5.27-5.31 Factors concerned by the capital side:
(1) The maturity of reverse repurchase is 10 billion yuan; (2) The net payment of government bonds was 546.6 billion yuan; (3) Due inter-bank deposit receipts amounted to 321.1 billion yuan.
5.20-5.24 Public market conditions:
From May 20 to May 24, the net investment in the public market was 68 billion yuan. The 7-day reverse repurchase launched 10 billion yuan, 12 billion yuan due, a net release of - 2 billion yuan, and 70 billion yuan from treasury cash deposits.
5.20-5.24 Changes in money market interest rates:
Money market interest rate trend: (1) DR001 interest rate rose by 6.1bp to 1.8%, DR007 by 1.6bp to 1.8%, R001 by 5.4bp to 1.8%, and R007 by 1.9bp to 1.8%; (2) The 1-month CD interest rate fell by 1.1 bp to 1.8%, the 3-month CD interest rate rose by 1.9 bp to 2.0%, the 6-month CD interest rate fell by 2.5 bp to 2.0%, the 9-month CD interest rate rose by 2 bp to 2.11%, and the 1-year CD interest rate rose by 2.2 bp to 2.11%.
The daily average turnover of inter-bank pledge style repo was 6037.5 billion yuan, an increase of 89.2 billion yuan over 513-517.
Among them, the average daily turnover of R001 was 5306.7 billion yuan, accounting for 87.9% on average; R007 Daily average turnover was 589.2 billion yuan, accounting for 9.8% on average. The daily average turnover of repurchase of new pledged treasury bonds in Shanghai Stock Exchange was 1629.2 billion yuan, 3.4 billion yuan less than 5.13-5.17. Among them, GC001's daily average turnover was 1372.9 billion yuan, accounting for 84.8%, and GC007's daily average turnover was 181.5 billion yuan, accounting for 10.7%.
5.20-5.24 Inter bank deposit receipt primary market tracking:
5.20-5.24 The total issuance amount of the four major banks was 1059.8 billion yuan, and the net financing amount was 435.6 billion yuan, compared with 832.3 billion yuan issued by major interbank deposit receipts on May 13 and May 17, and the net financing amount was 130.9 billion yuan. The issuance scale and net financing amount increased. State owned banks and one-year ones have the highest issuance scale, with the highest success rate of 98% for state-owned banks, 87% for three-month ones and 100% for AA+ones.
The issuing interest rate of each entity was differentiated. The issuing interest rate of 1Y CD of joint-stock banks, state-owned banks, urban commercial banks and agricultural commercial banks changed from 2.2BP, 1BP, 3.6BP, -5.6BP to 2.1%, 2.1%, 2.2% and 2.2% respectively. The issuing interest rates of 1M, 3M, 6M and 9M (stock banks) and 1Y (stock banks) vary from - 1.1BP, 1.9BP, -2.5BP, 2.0BP, 2.2BP to 1.8%, 2.0%, 2.0%, 2.1% and 2.1% respectively.
The main issuing interest margin differentiation, state-owned banks and joint-stock banks, urban commercial banks and joint-stock banks, agricultural commercial banks and joint-stock banks 1Y deposit receipt issuing interest margin changes - 1.2BP, 1.4BP, - 7.8BP to - 1.5BP, 12.5BP, 7.9BP. In addition, the difference between 1Y CD and R007 of the stock bank was 0.32BP to 28.21BP, the difference between 1Y CD and R001 was -3.16BP to 39.94BP, and the difference between "1Y CD-1-year MLF" was 2.5BP to -39.5BP.
5.20-5.24 Inter bank deposit receipt secondary market tracking:
The yield of 1Y deposit receipts of joint-stock banks, state-owned banks and agricultural commercial banks has changed from 0.1bp, 0.4bp, -1.3bp to 2.1%, 2.1% and 2.1%. The change of 1M, 3M, 6M, 9M and 1Y deposit receipt yield is - 4.0bp, 0.5bp, -0.1bp, -0.5bp, 0.0bp to 1.7%, 1.9%, 2.0%, 2.1% and 2.1%.
5.13-5.17 The difference between the state-owned bank and the joint-stock bank in 1-year deposit receipt interest rate changes from 0.3bp to -1.2bp, and the difference between the agricultural commercial bank and the joint-stock bank in 1-year deposit receipt interest rate changes from -1.5bp to 5.3bp. The interest margin between 1-year and 1-month certificates of deposit increased by 4bp to 36bp; In terms of grade spreads, AA+(1Y) - AAA (1Y) deposit receipt spreads vary from - 2bp to 6bp. In addition, the spread of "1Y CD – 1Y MLF" changed 0.13bp to -40.49bp, and the spread of "1Y CD-10Y treasury bonds" changed -0.44bp to -21.8bp.
Risk warning: policy uncertainty; Fundamental changes exceeded expectations.
