Open Market Operations - The central bank announced a 690 billion yuan 7-day reverse repurchase operation on July 8, with a fixed interest rate of 1.40%, and the same amount was successfully bid [1][4] - On the same day, 1,310 billion yuan of reverse repos matured, resulting in a net withdrawal of 620 billion yuan [1][4] Funding Conditions - The latest transaction for one-year interbank certificates of deposit among major banks is around 1.6%, showing little change from the previous day [6] Bond Market - Major interbank bond yields have generally risen [8] - Government bond futures closed collectively lower, with the 30-year main contract down 0.22%, the 10-year down 0.08%, the 5-year down 0.08%, and the 2-year down 0.03% [12][14] Local Government Financing - The Hubei province is implementing measures such as "debt restructuring, platform transformation, and asset revitalization" to effectively prevent and mitigate local debt risks [18] - Recent negative events in bond issuance include downgrades in credit ratings for several companies, indicating potential risks in the local government financing sector [18]