No Data
Banks are still "lacking liabilities," with this week's funding needs possibly reaching 4 trillion, and the yield curve of interbank certificates of deposit is inverted.
① This week's funding needs include MLF maturities of 500 billion yuan, reverse repos with a maturity of 800 billion yuan, reverse repo maturities of 1,044.3 billion yuan, net payment scale of government Bonds at 500 billion yuan, and tax period outflows potentially exceeding one trillion. ② Against the backdrop of high short-term funding costs, Institutions, especially non-banking ones, may have a weaker willingness to participate in short-term certificates of deposit, and directly lending out funds may be a better choice.
The yield on certificates of deposit and government bonds continues to be inverted, and under the ahead issuance of replacement bonds, the funding gap in February may reach 700 billion.
From the perspective of price comparison, current time deposits are inverted compared to the 10-year government bonds, still offering a high value for allocation.
The co-chief investment officer of Bridgewater expects that the US dollar still has room to rise, and the Chinese bond market is a good diversification investment tool.
Karen Karniol-Tambour stated during the World Economic Forum in Davos that there is further room for the dollar to rise, and the yen is her second favorite MMF. Holding China Bonds remains a very good way to diversify risk in investments.
Private placement Bonds make a "counterattack": last year's highest yield rate exceeded 260%.
There are no bad strategies, only poor operations.
After the meeting and issuing fines, the central bank has further tightened its control over the bond market, suspending the Buy of government bonds to stabilize expectations. It is expected that the probability of a reserve requirement rate cut will incr
① This means that after multiple warnings about risks and issuing penalties for violations in the bond market, the central bank has intensified its regulatory efforts, curbing the "run-up" momentum in the bond market and stabilizing market expectations. ② After the central bank's suspension of buying actions, the yield on 10-year government bonds may significantly rise in the short term, and the probability of a reduction in the reserve requirement ratio in the first quarter is also increasing.
The central bank has decided to temporarily suspend the Buy of government bonds in the open market.
In view of the recent continuous supply shortage in the government bond market, the People's Bank of China has decided to suspend the buying operations of government bonds in the open market starting January 2025, and will resume operations at an appropriate time based on the supply and demand conditions in the government bond market.
