美国国债周三小幅下跌，美国交易时段大部分时间承压，包括来自经典国债期货和超长国债期货的大宗 卖盘带来的下行压力。中段期限品种受5年期国债拍卖需求疲软拖累，中标收益率比发行前交易水平高 0.7个基点。 纽约时间下午3点刚过，美债收益率全线上行1个基点至2.5个基点，中期债券领跌，尽管在尾盘的期货 大宗卖盘后，曲线利差缩减了此前的趋平幅度。 在下午1点进行的700亿美元5年期国债拍卖后，中期债券收益率小幅走高，推动5s30s利差触及盘中低 点；一级交易商获配12.8%，为2025年3月以来最高；直接竞标者获配比例降至24.7%，而间接竞标者获 配比例升至62.5%。 美国早盘短债走弱，部分源于多笔2026年9月和2026年6月SOFR期货的大宗卖盘。 截至美东时间下午3：58，2年期国债收益率报3.4689%； 5年期国债收益率报3.6187%； 10年期国债收益率报4.048%； 30年期国债收益率报4.6923%； 2年和10年期国债收益率差报57.71个基点； 5年和30年期国债收益率差报107.19个基点。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：丁文武 美国国债周三小幅下跌，美国交易时段大部分 ...

Group 1 - The People's Bank of China (PBOC) conducted a 789.3 billion yuan 7-day reverse repurchase operation and a 400 billion yuan Medium-term Lending Facility (MLF) operation on July 25, resulting in a net injection of 801.8 billion yuan into the market [1] - For the week, the PBOC executed a total of 1.6563 trillion yuan in reverse repurchase operations and 400 billion yuan in MLF operations, leading to a net injection of 129.5 billion yuan after accounting for maturing operations [1] - The overnight Shanghai Interbank Offered Rate (Shibor) fell by over 11 basis points, while the 7-day and 14-day Shibor rates increased [1][2] Group 2 - The overnight Shibor rate decreased by 11.50 basis points to 1.5200%, while the 7-day Shibor rose by 7.50 basis points to 1.6200%, and the 14-day Shibor increased by 11.30 basis points to 1.7280% [2] - In the interbank pledged repo market, overnight rates decreased, and the 7-day and 14-day rates increased, with the R007 transaction share rising to 14.7% [6] - The weighted average rates for DR001 and R001 fell by 13.4 basis points and 14.0 basis points, respectively, while DR007 and R007 rates increased [6] Group 3 - The funding environment was reported to be loose on July 25, with overnight funding rates dropping to around 1.50% by the end of the day [11] - A total of 91 interbank certificates of deposit were issued on July 25, with an actual issuance amount of 74.54 billion yuan [11] - The secondary market for certificates of deposit showed a slight decline in overall yield levels compared to the previous day [12]