Traders said that due to early trading data, the bond market fluctuated slightly. With the impact of the decline in the equity market, bond market sentiment boosted, leading the way in the long term, but 10-year performance was slightly weak.
Financial Services Association, April 16 (Editor Liu Chen) China's economic “report card” for the first quarter of 2024 was released: GDP increased 5.3% year-on-year, and the ultra-long-term performance was better than that of the medium- to long-term.
Treasury bond futures declined slightly due to economic data in early trading, then fluctuated. The 30-year main contract showed impressive performance, closing 0.4% to 106.6 yuan; the 10-year main contract rose 0.03% to 104.46 yuan, continuing the closing price high; the 5-year main contract rose slightly by 0.02%; and the 2-year main contract rose slightly by 0.01%.
The yield on major interbank interest rate bonds fluctuates narrowly, and long securities are superior to short bonds. As of 16:30 Beijing time, the yield of active 10-year treasury bonds declined by 0.7 bp to 2.272%, and the yield of 3-year active treasury bonds rose 0.5 bp to 2.005%; the yield on 10-year active treasury bonds was 2.374% at 1.2 bp.
(Data source: Choice, compiled by the Financial Federation)
Traders said that due to early trading data, the bond market fluctuated slightly. With the impact of the decline in the equity market, bond market sentiment boosted, leading the way in the long term, but 10-year performance was slightly weak.
On the primary market side:
At the macro level, China's economic “report card” for the first quarter of 2024 was released: GDP increased 5.3% year on year; national fixed asset investment increased 4.5% year on year; real estate development investment fell 9.5% year on year; industrial value added increased 4.5% year on year; and retail sales of social consumer goods increased 3.1% year on year in March.
Prices of newly built commercial residential homes rose month-on-month in 11 of China's 70 large and medium-sized cities in March, compared to 8 in February. In terms of month-on-month, Shanghai led the increase by 0.5%, while the northern Guangshen region remained flat, rising 0.5%, down 0.7%, and 0.4% respectively. According to the National Bureau of Statistics, in March, sales volume of newly built commercial housing and second-hand housing in 70 large and medium-sized cities increased compared to the previous period. The decline in commercial residential sales prices in various tier cities narrowed slightly and the year-on-year decline increased; sales prices of newly built commercial residential homes in first-tier cities fell 0.1% month-on-month, 0.2 percentage points narrower than the previous month, down 1.5% year on year, and 0.5 percentage points higher than the previous month.
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: H9 Dragon Holdings 01, 210,000 Ke 02, 220,000 Ke 07, 200,000 Ke 02, and 220,000 Ke 01. The details are as follows:
According to Choice statistics, the top five non-financial credit bond gains in the exchange market today are: 20 Jinke 03, H0 Sunac 03, 22 Xintai 01, 22 Guojian 01, and 20 Xuhui 02. 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 2 billion yuan was launched on April 16 through interest rate tenders, and the winning bid interest rate was 1.8%. According to Wind data, the reverse repurchase of 2 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 declining. Overnight varieties reported a downward 0.1 BP report of 1.715%; a 7-day upward 0.8 BP report of 1.805%; a 14-day downward 3.2 BP report of 1.858%; and a 1-month downtrend of 0.7 BP reported 2.005%, a new low since September 2023.
(Data source: Choice, compiled by the Financial Federation)
In terms of deposits, today's 3M Chinese stocks are in good demand at 1.89%-2%, up 2 bps from the previous day, and the 1Y China Stock Report is at 2.075%-2.19%, up 1.5 bps from the previous day. In terms of AAA deposits, 9M transactions are at 2.03%, and 1Y transactions are at 2.135%.
(Data source: Choice, compiled by the Financial Federation)