Group 1: Currency Exchange Trends - In May, the RMB exchange rate showed a general strengthening trend due to multiple factors, including a temporary easing of the US-China trade situation [1][2] - The RMB/USD exchange rate fluctuated and rose, breaking the 7.20 mark on May 12, despite a rebound in the dollar index [2] - By the end of May, the RMB exchange rate was recorded at 7.1953, reflecting an overall appreciation of 0.94% for the month [3] Group 2: Market Activity - The interbank foreign exchange market remained stable in May, with an average daily trading volume of $207.29 billion, a year-on-year increase of 12.59% [4] - The average daily trading volume in the RMB foreign exchange market was $158.10 billion, also showing a year-on-year increase of 8.43% [4] - The trading direction in the spot market showed variability, with institutions alternating between net selling and buying, resulting in an average daily net selling of $2.67 million [4] Group 3: Interest Rate Differentials - The interest rate differential between China and the US widened slightly in May, influenced by factors such as US government policies and inflation risks [5] - The 10-year US Treasury yield reached a three-month high of 4.58% before slightly retreating to 4.41% by the end of May [5] - The 10-year China-US bond yield spread ended the month at -274 basis points, widening by 20 basis points compared to the previous month [5] Group 4: Swap Points and Liquidity - The one-year swap points ended May at -2060 basis points, down 107 basis points from the previous month, primarily driven by interest rate factors [6] - The offshore swap points moved in sync with onshore points, with the one-year swap point spread narrowing to -97 basis points, the tightest since March 2023 [7] - Overall, dollar liquidity in the domestic market was relatively loose, with the domestic-offshore dollar overnight interest rate spread turning negative by the end of May [7]

日本30年期国债收益率下跌1.5个基点至2.885%。 ...

Core Viewpoint - Since June, the performance of China's bond yield curve, particularly the ultra-long end, has been impressive, with significant interest from institutions in 20-year and 50-year government bonds, as well as credit bonds with maturities over 20 years [1] Summary by Relevant Categories Bond Market Performance - The yield on 50-year government bonds has decreased by over 9 basis points this month, leading declines across all maturities [1] - The spread between 50-year and 10-year bonds has narrowed significantly, reaching the largest reduction since July 2023 [1] Credit Bonds - The 30-year AAA-rated corporate bond yield fell below 2.2% last week, marking a new record low since 2006 [1] - The performance of ultra-long credit bonds has also been strong, reflecting a favorable market environment [1]

Group 1 - The core point of the article indicates that Japan purchased foreign bonds amounting to 615.5 billion yen for the week ending June 20, which is a decrease from the previously revised value of 1,571.3 billion yen to 1,567.3 billion yen [1]

Core Viewpoint - The U.S. Treasury yields experienced a decline on June 25, with the 10-year benchmark yield falling to 4.2906% and the 2-year yield dropping to 3.7807% [1] Group 1: 10-Year Treasury Yield - The 10-year benchmark Treasury yield decreased by 0.39 basis points, closing at 4.2906% [1] - Intraday trading for the 10-year yield ranged between 4.33% and 4.2749% [1] Group 2: 2-Year Treasury Yield - The 2-year Treasury yield fell by 4.44 basis points, ending at 3.7807% [1] - The 2-year yield was in a downward trend throughout the day, trading between 3.8155% and 3.7664% [1]

美国财政部拍卖700亿美元五年期国债，得标利率3.879%（5月28日为4.071%），投标倍数2.36（前次为 2.39）。 ...

Group 1 - The yield on Germany's 10-year government bonds increased by 2.1 basis points, reaching 2.565% before dropping to a daily low of 2.502% and then fluctuating back up to a daily high of 2.577% [1] - The yield on 2-year German bonds decreased by 0.8 basis points, reported at 1.843%, trading within a range of 1.863%-1.819% during the day [1] - The yield on 30-year German bonds rose by 2.6 basis points, reported at 3.052% [1] Group 2 - The 2/10 year German bond yield spread increased by 2.957 basis points, reported at +71.967 basis points [1]

Core Viewpoint - The Chairman of the Federal Reserve, Jerome Powell, stated that the liquidity in the U.S. Treasury market is sufficient [1] Group 1 - The U.S. Treasury market is currently experiencing adequate liquidity, which is crucial for maintaining market stability [1]

美国财政部拍卖四个月期国债，得标利率4.195%（6月18日报4.235%），投标倍数3.13（前次为 2.88）。 ...

美国财政部拍卖两年期浮息国债（FRNS），贴现利率0.157%（5月28日报0.144%），投标倍数2.79（前 次为2.95）。 ...