2024-02-05-中证指数-中证债券估值日报20240206_5页_500kb

Market Overview for China Bond Valuation Daily Report (February 6, 2024)

Public Market: The central bank conducted 3390亿元 14-day reverse repos at 1.95% interest rate, unchanged from the previous rate. This resulted in a net drainage of 2240亿元 after 5630亿元 7-day reverse repos matured, indicating a reduction in liquidity in the market.

Money Market: Overnight Shibor increased by 4.70BP to 1.7270%, while longer-term Shibor rates showed mixed trends. Repo rates generally rose: overnight repo weighted average up 4BP to 1.72%, and 7-day repo up 1BP to 1.84%, reflecting higher funding costs overall.

Bond Market: Trading volume decreased by 243亿元 to 1428亿元 overall, with company bonds specifically down 107亿元 to 573亿元.

Treasury Futures: Prices declined across all maturities: the 10-year contract fell 0.28% to 103.280, the 5-year contract dropped 0.18% to 102.655, and the 2-year contract ended down 0.05% at 101.268.

Stock Market: Stock indices showed significant gains: Shanghai Composite rose 3.23% to 2789.49, Shenzhen Component increased 6.22% to 8460.38, and CSI 50 advanced 6.50% to 720.80.

Valuation Changes: For interest rate bonds, yields generally increased, with the 10-year Treasury yield up 4BP to 2.44%. Credit bonds saw yield declines, although net value changes were minimal at -0.00 average.

Bond Indexes: The CSI Bond Index declined, with the CSI All-Bond Index falling 0.158%. Specific indices such as CSI 10+ Bond Index and 10-year Treasury Index led the declines, dropping 0.438% and 0.267% respectively.