Group 1 - The market is sensitive to seasonal fluctuations in liquidity during June, with concerns about cross-quarter funding pressures potentially leading to increased interest rate volatility [1] - The central bank's recent operations indicate a clear intention to maintain reasonable liquidity, conducting two reverse repurchase operations this month to alleviate concerns about a "liquidity crunch" [1] - Short- and medium-term bonds have performed well, leading to a decline in long-term interest rates, while bond funds are adopting a strategy of extending duration to lock in higher yields during the interest rate downcycle [1] Group 2 - Future market developments will depend on several factors, including the actual performance of funding rates in the last few trading days of June and early July, which will validate the central bank's supportive measures [2] - The market will also monitor whether institutions continue to extend duration and if the consensus expectations can be sustained [2] - The timing of the central bank's announcement to restart bond purchases is crucial; if short-term benefits do not materialize as expected, the bond market may face a correction similar to the first quarter [2]

Core Viewpoint - The People's Bank of China (PBOC) is actively engaging in liquidity management by conducting significant reverse repurchase operations to support the financial market during a critical liquidity assessment period in June [1] Group 1: Reverse Repo Operations - In early June, the PBOC announced a 1 trillion yuan (approximately 140 billion USD) three-month reverse repurchase operation [1] - On June 13, the PBOC announced an additional 400 billion yuan (approximately 56 billion USD) reverse repurchase operation with a six-month term [1] - A total of 1.2 trillion yuan (approximately 168 billion USD) in reverse repos is set to mature throughout June, indicating a net liquidity injection for the month [1] Group 2: Market Conditions - The liquidity demand from financial institutions is expected to be high in June due to the significant maturity of interbank certificates of deposit and the half-year liquidity assessment [1] - The PBOC's provision of medium-term funding support reflects its commitment to nurturing the market during this period [1]

金十数据整理：6月5日欧盘美盘重要新闻汇总 国内新闻： 9. 商务部回应美方对华采取新限制措施：如果美方一意孤行，继续损害中方利益，中方将坚决采取有力 措施，维护自身正当权益。 4. 欧洲央行利率声明基本维持对未来利率路径的措辞，拉加德暗示降息周期将结束；市场不再完全定价 年内再降息25BP。 1. 习近平同美国总统特朗普通电话。 2. 国家副主席韩正在北京会见中美高级别二轨对话美方代表团。 3. 国家副主席韩正将于6月7日至13日赴法国尼斯出席联合国海洋大会并访问西班牙。 4. 我国将在北京、浙江、安徽等地部署建设10个国家数据要素综合试验区。 5. 6月6日，中国人民银行将开展10000亿元买断式逆回购操作，期限为3个月（91天）。 6. 商务部回应汽车行业"内卷式"竞争：加强综合整治与合规引导。 7. 商务部：对符合规定的稀土出口许可申请，中方将予以批准。 8. 商务部回应美上调钢铝关税：敦促美方停止泛化和滥用国家安全概念。 1. 关税-①据日本时事通讯社：美国在降低对日本的额外对等关税方面表现出灵活性。②消息人士：美 国和印度谈判代表可能最终敲定关税削减和市场准入问题，达成临时协议。③日本经济再生大臣 ...