Macro market:
[central bank] on December 6, 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%. As 100 billion yuan of reverse repurchase expired on that day, a net return of 90 billion yuan was realized.
[central bank] on December 6, the central bank decided to reduce the deposit reserve ratio of financial institutions by 0.5 percentage points on December 15, 2021 (excluding financial institutions that have already implemented the 5% deposit reserve ratio). After this reduction, the weighted average deposit reserve ratio of financial institutions is 8.4%. This reduction is a comprehensive reduction, and the reduction releases a total of about 1.2 trillion yuan of long-term funds.
[finance] on December 6, treasury bond futures opened high and closed up sharply across the board. The 10-year main contract rose 0.45%, the largest increase since July 30. The 5-year main contract rose 0.30% and the 2-year main contract rose 0.11%. The decline in the yield of inter-bank main interest rate bonds expanded, the yield of 10-year CDB active bonds 210215 decreased by 6.25 basis points, and the yield of 10-year Treasury bonds 210009 decreased by 5.87 basis points.
[finance] on December 6, money market interest rates rose and fell, and inter-bank funds remained stable and loose. The one-day interbank lending varieties between banks and depositors were reported at 1.8289%, down 9.84 basis points; The 7-day report was 2.1353%, up 4.21 basis points; The 14 day report was 2.1267%, down 3.24 basis points; The one-month report was 2.4955%, up 12.36 basis points. The one-day varieties of inter bank pledged repo were reported at 1.8155%, down 8.38 basis points; The 7-day report was 2.0888%, up 4.18 basis points; The 14 day report was 2.0385%, down 6.84 basis points; The one-month report was 2.3809%, up 25.1 basis points.
[enterprise] on December 6, 1267 inter-bank and exchange credit bonds (corporate bonds, corporate bonds, medium-sized notes, short-term financing and directional instruments) were traded, with a total turnover of 123.766 billion yuan. Among them, 605 credit bonds rose, 107 credit bonds were flat and 492 credit bonds fell. There were 26 credit bonds with an increase of more than 2% today and 15 credit bonds with a decrease of more than 2% today.
[residents] on December 6, the number of commercial housing transactions in 30 large and medium-sized cities and first tier cities was - 46% compared with the previous day, and the transaction area of commercial housing was - 46% compared with the previous day; The number of commercial housing transactions in second tier cities was - 57% 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 the third tier cities was - 40% compared with the previous day, and the transaction area of commercial housing was - 39% 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
