Core Viewpoint - The article emphasizes the importance of enhancing financial services for rural reform and promoting comprehensive rural revitalization, highlighting the role of financial resources in supporting agricultural development and rural economies [1][3]. Financial Resource Allocation - The People's Bank of China and the Ministry of Agriculture and Rural Affairs have issued opinions to increase financial resource allocation to key areas of rural revitalization, particularly focusing on major grain-producing regions and counties [2][4]. - As of March 2024, the balance of agricultural loans reached 52.9 trillion yuan, reflecting an 8.4% year-on-year growth [1]. Policy Support and Mechanisms - The opinions propose a comprehensive use of monetary and credit policies to encourage financial institutions to issue specialized bonds for agriculture, small and micro enterprises, and green projects, as well as support eligible companies in issuing rural revitalization bonds [3][9]. - The article mentions that since the issuance of rural revitalization government bonds began in 2018, a total of 699 bonds have been issued, amounting to 502.526 billion yuan by February 28, 2025 [9][10]. Specific Financial Strategies - The article outlines several strategies to enhance financial services in rural areas: - Strengthening financial support for grain security and agricultural infrastructure [4]. - Continuing differentiated financial support policies for poverty alleviation regions [5]. - Innovating financing models for rural specialty products and expanding collateral options [6]. - Providing diversified financing solutions for rural infrastructure and public services [7]. - Enhancing financial services for rural governance and integrating cultural and tourism sectors [8]. Innovation in Financing Mechanisms - The development of rural revitalization bonds is highlighted as a significant innovation in financing mechanisms, with suggestions for improving issuance and trading rules, as well as establishing evaluation mechanisms for these bonds [10].

Open Market Operations - The central bank announced a 7-day reverse repurchase operation of 331 billion yuan at a fixed rate with an interest rate of 1.40%, with a total bid amount of 331 billion yuan and a successful bid amount of 331 billion yuan. On the same day, 450 billion yuan of reverse repos matured, resulting in a net withdrawal of 119.5 billion yuan [1] Funding Conditions - The interbank market's funding conditions have tightened further, with a decrease in funding supply. The overnight repurchase weighted rate (DR001) rose nearly 28 basis points, surpassing the 1.65% mark. In the overseas market, the latest overnight financing rate in the US is 4.28% [3] Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major banks is around 1.64% [6] Bond Market - The yields on medium to long-term bonds in the interbank market increased by approximately 3 basis points, while government bond futures saw a significant decline, with the 30-year main contract dropping by 0.92% [8][10] Government Bond Futures - Government bond futures closed lower across the board, with the 30-year main contract down 0.92%, the 10-year main contract down 0.29%, the 5-year main contract down 0.21%, and the 2-year main contract down 0.07% [10] Policy Announcements - The National Development and Reform Commission and the State Administration for Market Regulation released a draft for public consultation on the amendment to the Price Law, aiming to clarify standards for unfair pricing behaviors, including low-price dumping and price collusion [11] - The People's Bank of China and the Ministry of Agriculture and Rural Affairs issued opinions to enhance financial services for rural reforms, emphasizing increased financial resource input in key areas of rural revitalization and innovative financing models [11] - Beijing's Development and Reform Commission reported that all 320 major projects in the city commenced in the first half of the year, with investment growth of 14.1%, outpacing the national growth rate of 11.3% [12] Global Macro - The Reserve Bank of Australia's chairman expects core inflation to gradually decline to 2.5%, while the global economy faces uncertainty. Monthly data suggests that core CPI may not meet expectations, prompting a cautious and gradual easing path [14] Bond Market Events - In June, the northbound trading of Bond Connect reached 852.8 billion yuan, and in the first half of the year, securities firms underwrote technology innovation bonds totaling 381.39 billion yuan, a year-on-year increase of 56.48% [16]

每经编辑｜陈鹏程 王晓波 | ↓ 中国今日有2000亿元1年期中期借贷便利 | | --- | | (MLF) 和1875亿元7天期逆回购到期 | | 2 欧元区6月M3货币供应数据公布 | | 3 美国6月耐用品订单数据公布 | | 4 IBM新一代IBM Power服务器— IBM Power11 | | 将于年7月25日全面上市 | | 5 深交所及其子公司深圳证券信息公司发布公 | | 告,修订创业板综编制方案,并将于7月25日正式 | | 实施 | 2 隔夜市场 美股三大指数收盘涨跌不一，道指跌0.7%，纳指涨0.18%，标普500指数涨0.07%，热门科技股涨跌不一，特斯拉跌超8%，市值蒸发878亿美元（约合人民 币6281亿元）；IBM跌超7%，英伟达、亚马逊、博通涨超1%；半导体、油气板块走高，美国像素涨超7%，AMD涨超2%，阿斯麦、美光科技涨超1%；汽车 制造、太空概念股跌幅居前，路特斯跌超5%，本田汽车、维珍银河跌超2%。中概股多数下跌，纳斯达克中国金龙指数跌1.54%，名创优品涨超8%，小鹏汽 车涨超1%，百度、理想汽车跌超2%，哔哩哔哩跌超4%。 1 李强同欧洲理事会主席科斯塔、欧盟 ...

Core Viewpoint - The article discusses the ongoing relevance of cash in society despite the rise of mobile payment tools, emphasizing the importance of keeping cash on hand for various practical reasons. Group 1: Reasons to Keep Cash - Cash can address emergencies, such as natural disasters that may disrupt power and internet services, allowing individuals to purchase essential goods [5][6] - Having cash helps control spending, as it provides a tangible way to manage finances and encourages more mindful consumption [8][10] - Cash transactions protect consumer privacy, as they do not leave a digital footprint, unlike mobile payment methods [10][11] - Cash is still necessary for social interactions and cultural practices, such as giving cash gifts during celebrations, which are often more meaningful than digital transfers [11][13] Group 2: Recommendations - It is advised to keep a cash reserve of 50,000 yuan at home starting from August to ensure a more secure and stable lifestyle [3][11]

Group 1 - The core viewpoint of the article is the issuance of the "Opinions" by the People's Bank of China and the Ministry of Agriculture and Rural Affairs to enhance financial services for rural reform and promote comprehensive rural revitalization [1] - The "Opinions" emphasize increasing financial resource investment in key areas of rural revitalization, particularly in food security and agricultural productivity [1][2] - Specific measures include enhancing credit resources for major grain-producing areas, supporting agricultural technology innovation, and establishing differentiated credit assessment systems for technology-driven agricultural enterprises [1][2] Group 2 - The "Opinions" call for continued financial support for poverty alleviation areas, maintaining credit investment levels to ensure sustained assistance [2] - There is a focus on innovating financing models for rural specialty products and expanding financial product offerings to support farmers' income growth [2] - The document highlights the need to improve financial services for rural construction through diversified financing solutions, including bonds, equity investments, and project bundling [2][3] Group 3 - The "Opinions" stress the importance of establishing a sound financial service system for rural reform, encouraging local exploration of asset certification and mortgage registration for agricultural facilities [3] - It advocates for enhancing credit management by financial institutions and optimizing the financial supply mechanism [3] - The document encourages the issuance of specialized financial bonds to support rural revitalization and increase funding in this sector [3]

赶在特朗普造访前 美联储邀请记者参观总部翻新工程 美联储工作人员带领记者参观了耗资25亿美元的美联储总部翻修工程，几小时后，美国总统特朗普将参 观这个被他和他的盟友抨击为浪费和奢侈的项目。最近几周，特朗普和其他共和党人就翻修工程向美联 储主席鲍威尔施加了越来越大的压力，质疑该项目的预算不断增长，并对鲍威尔上个月在参议院就翻修 工程所作的证词展开审查。美联储工作人员称，周四的参观活动向记者展示了建筑工地的内部工作情 况，该工地每天约有700至800名工人轮班工作。记者还参观了埃克尔斯大楼的屋顶。共和党人对国家首 都规划委员会一份有关翻修项目的文件提出了质疑，该文件提到了"屋顶花园露台"，为（美联储）员工 提供休息区。 ...

在美国总统特朗普即将实地视察之前，美联储工作人员周四带领媒体记者参观了总部耗资25亿美元的翻 修工程现场。该项目此前被特朗普及其盟友批评为"浪费"且"奢华"。特朗普和其他共和党人近几周加大 对美联储主席鲍威尔的施压，质疑翻修预算不断上升，还对鲍威尔上月在参议院作证时关于施工内容的 说法提出指责。美联储工作人员介绍，翻修工程每天由大约700至800名工人分两个班次轮流施工。本次 媒体开放日展示了正在施工的区域。 ...

两部门发布价格法修正草案征求意见 7月24日，国家发展改革委、市场监管总局发布关于《中华人民共和国价格法修正草案（征求意见稿）》公开征求意见的公告。修正草案共10 条，主要涉及以下内容，完善政府定价相关内容。结合政府价格管理方式变化，明确政府指导价不局限于基准价及其浮动幅度的形式。结合政府 定价从定水平向定机制转变的实际，明确定价机关可通过制定定价机制，确定政府定价的水平。 点击图片▲立即报名 进一步明确不正当价格行为认定标准。完善低价倾销的认定标准，规范市场价格秩序，治理"内卷式"竞争。健全价格违法行为法律责任，调整对 经营者不正当价格行为的处罚规定，提高经营者违反明码标价规定的处罚标准。（发改委官网） ｜点评｜ 国内对于"反内卷"的治理力度正在加大，《草案》中还添加了对于反垄断等方面的监管， 将 对国内物价的合理回升起到推动效果。 为了获取更多市场份额，部分企业不断调低产品价格，展开价格竞争，甚至不惜低于成本价销售产品。将大量金钱消耗在价格竞争中，研发投 入、产品质量等方面的资金投入就会减少，明显不利于行业健康发展，只是在比拼各家企业的资金实力。 据悉，多位与会银行高管和监管代表对现行规则提出批评，指出其 ...

市场人士认为，"反内卷"需要供、需两端同时发力，后续随着各个领域政策出台，推动"反内卷"取得成效，推动相关领域 企业盈利改善，将带动A股走出新一轮行情。目前，行情主要围绕上游钢铁、水泥、煤炭等行业展开，未来有望扩散到能源金 属、光伏、锂电等下游高端制造业。 "反内卷"板块上涨 7月1日召开的中央财经委员会第六次会议提出"依法依规治理企业低价无序竞争，引导企业提升产品品质，推动落后产能 有序退出"，引发市场各方关注，多部门发声，A股市场也出现积极反应。 7月1日，中国水泥协会发布《关于进一步推动水泥行业"反内卷""稳增长"高质量发展工作的意见》；7月3日，工业和信息 化部部长李乐成主持召开第十五次制造业企业座谈会时提出，"依法依规、综合治理光伏行业低价无序竞争，引导企业提升产 品品质，推动落后产能有序退出"；7月23日，国家发展改革委主任郑栅洁主持召开企业座谈会时表示，"推动整治'内卷式'竞 争、拓展产业链供应链合作、促进科技创新、完善公司治理和国际化经营服务等"；7月24日，广东金融监管局二级巡视员黄海 晖在2025年上半年广东银行业保险业新闻通气会上表示，广东金融监管局纵深推进、重拳整治行业乱象，旗帜鲜明反 ...

房地美：美国上周30年期按揭贷款/抵押贷款利率6.74%，前值6.75%。 ...