China's Central Bank Chief Signals Support for Economy in 2025
A historic moment! The china 10-year treasury notes yield has "crossed 2"; what has happened?
Funds and insurance are leading the way + betting on further easing of monetary policy.
Chinese Manufacturers See Growth in Second Straight Month in November
China's 10-Year Yield Falls Toward Record 2% on Easing Bets
China's Local Governments Issue 4.6 Trillion Yuan in Bonds in January-October
In November, the MLF volume continued to shrink. Previously, the 500 billion buy-back reverse repurchase has released medium-term liquidity ahead of schedule. The industry expects the reserve requirement ratio cut to be implemented faster.
①The funding operation mode of shortening and lengthening funds continues. On the one hand, the central bank continues to reduce the MLF operations volume, reduce the existing stock to mitigate its impact on the liquidity market. On the other hand, short-term funds continue to be net injected to hedge against cross-month fund pressure, strengthening the guiding position of reverse repurchase agreements on market interest rates. ②Local government bonds are centrally supplied, and the MLF is likely to see a quicker implementation under the reduced volume environment.