Macro market:
[central bank] on December 14, the central bank maintained that the liquidity of the banking system was reasonable and abundant, and carried out RMB 10 billion reverse repurchase operation by means of interest rate bidding, with the bid winning interest rate of 2.20%. On the same day, RMB 10 billion reverse repurchase expired, realizing zero net investment and zero net return.
[fiscal] on December 14, treasury bond futures closed up across the board, with 10-year main contracts up 0.22%, 5-year main contracts up 0.12% and 2-year main contracts up 0.06%. The yields of major interest rate bonds collectively declined. The yields of 10-year Guokai active bonds 21 Guokai 15 fell 1.7bp to 3.0805%, and the yields of 5-year Guokai active bonds 21 Guokai 03 fell 3.2bp to 2.873%; The yield of 10-year Treasury active bond 21 interest bearing treasury bond 09 decreased by 0.39bp to 2.868%, and the yield of 5-year Treasury active bond 21 interest bearing treasury bond 11 decreased by 2.25bp to 2.67%.
[finance] on December 14, most money market interest rates rose slightly, and inter-bank funds showed a tight balance. The one-day interbank borrowing between banks and depositors was reported at 2.1868%, up 6.74 basis points; The 7-day report was 2.2260%, down 1.43 basis points; The 14 day report was 2.2560%, up 8.5 basis points; The one-month report was 2.8949%, up 11.49 basis points. Inter bank pledged repo day varieties reported 2.1716%, up 6.34 basis points; The 7-day report was 2.2071%, up 3.03 basis points; The 14 day report was 2.2812%, up 13.04 basis points; The one-month report was 2.7862%, up 3.22 basis points.
[enterprise] on December 14, the yield of credit bonds of various maturities fluctuated in a narrow range, with a turnover of more than 120 billion yuan throughout the day. A total of 1335 inter-bank and exchange credit bonds (corporate bonds, corporate bonds, medium notes, short-term financing and directional instruments) were traded, with a total turnover of 121.19 billion yuan. Among them, 586 credit bonds rose, 107 credit bonds were flat and 600 credit bonds fell.
[residents] on December 14, the number of commercial housing transactions in 30 large and medium-sized cities and first tier cities was + 58% compared with the previous day, and the transaction area of commercial housing was + 58% compared with the previous day; The number of commercial housing transactions in second tier cities was + 92% compared with the previous day, and the transaction area of commercial housing was + 101% compared with the previous day; The number of commercial housing transactions in third tier cities was + 6% compared with the previous day, and the transaction area of commercial housing was – 2% compared with the previous day.
Recent focus: the market continues to be in a stagflation environment, focusing on the central bank’s structural monetary policy in the fourth quarter
