来源：锦缎 时间：2025年11月20日 人物：Lisa D. Cook，美联储理事 演进主题：《政策制定者视角下的金融稳定》 地点：华盛顿特区乔治城大学麦克多诺商学院普萨罗斯金融市场与政策中心。 感谢丽娜。重返乔治城大学与普萨罗斯中心，我深感荣幸。*1 我曾在此地及周边度过许多时光，职业生涯初期还曾在此担任国会实习生。或许命运早有 预示——当年夏天我研究的课题之一便是《格拉斯-斯蒂格尔法案》。事实证明，年轻时接触这些知识确实令我获益良多。 作为美联储理事会金融稳定委员会主席，金融稳定始终是我关注的核心议题。请允许我首先表明：当前金融体系依然稳健，这得益于家庭与企业强劲的资 产负债状况，以及银行体系充足的整体资本水平。本月早些时候，美联储发布了半年度《金融稳定报告》最新版。该报告在确认体系韧性的同时，也指出 了近期报告中持续提示的若干风险与脆弱性。 今日我将重点论述三大脆弱性领域：资产估值；企业贷款从传统银行信贷向私人信贷的结构性转变；以及对冲基金在美国国债市场日益凸显的投资者角 色。最后，我将探讨一个长期议题——生成式人工智能在金融市场交易中的应用，这种技术既可能增强也可能削弱金融稳定。 首先让我们从宏观视 ...

随着我国经济的持续发展，政府债务作为宏观经济运行中的关键变量，其规模、结构、功能及可持续性日益受到各界关注。近年 来，面对复杂的内外部经济环境，政府债务在调节经济运行、保障民生福祉、支持重点领域发展等方面发挥重要作用的同时，也面 临着种类和期限、持有者结构、可持续性等方面的一系列新情况与新挑战。 政府债券的种类和期限结构安排 当前，政府债券的种类和期限结构安排亟待深入探讨。从种类来看，主要分为赤字债务和自偿性债务。从期限来看，我国国债以中 期为主，短期相对偏少。从功能来看，国债是金融市场流动性的来源，也是非金融部门财富的重要组成部分。美国在这方面起步较 早，其美元最初由黄金背书，之后依托美国国债市场，再经过石油赋能，如今涉足稳定币领域。相比之下，在我国国债市场，国债 作为流动性来源的功能发挥还不够充分，但近年来正在加速深化改革与发展。 我国国债在非金融部门尤其是居民部门财富构成中的作用还有待挖掘。长期以来，我国国债面向个人投资者发行的规模相对较小。 通过对比中国居民与美国居民收入构成可以发现，我国居民的总收入低于美国居民，但工资性收入水平与美国相近，二者的差距主 要体现在财产性收入和转移支付方面。在美国居民的 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - China's export in October showed mixed performance, with overall export growth benefiting from diversification despite a decline in exports to the US. The bond market had a short - term rally last week and a slight pullback this week, and if international financial market volatility expands next week, it will be relatively favorable for the domestic bond market [10][14][27] 3. Summary by Related Content 3.1 Bond Market - This week, most of the major Treasury futures contracts showed a narrow sideways fluctuation in the first two trading days and a continuous decline in the last three days, with a slight weekly decline. The 30 - year Treasury fell 0.59%, the 10 - year fell 0.20%, the 5 - year fell 0.15%, and the 2 - year fell 0.07% [4] - As of November 7, the Treasury bond yield curve shifted slightly upward in parallel compared to October 31. The 2 - year yield rose 3 BP to 1.43%, the 5 - year rose 2 BP to 1.59%, the 10 - year rose 1 BP to 1.81%, and the 30 - year rose 2 BP to 2.16% [7] 3.2 Foreign Trade - In October, China's exports denominated in US dollars decreased by 1.1% year - on - year, while imports increased by 1.0% year - on - year. The trade surplus was 900.7 billion US dollars. From January to October, exports increased by 5.3% year - on - year, and imports decreased by 0.9% year - on - year [10] - In October, exports to ASEAN increased by 11%, to the EU by 0.9%, and decreased by 25.2% to the US. Exports to countries and regions outside the top five export destinations increased by 3.45% [12][14] 3.3 Real Estate - In the first quarter, the average daily trading area of commercial housing in 30 large - and medium - sized cities was 236,000 square meters, a year - on - year increase of 2.5%. In the second quarter, it was 265,000 square meters, a year - on - year decrease of 7.9%. In the third quarter, it was 220,000 square meters, a year - on - year decrease of 8%. In October, it was 240,000 square meters, a year - on - year decrease of 27%. From November 1 - 6, it was 170,000 square meters, a year - on - year decrease of 48%. The national commercial housing sales are still in the bottom - grinding process [16] 3.4 Prices - The 200 - index of agricultural product wholesale prices rose rapidly in October, which will promote the month - on - month increase of CPI in October and reduce the year - on - year decline. At the beginning of November, it showed a narrow sideways fluctuation [18] - In October, the average value of the Nanhua Industrial Products Index decreased by 7.7% year - on - year, and the index decreased by 0.5% month - on - month. At the beginning of November, industrial product prices remained at a low level [21] 3.5 Capital - This week, short - term capital interest rates remained at a low level. The weighted average of DR001 was 1.318%, and that of DR007 was 1.424%. The average issuance interest rate of one - year AAA inter - bank certificates of deposit was 1.637%, a slight decline from last week [24] 3.6 Market Logic and Trading Strategy - The reasons for the decline in China's exports in October include the slowdown of export growth in South Korea and Vietnam in October and the relatively high base in October last year. The central bank's plan to resume open - market Treasury bond trading operations drove the bond market rally last week. The 10 - year Treasury bond yield of 1.85% may be the upper limit in the future [27] - The trading strategy is for trading - type investors to conduct band operations [28]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On October 21, 2025, the LPR quote remained flat, and the Q3 economic data met expectations with a marginal weakening trend. The bond market was mainly suppressed by the stock market's recovery, and most treasury bond futures closed lower. The yields of major inter - bank interest rate bonds across all maturities rose, with larger increases in the medium - to long - term. The funds were stable with a marginal convergence. The 10 - year bond market entered a window period after the negative factors were cleared, but lacked a trigger for a counter - attack due to the difficulty of short - term monetary easing and the disturbance of the stock - bond seesaw effect [8][9][10][11][12] 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - **Market Conditions**: The LPR quote remained flat, Q3 economic data met expectations and showed a marginal weakening trend. The bond market was mainly suppressed by the stock market's recovery, and most treasury bond futures closed lower [8] - **Interest Rate Bonds**: The yields of major inter - bank interest rate bonds across all maturities rose, with the medium - to long - term yields rising by about 2bp. By 16:30 pm, the yield of the 10 - year treasury bond active bond 250011 was reported at 1.7675%, up 2.25bp [9] - **Funding Market**: The funds were stable with a marginal convergence. There were 253.8 billion yuan of reverse repurchase maturities, and the central bank injected 189 billion yuan, resulting in a net withdrawal of 64.8 billion yuan. The inter - bank fund sentiment index was stable, short - term fund rates fluctuated within a narrow range, the 7 - day rate rose 2.47bp to 1.4332%, and the medium - to long - term funds were stable [10] - **Conclusion**: In October, the bond market entered a window period after the negative factors were cleared, but lacked a counter - attack trigger due to the difficulty of short - term monetary easing. Although the policy orientation of loose money and loose finance remained unchanged, the bond market lacked direct positive stimuli and was disturbed by the stock - bond seesaw effect, so investors needed to wait patiently for a counter - attack opportunity [11][12] 3.2 Industry News - On October 18, Chinese and US economic and trade leaders held a video call, agreeing to hold a new round of Sino - US economic and trade consultations as soon as possible. US President Trump continued to send conciliatory signals, and the Trump administration was quietly relaxing multiple tariff policies [13] - Multiple experts expected the LPR quotes for both tenors in October to remain flat. Analysts expected a downward adjustment space for subsequent policy rates and LPR quotes. Central Bank Governor Pan Gongsheng said that China would continue to implement a moderately loose monetary policy. The opening ceremony of the 2025 Financial Street Forum Annual Conference was scheduled for October 27, and relevant leaders would attend and make speeches [14] 3.3 Data Overview - **Treasury Bond Futures Market**: The report presented data on treasury bond futures trading on October 20, including contract information such as opening price, closing price, settlement price, price change, trading volume, open interest, and open interest change. It also mentioned the inter - maturity spread and inter - variety spread of the main treasury bond futures contracts, as well as the trend of the main contracts [6] - **Money Market**: The report showed the term structure change and trend of SHIBOR, as well as the change in the weighted inter - bank pledged repurchase rate and the inter - bank pledged repurchase rate [29][33] - **Derivatives Market**: The report presented the Shibor3M interest rate swap fixing curve (mean) and the FR007 interest rate swap fixing curve (mean) [35]

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Views - **Stock Index**: Maintain an optimistic view on A-shares in the long term, as market trading sentiment remains active, RMB appreciation drives loose internal and external liquidity, and there is support from credit impulse resilience and consumption policy expectations. However, in the short term, it is necessary to be vigilant against the risk of fluctuations caused by the passivation of positive factors due to four marginal changes, including structural overheating in market sentiment, potential capital flow disturbances after the Fed's preventive rate cut, weak fundamental data in most months, and the approaching National Day holiday [7]. - **Treasury Bonds**: Stock market fluctuations intensify the volatility of interest rate bonds. The follow - up trend of domestic interest rate bonds mainly depends on the central bank's rate - cut plan, and policy trends will dominate market sentiment repair and yield positioning. The Fed's rate cut has limited impact on domestic interest rate bonds [8]. 3. Summary by Directory **Stock Index Strategy Suggestions** - **Trend Review**: Last week, the market continued to fluctuate with significant style differentiation. The large - cap growth sector performed strongly, while the value sector was under pressure. Major indices showed mixed performance, with growth - style broad - based indices leading the gains [7]. - **Technical Analysis**: The main A - share indices showed a differentiated and volatile pattern last week. The Shanghai Composite Index was constrained by the 3100 - point pressure, while the ChiNext Index was strong, breaking through the 20 - week moving average, and the STAR 50 index was approaching its annual high but in the overbought area [7]. - **Strategy Outlook**: Remain rational and make cautious decisions [7]. **Treasury Bond Strategy Suggestions** - **Trend Review**: Bond yields first rose and then fell last week. The bond market was under pressure during the week and rebounded slightly at the end of the week. The treasury bond curve showed a slight bear - steepening, and the overall rebound momentum was limited [8]. - **Technical Analysis**: Treasury bond futures first fell and then rebounded. T2412 continued to decline since September 16th. The trading volume decreased, and the open interest mostly increased. The CTD net basis was differentiated, and the IRR was generally low [8]. - **Strategy Outlook**: Wait patiently for a clear trend before operating [8]. **Key Data Tracking** - **PMI**: In July, the manufacturing PMI fell to 49.3%, weaker than market expectations and seasonal changes. Supply and demand on both sides weakened, and the upstream non - ferrous and steel industries improved, while the downstream export chain was suppressed [12]. - **Inflation**: In September, the year - on - year CPI was flat, and the month - on - month CPI rose by 0.4%. The year - on - year PPI decreased by 3.6%, and the month - on - month PPI decreased by 0.2%. There were positive changes in prices, but the year - on - year CPI and PPI were still sluggish [15]. - **Industrial Added Value**: In September, the year - on - year growth rate of industrial added value dropped to 5.7%, and the growth rate of the service industry production index dropped to 5.8%. The decline in the industrial added value was mainly due to the export chain [18]. - **Fixed - Asset Investment**: In September, the estimated year - on - year growth rate of fixed - asset investment turned negative to - 5.2%. The reasons for the negative growth were complex, including short - term, medium - term, and long - term factors [21]. - **Social Retail Sales**: In September, the year - on - year growth rate of social retail sales dropped to 3.7%. The weakening was mainly reflected in low - level fluctuations in catering consumption, weakening sales of state - subsidized categories, and a decline in real - estate - related consumption [24]. - **Social Financing**: In September, new social financing was 1.2 trillion yuan, and new RMB loans were - 100 billion yuan. The growth rates of social financing, M1, and M2 improved. In the future, the social financing growth rate may peak and decline, and there are still windows for reserve requirement ratio and interest rate cuts this year [27]. - **Imports and Exports**: In September, exports were 321.78 billion US dollars, imports were 223.54 billion US dollars, and the trade surplus was 98.24 billion US dollars. The performance of imports and exports was significantly better than market expectations, mainly due to the "rush" characteristic under the threat of US tariffs [30]. **Key Points to Watch This Week** - Multiple economic indicators in the US, such as ADP employment, non - farm payrolls, ISM services PMI, refinery utilization rate, and initial jobless claims, need to be monitored [32].

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - Short - term market may continue to fluctuate and differentiate, with investors' sentiment being cautious. The precious metals sector is supported by international gold prices, and its subsequent performance is worth attention. The real - estate industry chain is expected to remain active due to policy incentives. The semiconductor and photovoltaic equipment sectors need to track capacity adjustment and performance improvement. The technology sector fluctuates greatly, and it is recommended to closely monitor news and individual stock fundamentals. Overall, there are both opportunities and risks in the market, and investors should make rational decisions and pay attention to position management [7]. - Fundamentally, China's economic slow - recovery trend remains unchanged, with PPI and CPI remaining low and residents' financing demand being weak. The data does not currently support a rapid rise in interest rates. The central bank maintains a moderately loose monetary policy, which supports the bond market. In the fourth quarter, affected by the high base, economic data may weaken periodically. If policies are intensified to strengthen the expectation of monetary easing, the bond market is expected to decline. The current low - inflation environment and policy tone together constitute favorable conditions for the bond market, and subsequent attention should be paid to the marginal changes in economic data and the policy response rhythm [8]. 3. Summary by Relevant Catalogs 3.1 Stock Index Strategy Suggestions - **Stock Index Trend Review**: Last week, the A - share market rose overall, with major indices rebounding. The Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and STAR Market all showed gains. The STAR Market was particularly outstanding, reflecting the strong momentum of the growth - style sector. The daily average trading volume of A - shares last week was about trillions of yuan, slightly lower than the previous week. The growth - style sector led the market rebound, and the change in trading volume reflected the dynamics of market trading activity [7]. - **Core Viewpoints**: The short - term market may continue to fluctuate and differentiate, and investors' sentiment is cautious. The precious metals sector is supported by international gold prices, and the real - estate industry chain is expected to be active. The semiconductor and photovoltaic equipment sectors need to track capacity adjustment and performance improvement. The technology sector fluctuates greatly, and investors should make rational decisions and pay attention to position management [7]. - **Technical Analysis**: The Shanghai Composite Index broke through the long - term trend line last Thursday, forming a "Jiao Long Chu Hai" pattern, indicating a significant increase in short - term bullish momentum and a shift from a cautious to a positive market pattern [7]. 3.2 Treasury Bond Strategy Suggestions - **Treasury Bond Trend Review**: Last week, there was a net capital withdrawal of 100 million yuan. The bond market fluctuated sharply due to the new regulations on public fund redemption fees and tax - exemption policy rumors. The yields of long - term and ultra - long - term bonds exceeded previous highs, and then recovered after the central bank's news of restarting treasury bond trading. On the evening of a certain day, after the release of credit data, the yield of a certain - year treasury bond decreased slightly, while the yields of other - year and ultra - long - term treasury bonds increased [8]. - **Core Viewpoints**: China's economic slow - recovery trend remains unchanged, and the central bank's moderately loose monetary policy supports the bond market. In the fourth quarter, economic data may weaken periodically, and if policies are intensified, the bond market may decline. Attention should be paid to economic data and policy responses [8]. - **Technical Analysis**: The K - line of the T contract oscillated upward, closing with a positive line. The MACD yellow and white lines were intertwined, and the increment of the green shadow decreased marginally. The three tracks of the BOLL line still maintained a downward - opening pattern [8]. - **Strategy Outlook**: Wait patiently for a clear trend before operating [8]. 3.3 Key Data Tracking - **PMI**: In July, the manufacturing PMI fell to 49.3%, weaker than market expectations and seasonal changes. Both supply and demand weakened. The upstream non - ferrous and steel industries improved, while the downstream export chain was suppressed [12]. - **Inflation**: In a certain month, the year - on - year CPI was flat, and the month - on - month CPI rose by 0.4%. The year - on - year PPI decreased by 3.6%, and the month - on - month PPI decreased by 0.2%. There were positive changes in prices, but the year - on - year CPI and PPI were still low [15]. - **Industrial Added Value**: In a certain month, the year - on - year growth rate of industrial added value fell to 5.7%, and the year - on - year growth rate of the service industry production index fell to 5.8%. The decline in the industrial added value growth rate was mainly due to the export chain, with significant declines in the year - on - year growth rates of export - oriented industries such as automobiles, electronics, textiles, and electrical machinery [18]. - **Fixed - Asset Investment**: In a certain month, the estimated year - on - year growth rate of fixed - asset investment turned negative to - 5.2%. The year - on - year growth rates of manufacturing, narrow - sense infrastructure, and real - estate investment declined. The reasons for the negative growth of fixed - asset investment were complex, including short - term factors such as extreme weather and statistical method misalignment, medium - term factors such as export expectation decline and policy implementation, and long - term factors such as the shrinking real - estate investment [21]. - **Social Retail Sales**: In a certain month, the year - on - year growth rate of social retail sales fell to 3.7%, and the year - on - year growth rate of retail sales above the designated size fell to 2.8%. The weakening of social retail sales was mainly reflected in the low - level fluctuation of catering consumption, the weakening of sales of state - subsidized products, and the decline of real - estate - related consumption [24]. - **Social Financing**: In a certain month, the new social financing was 1.2 trillion yuan, and the new RMB loans were negative. At the end of the month, the year - on - year growth rate of the stock of social financing scale was 9.0%, and the year - on - year growth rate of M2 was 8.8%. The credit data was negative, but the growth rates of social financing, M1, and M2 improved with fiscal support. In the future, the base effect and government bonds will still support social financing, but the government bonds in Q4 will face a year - on - year decrease, and the growth rate of social financing may peak and decline. There is still a window for reserve requirement ratio cuts and interest rate cuts this year, and attention should be paid to the implementation of new policy - based financial tools and the possibility of new government bond quotas [27]. - **Imports and Exports**: In a certain month, China's exports were 321.78 billion US dollars, imports were 223.54 billion US dollars, and the trade surplus was 98.24 billion US dollars. The import and export performance in this month was significantly better than market expectations, mainly due to the "rush" characteristic under the threat of the US government to impose tariffs on semiconductors and pharmaceuticals. Semiconductor - related enterprises accelerated inventory replenishment, and domestic enterprises accelerated the import of pharmaceutical materials and products [30]. - **Key Points to Watch This Week**: This week, attention should be paid to the initial jobless claims in the US on a certain day, the federal funds target rate, the refinery utilization rate and capacity utilization rate on a certain day, the crude oil inventory and strategic reserve inventory on a certain day, and the new housing starts (private housing) in a certain month in the US [32].

Group 1: Market Overview - The bond market showed slight gains in early trading on September 15, with the 30-year government bond ETF (511090) rising by 0.21% [1] - As of 10:00 AM, the latest price for the 30-year government bond futures contract (TL2512) was 115.53 yuan, up 0.37%, with a trading volume of 30,161 contracts and a total open interest of 143,401 contracts [1] - Other government bond futures also saw increases, with the 10-year bond (T2512) up 0.13%, the 5-year bond (TF2512) up 0.07%, and the 2-year bond (TS2509) up 0.02% [1] Group 2: Monetary Policy and Financing - The central bank conducted a 600 billion yuan 7-day reverse repurchase operation today, maintaining the bidding rate at 1.40% [1] - Major interbank interest rates for government bonds generally declined, with the yield on the 10-year government bond active note (250011) down by 0.05 basis points to 1.797%, and the 30-year government bond active note (2500002) down by 1.2 basis points to 2.085% [1] - In August, new social financing amounted to 2.57 trillion yuan, a year-on-year decrease of 463 billion yuan, slightly below the average of 3.04 trillion yuan over the past five years [2] Group 3: Bond Market Insights - The August social financing stock growth rate fell to 8.8%, down 0.2 percentage points from July's 9% [2] - New government bonds issued in August totaled 1.37 trillion yuan, a year-on-year decrease of 251.9 billion yuan, indicating a slowdown in government bond issuance [2] - The Pengyang 30-year government bond ETF (511090) is currently the first ETF tracking the 30-year government bond index, offering T+0 trading attributes, which allows investors to trade flexibly and manage portfolio duration effectively [2]

Core Viewpoint - The Trump administration's call for significant interest rate cuts by the Federal Reserve, combined with the prospect of increased short-term bond issuance, may disrupt the Treasury bond market and ultimately raise long-term borrowing costs [1] Group 1: Federal Reserve and Interest Rates - The Federal Reserve is under pressure from the Trump administration to lower the benchmark interest rate to stimulate the U.S. economy [1] - This pressure could lead to a scenario where bondholders lose confidence in the Fed's commitment to maintaining the real value of their principal [1] Group 2: Treasury Bond Market Dynamics - Increased issuance of short-term Treasury bills, as suggested by Treasury Secretary Mnuchin, may be a strategy to save on interest expenses in the current high-yield environment [1] - If the Fed appears more focused on government financing rather than protecting bondholders, it could trigger bond sell-offs and an increase in term premiums [1]

Report Overview - The report is the "Large - scale Asset Morning Report" released by the macro team of the research center on August 25, 2025 [2] Global Asset Market Performance 10 - year Treasury Yields of Major Economies - On August 22, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.255, 4.691, 3.420 respectively. There were different changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the US was - 0.074, and the yearly change was 0.418 [3] 2 - year Treasury Yields of Major Economies - On August 22, 2025, the 2 - year Treasury yields of the US, UK, Germany, etc. were 3.740, 3.938, 1.945 respectively. There were also different changes in different time periods. For example, the latest change in the US was - 0.010, and the yearly change was - 0.270 [3] Dollar Exchange Rates against Major Emerging Economies' Currencies - On August 22, 2025, the dollar exchange rates against the Brazilian real, South African rand, etc. were 5.426, 17.449 respectively. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the Brazilian real was - 0.91%, and the yearly change was - 0.87% [3] Major Economies' Stock Indexes - On August 22, 2025, the closing prices of the S&P 500, Dow Jones Industrial Average, etc. were 6466.910, 45631.740 respectively. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the S&P 500 was 1.52%, and the yearly change was 18.55% [3] Credit Bond Indexes - There were different changes in the latest, weekly, monthly, and yearly periods for the US investment - grade credit bond index, euro - zone investment - grade credit bond index, etc. For example, the latest change in the US investment - grade credit bond index was 0.53%, and the yearly change was 4.10% [3][4] Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, etc. were 3825.76, 4378.00 respectively, with corresponding percentage changes. For example, the A - share index rose 1.45% [5] Valuation - The PE (TTM) of the CSI 300, SSE 50, etc. were 13.97, 11.94 respectively, with corresponding环比 changes. For example, the环比 change of the CSI 300's PE (TTM) was 0.24 [5] Risk Premium - The risk premiums of the S&P 500 and German DAX were - 0.61, 2.25 respectively, with环比 changes of 0.02 for both [5] Fund Flows - The latest values of fund flows in A - shares, the main board, etc. were 1045.08, 480.26 respectively, and there were corresponding 5 - day average values [5] Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, etc. were 25467.10, 6759.35 respectively, with环比 changes. For example, the环比 change of the Shanghai and Shenzhen stock markets' trading volume was 1226.53 [5] Main Contract Basis - The basis of IF, IH, IC were 16.00, 13.39, - 12.45 respectively, with corresponding basis ratios of 0.37%, 0.46%, - 0.18% [5] Treasury Futures Trading Data - The closing prices of T00, TF00, T01, TF01 were 107.915, 105.475, 107.660, 105.370 respectively, with corresponding percentage changes. The R001, R007, SHIBOR - 3M were 1.4466%, 1.4839%, 1.5500% respectively, with daily changes in basis points [6]

Group 1 - The Ministry of Finance, in collaboration with the Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau, released the implementation plans for personal consumption loan interest subsidies and service industry operating entity loan interest subsidies on August 12 [1] - A press conference was held by the State Council Information Office on August 13 to introduce the details of these two policies [1] - Institutions have provided their views on the impact of the interest subsidy policies on government bond trends and the future performance of the bond market [1]