Financial Services Association, March 20 (Editor Liu Chen) The 1-year and 5-year LPR remained unchanged in line with market expectations. The bond market pulled back slightly, and active securities rose by about 1.5 bp in 30 years.

Treasury bond futures closed down across the board. The 30-year main contract fell 0.37%, the 10-year main contract fell 0.12%, the 5-year main contract fell 0.08%, and the 2-year main contract fell 0.01%.

Yields on major interbank interest rate bonds have all increased. As of 16:30 Beijing time, the yield of 10-year active treasury bonds rose 1.75 bp to 2.3325%, the yield of 5-year active treasury bonds rose 0.5 bp to 2.21%, and the yield of active 10-year treasury bonds rose 1.75 bp to 2.44%.

(Data source: QB, compiled by the Financial Federation)

Traders said that today's two-term LPR flat was in line with market expectations and did not cause market disturbances. While the stock market was recovering, the bond market adjusted slightly. Judging from changes in treasury bond futures positions, the take-profit exit led to a correction.

On the macro side, the Central Bank authorized the Interbank Lending Center announced that the interest rate quoted on the loan market on March 20:3.45% for 1-year LPR and 3.95% for LPR for 5 years or more, all remained unchanged. Wen Bin, chief economist at Minsheng Bank, believes that the LPR price remained flat in March, mainly because MLF interest rates remained unchanged in March, and the pricing basis for LPR quotes did not change; second, LPR quotes for a period of 5 years or more were drastically lowered in February, bank net interest spreads continued to be under pressure, and there was no room for LPR quotes to be lowered again in the short term; third, the recent slight increase in banks' market-based debt costs, and the LPR reduction was further limited.

On the primary market side:

The exchange bond market closed, and real estate bonds had mixed ups and downs.

According to Choice statistics, the top five declines in non-financial credit bonds in the exchange market today are: 21 Sunac 03, 21 Sunac 01, 20 Gui'an G1, 22 Xuhui 01, and 23 Kuntou 02. The details are as follows:

According to Choice statistics, the top five non-financial credit bond gains in the exchange market today are: 20 Baolong 04, 19 Tianjin Investment 04, 23 Shanneng K2, 23 Xingcheng V2, and 23 Yiwu G3. The details are as follows:

On the open market side, the central bank announced that in order to maintain reasonable and abundant liquidity in the banking system, a 7-day reverse repurchase operation of 3 billion yuan was launched on March 20 through interest rate tenders, and the winning bid interest rate was 1.8%. According to Wind data, the reverse repurchase of 3 billion yuan expired on the same day, so the amount due was completely hedged in a single day.

In terms of capital, most of the Shibor short-end products are rising. Overnight varieties reported an upward 1.1 BP report of 1.765%; a 7-day downtrend of 2.6 BP of 1.844%; a 14-day increase of 3.9 BP of 2.138%; and a 1-month increase of 0.6 BP reported 2.123%.

Interbank repurchase rates have mostly declined:

(Data source: Choice, compiled by the Financial Federation)

Interbank repurchase fixed interest rates are mostly flat. FR001 was flat at 1.9%; FR007 was flat at 2.0%; FR014 fell 5.0 basis points to 2.2%.

Most fixed interest rates for bank-to-bank repurchases have risen. FDR001 rose 1.0 basis point to 1.78%; FDR007 rose 2.0 basis points to 1.9%; FDR014 remained flat at 2.15%.

In terms of deposits, today's 3M Chinese stocks are in good demand at 2.12%-2.2%. Compared with the previous day, the 1Y China Stock Report is in 2.25%-2.31% position, down 2 bps from the previous day. In terms of AAA deposits, 9M transactions are at 2.23%, and 1Y transactions are at 2.29%.

(Data source: Choice, compiled by the Financial Federation)