受进一步财政刺激预期的推动,中国10年期政府债券收益率升至2.15%左右,连续第四个交易日上涨。虽然全国人民代表大会常务委员会尚未宣布会议日期,但交易员们正急切地等待有关8万亿元人民币潜在刺激计划的细节。他们还预计,将发行1万亿元人民币的专项政府债券用于银行资本重组,并将政府的地方债务互换债券配额增加5万亿元人民币。本周早些时候,央行推出了新的货币宽松措施,将利率降至历史最低水平。央行将一年期贷款最优惠利率(LPR)下调25个基点至3.1%,该利率是企业和家庭贷款的关键基准,并将通常用于房地产抵押贷款的五年期LPR下调25个百分点至3.6%。交易员们现在正密切关注中国人民银行即将于明天公布的1年期中期贷款安排(MLF)决定。
China's 10-year government bond yield rose to around 2.15%, marking its fourth consecutive session of gains, driven by expectations of further fiscal stimulus. While the National People's Congress (NPC) Standing Committee has yet to announce a meeting date, traders are eagerly awaiting details on a potential CNY 8 trillion stimulus package. They also expect a CNY 1 trillion in special government bonds for bank recapitalization and a CNY 5 trillion increase in the government’s local debt swap bond quota. Earlier this week, the central bank introduced new monetary easing measures, cutting interest rates to historic lows. The central bank lowered the one-year loan prime rate (LPR), a key benchmark for corporate and household loans, by 25 bps to 3.1%, and similarly trimmed the five-year LPR, typically used for property mortgages, by 25 bps to 3.6%. Traders are now closely watching for the PBOC's upcoming 1-Year Medium-Term Lending Facility (MLF) decision, due to be released tomorrow.