Macro market:
[central bank] on April 20, in order to maintain the reasonable and abundant liquidity of the banking system, the central bank launched a 7-day reverse repurchase operation of 10billion yuan by means of interest rate bidding, with the bid winning interest rate of 2.10%. Today, the 10 billion yuan reverse repurchase is due. On Friday, the central bank decided to cut the deposit reserve ratio of financial institutions by 0.25 percentage points on April 25.
[central bank] on April 20, 2022, the quoted interest rate (LPR) of the loan market is: 1-year LPR is 3.7%, and more than 5-year LPR is 4.6%, both of which remain unchanged.
[finance] on April 20, treasury bond futures fell slightly, and the 10-year main contract was flat. The 5-year main contract fell 0.08% and the 2-year main contract fell 0.02%. The yield of inter-bank main interest rate bonds continued to rise. The yield of 10-year Guokai active bond 220205 rose 1.75bp to 3.0625%, the yield of 10-year Treasury bond 220003 rose 1.25bp to 2.8325%, and the yield of 5-year treasury bond 210011 rose 2.00bp to 2.600%.
[finance] on April 20, the money market interest rate rose slightly, and the inter-bank capital was relatively loose. The one-day interbank borrowing between banks and depositors was reported at 1.3155%, up 1.15 basis points; The 7-day report was 1.9110%, up 10.75 basis points; The 14 day report was 1.9549%, up 9.66 basis points; The one-month report was 2.30%, down 2.92 basis points. The one-day varieties of inter bank pledged repo were reported at 1.3028%, up 0.81 basis points; The 7-day report was 1.7857%, up 5 basis points; The 14 day report was 1.9524%, down 4.62 basis points; The one-month report was 2.10%, down 9.15 basis points.
[enterprise] during April 20, credit bonds and interest rate bonds remained volatile, the yield of credit bonds of each term was slightly lower, and the credit interest margin narrowed. A total of 1424 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 136596 billion yuan. Among them, 836 credit bonds rose, 113 were flat and 438 fell.
[residents] on April 19, the number of commercial housing transactions in 30 large and medium-sized cities and first tier cities was + 0.7% and the area of commercial housing transactions was + 0.62% compared with the previous day; The number of commercial housing transactions in second tier cities was + 0.65% compared with the previous day, and the transaction area of commercial housing was + 0.54% compared with the previous day; The number of commercial housing transactions in the third tier cities was + 0.13% and the transaction area of commercial housing was + 0.57% compared with the previous day.
[policy] the law of the people's Republic of China on futures and derivatives was adopted at the 34th meeting of the Standing Committee of the 13th National People's Congress on April 20 and will come into force as of August 1, 2022.
Recent focus: the pre force of fiscal policy
