Report Date - The report was released on June 4, 2025 [2] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On June 3, 2025, yields in the US, UK, France, etc. were 4.456%, 4.637%, 3.189% respectively. Latest changes ranged from -0.031% (Switzerland) to 0.053% (US). One - month changes were between -0.069% (Italy and Switzerland) and 0.348% (Japan). One - year changes were from -0.984% (Japan) to 0.378% (UK) [3] 2 - Year Treasury Yields of Major Economies - On June 3, 2025, yields in the US, UK, Germany were 3.920%, 4.021%, 1.781% respectively. Latest changes were from -0.040% (US) to 0.017% (Japan). One - month changes were between -0.040% (US) and 0.224% (UK). One - year changes were from -1.559% (Italy) to 0.410% (Japan) [3] Dollar Exchange Rates Against Major Emerging - Market Currencies - On June 3, 2025, exchange rates against the Brazilian real, Russian ruble, etc. were 5.638, 108.000 respectively. Latest changes were from -1.48% (Brazil) to 0.00% (Russia and Thai baht). One - month changes were between -4.00% (South Africa) and 0.00% (Russia). One - year changes were from -10.12% (Thailand) to 9.59% (Brazil) [3] Exchange Rates of the Renminbi - On June 3, 2025, on - shore, off - shore, and mid - price were 7.188, 7.192, 7.187 respectively. Latest changes were from -0.19% (off - shore) to 0.03% (mid - price). One - month changes were between -1.24% (12 - month NDF) and -0.20% (mid - price). One - year changes were from -0.91% (off - shore) to 1.08% (mid - price) [3] Stock Indices of Major Economies - On June 3, 2025, the S&P 500, Dow Jones Industrial Average, and Nasdaq were 5970.370, 42519.640, 19398.960 respectively. Latest changes were from -0.35% (Mexico) to 1.49% (Nasdaq). One - month changes were between -4.40% (Japan) and 11.19% (Nasdaq). One - year changes were from -7.73% (Malaysia) to 28.89% (Germany's DAX) [3] Credit Bond Indices - Latest changes were from -0.16% (US investment - grade) to 0.30% (emerging - market high - yield). One - month changes were between -0.17% (US investment - grade) and 2.08% (emerging - market high - yield). One - year changes were from 5.61% (US investment - grade) to 12.64% (emerging - market high - yield) [3] Stock Index Futures Trading Data Index Performance - On June 3, 2025, the A - share, CSI 300, SSE 50, ChiNext, and CSI 500 closed at 3361.98, 3852.01, 2687.30, 2002.70, 5694.84 respectively, with daily changes of 0.43%, 0.31%, 0.32%, 0.48%, 0.42% [4] Valuation - PE (TTM) of the CSI 300, SSE 50, and CSI 500 were 12.50, 10.89, 28.78 respectively, with环比 changes of 0.04, 0.03, 0.13 [4] Risk Premium - Risk premiums of the CSI 300, SSE 50, and CSI 500 were 3.70, 5.77, -0.38 respectively, with环比 changes of 0.00, 0.00, 0.00 [4] Fund Flows - Latest values of A - shares, main board, SME board, ChiNext, and CSI 300 were -52.19, -92.88, -56.21, 27.04, 3.71 respectively. Five - day average values were -314.36, -258.20, -56.21, -50.29, -27.17 [4] Trading Volume - Latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, SME board, and ChiNext were 11414.09, 2267.83, 590.77, 2513.97, 3071.27 respectively, with环比 changes of 22.30, 273.93, 14.34, -76.51, -139.14 [4] Main Contract Premiums and Discounts - Basis of IF, IH, and IC were -27.21, -18.70, -56.44 respectively, with amplitudes of -0.71%, -0.70%, -0.99% [4] Treasury Bond Futures Trading Data - On June 3, 2025, T00, TF00, T01, TF01 closed at 108.460, 105.690, 108.685, 105.960 respectively, with no daily changes [5] - R001, R007, and SHIBOR - 3M were 1.4641%, 1.5877%, 1.6520% respectively, with daily changes of -24.00 BP, -11.00 BP, 0.00 BP [5]

Market Overview - The central bank conducted a 7-day reverse repo operation on April 8, with a total amount of 167.4 billion yuan and a fixed interest rate of 1.50%, resulting in a net injection of 102.5 billion yuan after accounting for maturing repos [1][2]. Funding Conditions - Overnight and 7-day pledged repo rates for deposit-taking institutions have both increased, with the weighted average rate for overnight repos rising by approximately 1 basis point [3]. Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major banks is around 1.79%, showing a significant increase compared to the previous day [6]. Government Bonds - The yields for various government bonds are as follows: - 1-year: 1.5325% - 2-year: 1.4700% - 5-year: 1.5395% - 10-year: 1.6650% - 30-year: 1.8590% [9]. Recent City Investment Bonds - The yield spreads for AAA-rated city investment bonds across different maturities have shown notable trends, indicating market sentiment and risk perception [10][11]. Treasury Futures - The main contracts for treasury futures have experienced declines, with the 30-year contract down by 0.54%, the 10-year down by 0.17%, and shorter maturities also showing slight decreases [12]. Key News - The central bank expressed strong support for the Central Huijin Investment Company to stabilize the capital market by increasing its holdings in stock market index funds and providing necessary refinancing support [13]. - The Ministry of Finance and the Ministry of Housing and Urban-Rural Development announced a competitive evaluation process for cities to receive central financial support for urban renewal actions in 2025 [14]. - The financial regulatory authority optimized the investment ratios for insurance funds, potentially bringing an estimated 1.66 trillion yuan of new funds into the market by fully utilizing the upper limit of equity asset ratios [14]. Global Macro - Singapore's Prime Minister stated that the country is carefully assessing the impact of U.S. tariffs and will not impose retaliatory tariffs [16]. - Malaysia's Prime Minister announced that the country will take necessary measures to protect its economic interests in response to the U.S. "reciprocal tariff" policy [17]. Bond Market Events - The Ministry of Finance plans to issue 80 billion yuan of three-phase discount treasury bonds on April 9 [19]. - Various cities are exploring policies to stabilize the real estate market [19]. - Jiangsu Province is encouraging enterprises to issue technology innovation bonds in the interbank market [19]. - Japan's 30-year government bond auction saw the weakest demand since December 2023 [19].