Group 1: Market Overview - During the tax period from July 14-18, liquidity tightened significantly, with overnight rates jumping approximately 10 basis points on the first day of the tax period, reaching 1.57% and 1.53% for R001 and DR001 respectively[1] - The central bank increased reverse repo operations, with daily net injections exceeding 300 billion, leading to a gradual recovery in market sentiment and a return of overnight rates below 1.5%[1] - By July 18, overnight rates settled at 1.49% and 1.46% for R001 and DR001, while 7-day rates approached 1.50%[1] Group 2: Future Outlook - The central bank's supportive stance suggests that liquidity is unlikely to experience significant fluctuations, with overnight rates expected to return to around 1.4% and 7-day rates fluctuating around 1.50%[2] - A total of over 20 trillion yuan in public market maturities is expected next week, including 17,268 billion yuan in reverse repos and 2,000 billion yuan in MLF maturities[2] - The upcoming week will see a significant amount of certificates of deposit maturing, with a total of 10,699 billion yuan, but the impact on liquidity is expected to be limited due to manageable bank liabilities[2] Group 3: Public Market and Government Bonds - From July 14-18, the central bank's net injection in the public market was 12,011 billion yuan, with reverse repos contributing 13,011 billion yuan[3] - Government bond net payments are projected to decrease to 2,399 billion yuan for the week of July 21-25, with a notable increase in local government bond payments[5] - The issuance of government bonds is set to rise significantly, with planned issuance of 7,508 billion yuan, including 3,750 billion yuan in national bonds and 3,758 billion yuan in local bonds[5] Group 4: Interbank Certificates of Deposit - The weighted issuance rate for interbank certificates of deposit rose to 1.62%, reflecting a 1 basis point increase from the previous week[6] - The pressure from maturing certificates of deposit is expected to rise, with 10,699 billion yuan maturing in the week of July 21-25, marking a relative high for the year[6] - The overall market for certificates of deposit is showing signs of tightening, with a decrease in the proportion of longer-term issuances[6]

一、债券市场发行情况 3月份，债券市场共发行各类债券87356.6亿元。国债发行12786.3亿元，地方政府债券发行9788.0亿元，金融债 券发行10226.4亿元，公司信用类债券¹发行13335.2亿元，信贷资产支持证券发行186.0亿元，同业存单发行 40686.2亿元。 截至3月末，债券市场托管余额183.1万亿元。其中，银行间市场托管余额161.8万亿元，交易所市场托管余额 21.3万亿元。分券种来看，国债托管余额35.3万亿元，地方政府债券托管余额49.8万亿元，金融债券托管余额 41.5万亿元，公司信用类债券托管余额33.1万亿元，信贷资产支持证券托管余额1.1万亿元，同业存单托管余额 21.2万亿元。商业银行柜台债券托管余额1649.0亿元。 二、债券市场运行情况 3月份，银行间债券市场现券成交36.5万亿元，日均成交1.7万亿元，同比减少6.7%，环比增加22.1%。单笔成 交量在500 万 -5000万元的交易占总成交金额的49.8%，单笔成交量在9000万元以上的交易占总成交金额的 44.0%，单笔平均成交量4198.0万元。交易所债券市场现券成交3.6万亿元，日均成交1718.4亿元。 ...