Macro market:
[central bank] on April 11, in order to maintain the reasonable and abundant liquidity of the banking system, the central bank launched a 7-day open market reverse repurchase of 10 billion yuan by means of interest rate bidding, with an interest rate of 2.10%. On the same day, 10 billion yuan of reverse repurchase expired, realizing zero net investment and zero net return.
[finance] on April 11, treasury bond futures fell slightly, with 10-year main contract falling 0.17%, 5-year main contract falling 0.13% and 2-year main contract falling 0.06%. The yields of major inter-bank interest rate bonds generally rose. The yield of 10-year Guokai active bond 220205 rose 1.50bp to 3.01%, the yield of 10-year Treasury bond 220003 rose 1bp to 2.765%, and the yield of 5-year treasury bond 220002 rose 2bp to 2.525%.
[finance] on April 11, most of the money market interest rates rose slightly, and the inter-bank capital was still stable and wide. The one-day interbank borrowing between banks and depositors was reported at 1.8681%, up 10.63 basis points; The 7-day report was 1.9546%, down 4.44 basis points; The 14 day report was 2.0135%, up 4.45 basis points; The one-month report was 2.3066%, up 1.72 basis points. The one-day varieties of inter bank pledged repo were reported at 1.8395%, up 10.42 basis points; The 7-day report was 1.9075%, down 3.22 basis points; The 14 day report was 1.9260%, up 0.33 basis points; The one-month report was 2.1875%, down 0.52 basis points.
[enterprise] in April 11, the trend of credit bonds and interest rate bonds was divided, most of the yield of credit bonds of various maturities fell, and the credit interest margin narrowed collectively. A total of 1469 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 128584 billion yuan. Among them, 855 credit bonds rose, 94 were flat and 455 fell.
[enterprise] PPI in March rose by 8.3% year-on-year, down 0.5 percentage points from the previous month, mainly due to the high base in the same period last year; It rose 1.1% month on month, an increase of 0.6 percentage points over the previous month. It is estimated that among the 8.3% year-on-year increase in PPI in March, the tail warping impact of price changes last year was about 6.8 percentage points, and the impact of new price increases was about 1.5 percentage points.
[enterprise] in March, the increment of social financing scale was 4.65 trillion yuan, 1.28 trillion yuan more than the same period of last year. It is expected to increase by 3.63 trillion yuan, the previous value of 1.19 trillion yuan. At the end of March, the stock of social financing scale was 325.64 trillion yuan, a year-on-year increase of 10.6%.
[residents] on April 11, the number of commercial housing transactions in 30 large and medium-sized cities and first tier cities was - 70% and the area of commercial housing transactions was - 63% compared with the previous day; The number of commercial housing transactions in second tier cities was - 1% compared with the previous day, and the transaction area of commercial housing was - 3% compared with the previous day; The number of commercial housing transactions in third tier cities was - 13% compared with the previous day, and the transaction area of commercial housing was - 34% compared with the previous day.
[residents] in March, the national CPI rose by 1.5% year-on-year, an increase of 0.6 percentage points over the previous month; The month on month increase of 0.6% was flat. Among them, the price of food decreased by 1.5%, of which the price of pork decreased by 41.4%; Non food prices rose 2.2%. The core CPI excluding food and energy prices remained stable, with a year-on-year increase of 1.1% in March, the same as that in February. From January to March, on average, the national CPI increased by 1.1% over the same period last year.
Recent focus: Overseas tightening monetary policy more than expected constraints on China's monetary policy
