Macro balance sheet: focus on the expansion expectation of positive finance

Macro market:

[central bank] on April 26, in order to maintain the reasonable and abundant liquidity of the banking system, the Bank launched a 7-day reverse repurchase operation of 10 billion 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.

[finance] on April 26, treasury bond futures closed down slightly, with 10-year main contract down 0.01%, 5-year main contract down 0.02% and 2-year main contract down 0.01%. The yield of major inter-bank interest rate bonds rose. The yield of 10-year National Development Bank active bond 220205 rose 0.80bp to 3.051%, the yield of 10-year Treasury bond 220003 rose 1.25bp to 2.8275%, and the yield of 5-year treasury bond 220002 rose 1.00bp to 2.5775%.

[finance] on April 26, the 11th meeting of the central financial and Economic Commission studied the issue of comprehensively strengthening infrastructure construction, building a modern infrastructure system, and laying a solid foundation for building a modern socialist country in an all-round way.

[finance] on April 26, the money market interest rate fell slightly, and the inter-bank capital was balanced. The one-day interbank borrowing between banks and depositors was reported at 1.306%, up 0.30 basis points; The 7-day report was 1.681%, down 3.1 basis points; The 14 day report was 1.892%, down 5.3 basis points; The one-month report was 2.166%, down 1.5 basis points. The one-day varieties of inter bank pledged repo were reported at 1.3063%, up 0.07 basis points; The 7-day report was 1.6111%, down 2.12 basis points; The 14 day report was 1.8924%, down 4.23 basis points; The one-month report was 1.8843%, down 8.71 basis points.

[enterprises] on April 26, most credit bonds went up, and the credit interest margin widened slightly. A total of 1468 inter-bank and exchange credit bonds (corporate bonds, corporate bonds, medium notes, short-term financing and directional instruments) were traded, with a total transaction amount of 166955 billion yuan. Among them, 881 credit bonds rose, 108 were flat and 395 fell.

[residents] on April 25, the number of commercial housing transactions in 30 large and medium-sized cities and first tier cities was + 0.55% and the area of commercial housing transactions was + 0.51% compared with the previous day; The number of commercial housing transactions in second tier cities was + 0.39% compared with the previous day, and the transaction area of commercial housing was + 0.45% compared with the previous day; The number of commercial housing transactions in the third tier cities was - 0.01% compared with the previous day, and the transaction area of commercial housing was + 0.00% compared with the previous day.

Recent focus: the pre force of fiscal policy

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