Core Viewpoint - The issuance of the "Support Shanghai's Stabilization of Foreign Trade and Promotion of Development Theme Bond" by the Export-Import Bank is a strategic initiative to bolster Shanghai's foreign trade amidst global economic changes, with a focus on key industries [1] Group 1: Bond Issuance Details - The bond has a term of 1 year and a total amount of 10 billion yuan [1] - The funds raised will support key foreign trade enterprises in Shanghai, covering sectors such as shipping, high technology, energy supply, and supply chain [1] - The bond issuance received strong support and enthusiastic subscriptions from various market investors [1] Group 2: Strategic Importance - This initiative is a collaborative effort between the Shanghai municipal government and the Export-Import Bank to promote stable growth in foreign trade and enhance financial openness and high-quality development [1] - The Export-Import Bank aims to support China's foreign trade investment development and international economic cooperation through bond financing, effectively linking credit and bond markets [1] - To date, the Export-Import Bank has issued over 100 billion yuan in theme bonds supporting the foreign trade sector, guiding financial resources to key areas of foreign trade [1]

Group 1 - The 9th China-South Asia Expo opened in Kunming, Yunnan, with participation from 73 countries and regions, and over 2,500 enterprises exhibiting [2] - The China (Shanghai) Free Trade Zone is conducting comprehensive pilot projects to align with international high-standard economic and trade rules, with 80 pilot measures implemented [2] - The China International Trade Economic Cooperation Research Institute reported that the total profit of foreign-invested industrial enterprises in China increased from 1.6 trillion yuan to 1.8 trillion yuan from 2019 to 2024 [2] Group 2 - The Export-Import Bank of China successfully issued "support Shanghai's stable foreign trade and promote development" themed bonds worth 10 billion yuan, with a one-year maturity [2] - The China Banking and Insurance Regulatory Commission's chairman visited Shanghai to investigate the development of the Lingang New Area in the Shanghai Free Trade Zone [2] - The China Construction Bank's vice chairman spoke at the 2025 Lujiazui Forum about promoting the sustainable and healthy development of capital markets [3]

Group 1: Open Market Operations - The central bank announced a 203.5 billion yuan 7-day reverse repurchase operation on June 19, with a fixed interest rate of 1.40%, and the full bid amount was accepted [1] - On the same day, 119.3 billion yuan of reverse repos matured, resulting in a net injection of 84.2 billion yuan [1] Group 2: Funding Conditions - The funding environment appears slightly tighter, with the central bank shifting to net injections; the overnight pledged repo rate has slightly increased to around 1.37%, while the 7-day pledged repo rate rose by nearly 2 basis points [3] - The latest overnight financing guarantee rate in the U.S. is reported at 4.31% [5] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is approximately 1.64%, showing a slight decrease from the previous day [7] Group 4: Bond Market - The closing prices for government bond futures showed a 0.16% increase for the 30-year main contract, while the 10-year main contract remained unchanged; the 5-year and 2-year main contracts saw slight declines of 0.02% and 0.01%, respectively [11] Group 5: Bond Issuance - Poly Development has received approval to register a 5 billion yuan short-term financing bond [16] - Guotai Junan has been granted approval to issue 15 billion yuan in corporate bonds for technological innovation [16] - Lanzhou Bank has been approved to issue up to 5 billion yuan in perpetual capital bonds [16] - The Export-Import Bank of China issued 10 billion yuan in bonds to support Shanghai's foreign trade and development [16]