Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on September 30, with a fixed rate and a total of 242.2 billion yuan at an interest rate of 1.40%, with the same amount being bid and awarded [1] - On the same day, 276.1 billion yuan in reverse repos matured, resulting in a net withdrawal of 33.9 billion yuan [1] Group 2: Liquidity Conditions - On the last trading day of September, the interbank market liquidity remained stable, with overnight repo rates for deposit institutions rising over 7 basis points but still below 1.4%, which is considered a comfortable level for quarter-end [3] - The overnight financing rate in the U.S. was reported at 4.16% [3] Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit in the secondary market was around 1.675% [7] Group 4: Bond Market Overview - Major interest rate bonds in the interbank market saw a decline in yields across the board [8] - Government bond futures closed higher, with the 30-year main contract up by 0.1%, the 10-year contract up by 0.17%, the 5-year contract up by 0.11%, and the 2-year contract up by 0.04% [13] Group 5: Key News - The Shanghai Clearing House announced a full exemption of bond issuance registration fees from October 1, 2025, to September 30, 2026, and a 50% reduction in service fees for bond interest payment and redemption [14] - The interbank dealer association released a revised evaluation scheme for lead underwriters of non-financial corporate debt financing tools, emphasizing resource allocation to technology finance and inclusive finance [14] Group 6: Bond Defaults and Risks - Recent updates on bond defaults include the restructuring progress of Dongxu PPN001 and the slow debt restructuring of Sanbao Group [17] - A list of negative events in the bond market includes delayed ratings for several entities, indicating potential risks in the sector [17]