Group 1 - The Ministry of Finance announced an increase in funding for special education schools, raising the per-student subsidy from 6,000 yuan to 7,000 yuan, benefiting approximately 910,000 disabled students [1] - Recent policies indicate a shift in fiscal spending towards improving people's livelihoods, with more resources being allocated to education and employment support [1] - The Ministry of Finance aims to enhance the "people's livelihood" aspect of fiscal arrangements, ensuring a safety net for citizens and improving their sense of well-being [1] Group 2 - In the first half of the year, national public budget expenditure reached 14.13 trillion yuan, a year-on-year increase of 3.4% [2] - Looking ahead to the second half of 2025, a more proactive fiscal policy is expected to maintain spending strength, positively impacting consumption and investment [2] - The issuance of new special bonds is anticipated to accelerate in the third quarter, aligning with the government's directive to expedite bond issuance [2]

Group 1 - The Ministry of Finance of China issued a 1-year bond with a scale of 124 billion, an issuance rate of 1.3300%, and a marginal rate of 1.3600%, with a bid-to-cover ratio of 2.53 times [1] - The Ministry of Finance of China issued a 5-year bond with a scale of 108 billion, an issuance rate of 1.5500%, and a marginal rate of 1.5700%, with a bid-to-cover ratio of 3.44 times [1] - The Ministry of Finance of China issued a 30-year bond with a scale of 83 billion, an issuance rate of 1.9724%, with a bid-to-cover ratio of 3.26 times [1] Group 2 - The marginal bid-to-cover ratio for the 1-year bond was 1.64 times, while for the 5-year bond it was 6.90 times, and for the 30-year bond it was 6.11 times [1] - The expected issuance rate for the 30-year bond was 1.9600%, indicating a slight increase in the actual issuance rate [1]

Core Viewpoint - South Korea plans to issue 18.2 trillion won in government bonds in July [1] Group 1 - The issuance of government bonds is part of South Korea's fiscal strategy [1] - The total amount of 18.2 trillion won is approximately 15.4 billion USD based on current exchange rates [1]

Group 1: Social Financing and Credit Growth - In May, the social financing scale increased by CNY 2.2894 trillion, up CNY 227.1 billion year-on-year, maintaining a growth rate of 8.7%[4] - New RMB loans in May amounted to CNY 596 billion, a decrease of CNY 223.7 billion year-on-year, indicating insufficient effective demand[4] - The increase in credit in May was CNY 620 billion, which is CNY 330 billion less than the same month last year, reflecting weaker seasonal performance[3] Group 2: Government Bonds and Corporate Financing - Government bond financing in May reached CNY 1.4633 trillion, an increase of CNY 236.7 billion year-on-year, indicating sustained issuance strength[4] - Special refinancing bonds saw a net financing amount of CNY 4.261 billion, with issuance accelerating compared to the previous month[4] - Corporate bonds increased by CNY 121.1 billion year-on-year, as companies took advantage of lower financing costs since April[4] Group 3: Monetary Supply and Economic Indicators - M1 growth rate improved by 0.8 percentage points to 2.3% in May, while M2 growth rate slightly decreased to 7.9%[5] - Fiscal deposits increased by CNY 116.7 billion year-on-year, indicating a potential surplus in government revenue[5] - The overall credit expansion remains reliant on further fiscal support, as indicated by the current financial data[3]

The Icelandic Treasury will issue nine new Government bond series in connection with the settlement of ÍL Fund (formerly the Housing Financing Fund). The following nominal amounts will be issued: Series: ISIN: Nominal value:RIKS 29 0917 IS0000037711 67,000,000,000 kr.RIKS 34 1016 IS0000037737 60,353,539,382 kr.RIKS 36 0815 IS0000037729 59,000,000,000 kr.RIKS 39 1115 IS0000037745 49,000,000,000 kr.RIKS 41 0815 IS0000037760 50,000,000,000 kr.RIKS 44 1017 IS0000037778 50,313,049,596 kr.RIKS 47 1115 IS000003778 ...

Group 1 - The central bank released April financial data showing that new RMB loans in April were 280 billion yuan, a decrease of 450 billion yuan year-on-year, influenced by hidden debt replacement and seasonal overdrafts [1][2] - The social financing scale increased by 1.16 trillion yuan in April, significantly up by 1.22 trillion yuan year-on-year, with the end-of-month social financing stock growing by 8.7% year-on-year [1][3] - M2 money supply grew by 8% year-on-year at the end of April, which is 1 percentage point higher than the previous month, indicating enhanced financial support for the real economy [1][3] Group 2 - The acceleration in government bond issuance is the primary driver for the increase in social financing growth, with net financing from government bonds exceeding 500 billion yuan in the first four months, up by approximately 360 billion yuan year-on-year [3] - In April, the issuance of special government bonds and refinancing bonds for replacing hidden debts contributed to a net financing of about 970 billion yuan, raising social financing growth by approximately 0.3 percentage points [3] - The reduction in bond yields in April encouraged enterprises to increase bond financing, thereby lowering overall financing costs [3] Group 3 - A reserve requirement ratio cut of 0.5 percentage points was implemented, expected to release about 1 trillion yuan in long-term liquidity, enhancing credit supply capabilities in specific sectors like automotive finance and financial leasing [4] - Analysts anticipate that monetary policy will remain "appropriately loose" in the second half of the year, with expectations for continued interest rate cuts and an increase in new loans and social financing [4]