On December 6, the people's Bank of China officially announced the reduction of the reserve requirement, and there were continuous adjustments in the bond market in the next two days. We believe that the main reasons include three aspects: first, the landing of loose expectations is a bad thing; 2） The monetary policy "price is more important than quantity". When the policy interest rate remains unchanged, the short-term interest rate is difficult to change significantly, and the yield of China's 10-year Treasury bond is easy to rise and fall; 3） In December, the Politburo meeting set the tone for next year's economic work, put more emphasis on steady growth and released the signal of wide credit. We maintain the previous judgment that China's 10-year Treasury bond yield of 2.8% is the bottom of this round of interest rates. In the follow-up, the policy level released a stronger signal of steady growth, and the fundamentals also released a warming signal. In the follow-up, with the further implementation of the policy, the broad credit expectation gradually increased, which may lead to the callback risk of interest rate.
Key news: Who: Omicron has spread to 57 countries and the number of hospitalizations has increased. Director general Tan Desai urges countries to step up their response to Omicron; England strengthened epidemic prevention and tried to prevent the spread of Omicron; The Bank of Canada is expected to raise interest rates for the first time next April; The job vacancy of jolts in the U.S. Department of labor increased to 11.033 million in October, and the market is expected to be 10.47 million; Biden signed an executive order to strengthen emission reduction, reduce federal carbon emissions by 65% in 2030 and reach zero carbon in 2050; Both offshore and onshore RMB rose above 6.35, a new high in more than three and a half years; The Hong Kong dollar one-month interest rate has risen for seven consecutive days; The new license list of the Ministry of industry and information technology does not include two Evergrande electric vehicles; Tesla Shanghai Super factory has delivered more than 400000 vehicles this year; It was reported that in October 2000, the creditor applied for the appointment of a receiver.
