchase operations, resulting in a net withdrawal of 600 million yuan [2] Industry News - The Caixin China Manufacturing PMI was 48.3, down 2.1 percentage points from the previous month, falling below the boom - bust line for the first time in eight months. The production index and new order index reached their lowest levels since December 2022 and October 2022 respectively. The US raised tariffs on imported steel, aluminum, and their derivatives from 25% to 50%. The US accused China of violating the consensus of the Geneva economic and trade talks, and China firmly rejected the groundless accusation [2] Key Data to Follow - On June 5th at 20:15, the ECB will announce its interest rate decision. At 20:30, the number of initial jobless claims in the US for the week ending May 31st will be released. On June 6th at 20:30, the US unemployment rate and seasonally - adjusted non - farm payrolls for May will be announced [3]

Group 1: US Dollar - The Federal Reserve's Logan stated that the Fed can remain patient and is ready to respond when necessary [2] - US manufacturing activity shrank for the fourth consecutive month in May, with trade-related data highlighting the impact of tariffs [2] - OECD lowered the US GDP forecast for 2025 from 2.2% to 1.6% and for 2026 from 1.6% to 1.5%, expecting no changes in Fed interest rates this year [2] Group 2: Non-USD Major Currencies - The People's Bank of China conducted a 7-day reverse repurchase operation of 454.5 billion yuan at an interest rate of 1.40%, unchanged from previous levels [3] - The Reserve Bank of Australia's meeting minutes indicated that the committee does not see the need for a 50 basis point rate cut, noting that US tariffs have not yet impacted the Australian economy [3] - Bank of Japan Governor Ueda stated there are currently no preset plans for interest rate hikes, which will only be considered if the economy and prices rise again; a bond reduction plan will be reviewed in the next meeting [3] - Japan's Ministry of Finance issued approximately 2.6 trillion yen in 10-year government bonds, with a bid-to-cover ratio of about 3.66, the highest in nearly a year, leading to a rise in medium to long-term bond prices [3] Group 3: Other Economic Indicators - The OECD projected global economic growth rates of 2.9% for both 2025 and 2026, down by 0.2 and 0.1 percentage points respectively from the March forecast [4]

中国央行：今日开展4545亿元7天逆回购操作，投标量4545亿元，中标量4545亿元，操作利率为 1.40%，与此前持平。 ...

中国央行逆回购操作当日实现净回笼3755亿元 金十数据6月3日讯，中国央行今日开展4545亿元7天期逆回购操作，因今日有8300亿元7天期逆回购到 期，当日实现净回笼3755亿元。看公开市场资金流向，到"数据库-中国央行数据"查看>> ...

央行公告，为维护银行体系流动性合理充裕，2025年6月3日，人民银行以固定利率、数量招标方式开展 了4545亿元逆回购操作，期限为7天，操作利率为1.40%，投标量和中标量均为4545亿元。(央行) ...

| MLF | | | --- | --- | | ■ 逆回购 票据 | 逆回购到期 | 中国央行逆回购操作当日实现净投放1486亿元 当周实现净投放6566亿元 金十数据5月30日讯，中国央行今日开展2911亿元7天期逆回购操作，因今日有1425亿元7天期逆回购到期，当日实现净投放1486 亿元。本周，中国央行共开展16026亿元7天期逆回购操作，因本周共有9460亿元7天期逆回购到期，本周实现净投放6566亿元。 看公开市场资金流向，到"数据库-中国央行数据"查看>> | MLF到期 . 0 2025/05/19 2025/06/20 2025/06/27 2025/05/23 2025/05/20 2025/06/22 2025/05/28 2025/05/29 2025/05/30 2025/06/27 专业 · 及时 · 精准 · 权威 > 金十数据 · 7x24跟踪全球市场突发消息 | 日期 | 类别(全部) | 量(亿) | 期限 | 利率 | | --- | --- | --- | --- | --- | | 2025-05-30 | 逆回购到期 | 1425 | 7天 | | | 2025- ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - Last week, Treasury bond futures first rose and then fluctuated. The rise was mainly due to the policy benefits brought by the simultaneous reduction of LPR and deposit rates, which strengthened the market's expectation of a further decline in the interest rate center and boosted medium - and long - term interest - rate bonds. However, after the policy was implemented, along with the increasing game sentiment on the progress of Sino - US negotiations and future economic data, the risk preference recovered, increasing the upward pressure on long - bond yields, and the futures bond trends became more differentiated and volatile. The approaching supply of ultra - long - term special treasury bonds on the fiscal side also intensified market concerns about duration pressure. Overall, the subsequent trend still depends on the performance of economic data and the rhythm of fiscal policies [3] Summary by Directory 1. Interest Rate Pricing Tracking Indicators - **Price Indicators**: China's monthly CPI had a 0.10% month - on - month change and a - 0.10% year - on - year change; China's monthly PPI had a - 0.40% month - on - month change and a - 2.70% year - on - year change [9] - **Monthly Economic Indicators**: The social financing scale was 424.00 trillion yuan, with a month - on - month increase of 1.04 trillion yuan (+0.25%); M2 year - on - year was 8.00%, with a month - on - month increase of 1.00% (+14.29%); the manufacturing PMI was 49.00%, with a month - on - month decrease of 1.50% (-2.97%) [9] - **Daily Economic Indicators**: The US dollar index was 99.57, with a month - on - month increase of 0.60 (+0.61%); the offshore US dollar to RMB exchange rate was 7.1865, with a month - on - month increase of 0.017 (+0.23%); SHIBOR 7 - day was 1.60, with a month - on - month increase of 0.02 (+1.20%); DR007 was 1.62, with a month - on - month decrease of 0.04 (-2.17%); R007 was 1.76, with a month - on - month decrease of 0.21 (-10.82%); the 3 - month inter - bank certificate of deposit (AAA) was 1.69, with a month - on - month increase of 0.02 (+1.10%); the AA - AAA credit spread (1Y) was 0.10, with a month - on - month increase of 0.01 (+1.10%) [9] 2. Overview of Treasury Bonds and Treasury Bond Futures Market - **Market Data**: On May 27, 2025, the closing prices of TS, TF, T, and TL were 102.41 yuan, 106.03 yuan, 108.74 yuan, and 119.46 yuan respectively, with price changes of - 0.02%, - 0.03%, - 0.11%, and - 0.26% respectively. The average net basis of TS, TF, T, and TL was - 0.086 yuan, - 0.073 yuan, - 0.001 yuan, and 0.250 yuan respectively [2] 3. Overview of the Money Market Funding Situation - **Central Bank Operations**: On May 27, 2025, the central bank conducted a 448 - billion - yuan 7 - day reverse repurchase operation at a fixed interest rate of 1.5% [2] - **Money Market Rates**: The repurchase rates for 1D, 7D, 14D, and 1M were 1.452%, 1.598%, 1.667%, and 1.614% respectively, and the repurchase rates had recently declined [2] 4. Spread Overview - The report provides various spread data through multiple figures, including the inter - period spread trends of Treasury bond futures varieties, the term spread of spot bonds and the cross - variety spread of futures, etc. [36][41][42] 5. Two - Year Treasury Bond Futures - The report presents data on the implied interest rate of the TS main contract and the Treasury bond yield to maturity, the IRR of the TS main contract and the funding rate, and the basis and net basis trends of the TS main contract in the past three years through figures [44][46][57] 6. Five - Year Treasury Bond Futures - The report shows data on the implied interest rate of the TF main contract and the Treasury bond yield to maturity, the IRR of the TF main contract and the funding rate, and the basis and net basis trends of the TF main contract in the past three years through figures [53][56][59] 7. Ten - Year Treasury Bond Futures - The report provides data on the implied interest rate of the T main contract and the Treasury bond yield to maturity, the IRR of the T main contract and the funding rate, and the basis and net basis trends of the T main contract in the past three years through figures [64][67] 8. Thirty - Year Treasury Bond Futures - The report gives data on the implied interest rate of the TL main contract and the Treasury bond yield to maturity, the IRR of the TL main contract and the funding rate, and the basis and net basis trends of the TL main contract in the past three years through figures [71][76][78] Strategies - **Unilateral Strategy**: With the decline of repurchase rates and the fluctuating prices of Treasury bond futures, the 2509 contract is neutral [4] - **Arbitrage Strategy**: Pay attention to the widening of the basis [4] - **Hedging Strategy**: There is medium - term adjustment pressure, and short - sellers can use far - month contracts for appropriate hedging [4]

中国央行逆回购操作当日实现净投放2275亿元 金十数据5月26日讯，中国央行今日开展3820亿元7天期逆回购操作，因今日有1545亿元7期逆回购到期，当日实现净投放2275亿 元。看公开市场资金流向，到"数据库-中国央行数据"查看>> | MLF到期 0 203505 14 2025/05/19 2025/05/20 2025/05/23 2025/05/13 2025/05/15 2025/05/10 2025/05/27 2025/05/22 2025/05/26 | | | | 日期 | 类别(全部) | 量(亿) | 期限 | 利率 | | --- | --- | --- | --- | --- | | 2025-05-26 | 逆回购到期 | 1350 | 7天 | | | 2025-05-26 | 逆回购 | 3820 | 7天 | 1.4 | | 2025-05-23 | 逆回购到期 | 1065 | 7天 | | | 2025-05-23 | 逆回购 | 1425 | 7天 | 1.4 | | 2025-05-22 | 逆回购到期 | 645 | 7天 | | | 2025-05-22 | 逆 ...

据中国人民银行消息，2025年5月23日，中国人民银行通过固定利率、数量招标方式实施了1425亿元逆 回购操作，操作期限为7天，利率为1.4%。 ...