公开市场业务一级交易商考评

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【债市观察】长端收益率上行拉动曲线趋陡 10年期国债周中上穿1.8%
Xin Hua Cai Jing· 2025-09-15 06:19
Market Overview - The funding environment was tight at the beginning of the week but eased later, maintaining overall balance [1] - The bond market experienced fluctuations due to news regarding fund fee rate adjustments and potential cancellation of tax exemptions for bond funds, leading to a rise in yields [1][4] - The 10-year government bond yield surpassed 1.8%, reaching a new high since April, before retreating later in the week due to weak export and financial data, as well as rumors of the central bank restarting bond purchases [1][4] Yield Changes - As of September 12, 2025, the yields for various maturities changed as follows: 1-year (0.41BP), 2-year (2.14BP), 3-year (0.97BP), 5-year (0.18BP), 7-year (2.25BP), 10-year (4.1BP), 30-year (7.15BP), and 50-year (7.75BP) compared to September 5, 2025 [2][3] Bond Market Dynamics - On Monday, the bond market weakened due to new fund fee regulations, with the 10-year bond yield rising to 1.784% [4] - On Tuesday, significant redemptions in index bond funds led to a quick rise in yields, with the 10-year bond yield reaching 1.795% [4] - By Wednesday, the yield peaked at 1.8325% before slightly retreating to 1.815% [4] - On Thursday, rumors of the central bank's bond purchases helped restore market sentiment, causing yields to drop [4] - By Friday, the central bank announced a 600 billion yuan reverse repurchase operation, contributing to further yield declines [4] Government Bond Issuance - A total of 83 bonds were issued last week, amounting to 10,345.42 billion yuan, including 5,663.70 billion yuan in government bonds [8] - For the upcoming week (September 15-19, 2025), 69 bonds are planned for issuance, totaling 5,005.19 billion yuan [8] International Bond Market - The U.S. Treasury market saw a slight rebound after reaching multi-month lows, with the 10-year Treasury yield dropping to 4.06% [9] - The U.S. August CPI rose by 2.9%, slightly above the previous value of 2.7%, while core CPI remained stable at 3.1% [10][12] Central Bank Operations - The central bank conducted 12,645 billion yuan in reverse repurchase operations last week, resulting in a net injection of 1,961 billion yuan [13] - An announcement was made for a 600 billion yuan buyout reverse repurchase operation scheduled for September 15, 2025 [13] Economic Indicators - The consumer price index (CPI) in August remained stable, with a year-on-year decrease of 0.4% [15] - The total social financing scale increased by 26.56 trillion yuan in the first eight months of 2025, showing a year-on-year growth of 8.8% [16] Institutional Perspectives - Huazhong Securities noted that the bond market sentiment remains fragile, with potential opportunities for long-term investments despite current volatility [19] - Financial institutions suggest a "barbell" strategy for bond investments, focusing on medium to high-grade credit bonds in the short term and long-term government bonds [19]
时隔7年再调整,央行发布最新公告
Zheng Quan Shi Bao· 2025-09-13 01:58
9月12日晚间,中国人民银行(简称"央行")发布公告,宣布调整优化公开市场业务一级交易商考评办 法,新办法从2025年启用,2025年度的一级交易商名单暂不做调整。 市场人士表示,此次考评调整还有一个关注点,就是明确对各类型机构分类实施考核,考评方法更加科 学公允。过去各类型机构放在一起考核排名,由于我国商业银行总体实力较强,非银等机构并不占优, 一级交易商都是以银行为主。此次方法调整有利于提升交易商的多元化,更好发挥不同类型机构作用, 支持未来央行宏观调控、政策传导和工具创新。 一级交易商考评调整是货币政策框架转型的重要组成部分。央行于1996年首次组建一级交易商,从市场 机构中择优挑选交易对手并承担货币政策传导职责。为督促一级交易商合格履职,央行于2004年建立一 级交易商考评机制,定期考评更新交易商名单。随着市场发展,考评指标也与时俱进。2018年央行曾发 布《公开市场业务公告〔2018〕2号》,将考评指标充实为7大类、15项,与当时的市场发展需要相适 应;时隔7年后央行再次调整考评指标,将更好服务于货币政策框架转型。 此外,公告表示,考评期内行为不当的一级交易商将被暂停参与公开市场操作,情节严重的将在 ...
央行公布2025年度公开市场业务一级交易商名单
Sou Hu Cai Jing· 2025-09-12 10:45
Core Viewpoint - The People's Bank of China (PBOC) announced adjustments to the evaluation criteria for primary dealers in the open market to enhance monetary policy transmission and align with financial market developments, effective from 2025 [1]. Group 1: Evaluation Criteria Adjustments - The revised evaluation criteria for primary dealers will focus on aspects such as monetary market transmission, bond market making, research and innovation, and compliance with stable operations [1]. - The list of primary dealers for the year 2025 will remain unchanged despite the new evaluation criteria [1]. Group 2: Consequences of Non-compliance - Primary dealers that engage in improper conduct during the evaluation period will be suspended from participating in open market operations, with severe cases leading to disqualification in the following year [3].