Open Market Operations - The central bank announced a 7-day reverse repurchase operation of 164 billion yuan at a fixed rate of 1.40% on June 11, with 214.9 billion yuan of reverse repos maturing on the same day, resulting in a net withdrawal of 50.9 billion yuan [1]. Funding Conditions - Continuous net withdrawal by the central bank had little impact on short-term funding rates in the interbank market, with overnight pledged repo rates slightly rising to around 1.36% and 7-day pledged repo rates increasing by over 2 basis points [3]. Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major banks remained stable at around 1.67% [6]. Bond Market - The closing prices for government bond futures showed an increase, with the 30-year main contract rising by 0.23%, the 10-year by 0.06%, the 5-year by 0.07%, and the 2-year by 0.02% [11]. Economic and Trade Negotiations - The Chinese and U.S. trade representatives engaged in professional and in-depth discussions in London, reaching a framework agreement based on previous communications between the two countries' leaders [12]. - U.S. Commerce Secretary expressed that the negotiations were progressing smoothly, highlighting the importance of the discussions [12]. Global Macro Developments - The Bank of England is considering increasing the flexibility of its Indexed Long-Term Repo (ILTR) tool, raising the total available reserves for each auction from 25 billion pounds to 35 billion pounds [14]. Bond Market Events - Several companies faced significant debt repayment issues, including R&F Properties failing to repay "20 R&F Properties PPN001" and Shenzhen Longguang Holdings unable to settle 29.8457 billion yuan in debt [16]. - The issuance of "Er Yong Bonds" by commercial banks is accelerating, with planned issuances exceeding 770 billion yuan [16].

Group 1 - Ukraine will skip the payment of GDP-linked bonds due on June 2 [1]

Group 1 - The core issue is that Sichuan Blu-ray Development Co., Ltd. failed to make timely and full payment of principal and interest on its first phase medium-term notes, "21 Blu-ray MTN001," triggering cross-default protection clauses [1][2] - The bond was issued with a total scale of 1 billion and a coupon rate of 7.50%, with an original maturity date of March 11, 2023 [6] - The issuer held a bondholder meeting on July 27, 2021, but failed to reach a waiver resolution, leading to a substantial default on August 2, 2021 [2][3] Group 2 - As of the announcement date, there is no specific repayment arrangement plan for the bond [3] - The company plans to maintain good communication with bondholders and respond to their demands [3][4] - The company aims to develop and implement a repayment plan and secure repayment funds as soon as possible [5][6]