Core Points - The People's Bank of China (PBOC) conducted a 7-day reverse repurchase operation of 142.5 billion yuan today, maintaining the operation rate at 1.40% [1] - A total of 106.5 billion yuan in reverse repos is set to mature today [1] - Throughout this week, the PBOC has executed 7-day reverse repurchase operations totaling 946 billion yuan, with 486 billion yuan maturing this week, resulting in a net injection of 460 billion yuan [1]

Core Viewpoint - The People's Bank of China (PBOC) conducted a 7-day reverse repurchase operation amounting to 357 billion yuan, maintaining the operation interest rate at 1.40% [1] Summary by Category Monetary Policy - The PBOC's reverse repurchase operation today was 357 billion yuan, with an interest rate unchanged at 1.40% [1] - There is a maturity of 180 billion yuan in reverse repos today [1]

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 106.5 billion yuan today, maintaining the operation rate at 1.40% [1] - A total of 77 billion yuan in reverse repos is set to mature today [1] - Throughout the week, the People's Bank of China has conducted a total of 486 billion yuan in 7-day reverse repurchase operations, with 836.1 billion yuan in 7-day reverse repos and 125 billion yuan in 1-year MLF maturing this week, resulting in a net withdrawal of 475.1 billion yuan [1]

| 日期 | 类别(全部) | 量(亿) | 期限 | 利率 | | --- | --- | --- | --- | --- | | 2025-05-09 | 逆回购 | 770 | 7天 | 1.4 | | 2025-05-08 | 逆回购 | 1586 | 7天 | 1.4 | | 2025-05-07 | 逆回购到期 | 5308 | 7天 | | | 2025-05-07 | 逆回购 | 1955 | 7天 | 1.5 | | 2025-05-06 | 逆回购到期 | 10870 | 7天 | | | 2025-05-06 | 逆回购 | 4050 | 7天 | 1.5 | | 2025-04-30 | 逆回购到期 | 1080 | 7天 | | | 2025-04-30 | 逆回购 | 5308 | 7天 | 1.5 | | 2025-04-29 | 逆回购到期 | 2205 | 7天 | | | 2025-04-29 | 逆回购 | 3405 | 7天 | 1.5 | 0 2025/05/06 2025/05/05 2025/04/22 2025/04/23 2025/04/34 2025/04/ ...

Core Viewpoint - The People's Bank of China (PBOC) did not conduct any open market operations for government bonds in April 2025 [1] Group 1 - The PBOC's decision indicates a potential shift in monetary policy or market conditions affecting government bond trading [1]

Group 1 - The report indicates that the external environment is severe, leading to a balanced and slightly loose funding situation, with expectations of a slight decline in market interest rates in April [3][5][87] - In March, the central bank increased liquidity, resulting in a slight easing of the funding environment, with average interbank and exchange repo rates mostly declining [3][12][55] - The average overnight transaction volume in the interbank market increased compared to the previous month, while the exchange's overnight transaction volume decreased [42][49] Group 2 - Key indicators in the overseas currency market show that the Federal Reserve paused interest rate cuts in March, and short-term U.S. Treasury rates remained stable [7][9] - Domestic monetary market indicators reveal a slight easing in March, with average repo rates declining, while fiscal deposits increased significantly [5][11] - The report predicts that fiscal deposits will continue to rise in April, with a slight decrease in the excess reserve ratio expected [56][66][81] Group 3 - The report highlights that the average yield on short-term bonds increased in March, with specific changes in yields for various types of bonds [13][32] - The average annualized yield of money market funds decreased slightly in March, indicating a trend of declining yields [37][41] - The report notes that the central bank may use monetary policy tools such as reserve requirement ratio cuts to counter external pressures [76][87]

Group 1: Liquidity and Market Conditions - The liquidity pressure has eased slightly this week, but it cannot be termed as relaxed, with overnight funding rates decreasing and 7-day funding rates slightly increasing[3] - The average net supply in the banking system from February 24 to February 28 was 1.52 trillion yuan, an increase of 335.7 billion yuan compared to the previous week[4] - The central bank's recent open market operations indicate a supportive stance, with a net injection of 433.1 billion yuan during the week[26] Group 2: Money Market Trends - As of February 28, the average rates for DR001 and DR007 decreased by 9.5 basis points and 8.9 basis points to 1.86% and 2.13%, respectively[4] - The average daily transaction volume for interbank pledged repos was 49,981 billion yuan, an increase of 38.2 billion yuan compared to the previous week[4] - The issuance of interbank certificates of deposit (CDs) from February 24 to February 28 totaled 715.2 billion yuan, with a net financing amount of -382.8 billion yuan, indicating increased issuance but reduced net financing[5] Group 3: Government Debt and Fiscal Policy - The net payment for government bonds next week is projected to be 248.6 billion yuan, a decrease compared to the previous week, which may have a limited impact on liquidity[32] - The upcoming government bond issuance includes 2.63 billion yuan in national bonds and 2.175 billion yuan in local bonds, with a total issuance of 4.805 billion yuan[32] Group 4: Risk Factors - Key risk factors include policy uncertainty, unexpected changes in the economic fundamentals, and geopolitical risks from overseas[7]