news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

the central bank has announced several times that it will buy and sell treasury bonds in the secondary market. today, the central bank bought 400 billion yuan of special treasury bonds from primary dealers in open market operations. does this mean that it will implement regulation on medium- and long-term bond yields?

industry experts told cailianshe reporters that this is a routine operation of the central bank to re-issue special treasury bonds issued previously, and there is no need to over-interpret it. however, considering that the central bank's official website has added an "open market treasury bond trading business announcement" to its open market business column, this operation is expected to be carried out in the short term. the market believes that this also means that the central bank's treasury bond trading will have a higher market transparency in the future.

the central bank's rolling renewal of maturing treasury bonds is not a hotly discussed treasury bond transaction in the market

today, the central bank announced that it had conducted an open market business spot bond buyout transaction through quantity bidding, purchasing 400 billion yuan of special treasury bonds from primary dealers in the open market business, of which 300 billion yuan was purchased from "24 sequel special treasury bond 01" and 100 billion yuan was purchased from "24 sequel special treasury bond 02".

"we believe that this is a routine operation by the central bank to reissue special government bonds that were previously issued on a targeted basis, and there is no need to over-interpret it," wang qing, chief macro analyst at orient securities, told a cailian reporter.

earlier, on august 19, the ministry of finance said in response to reporters' questions that in 2007, the ministry of finance issued 1.55 trillion yuan of special treasury bonds, mainly with a term of 10 years and 15 years, which will mature successively from 2017. when some of the above special treasury bonds mature in 2017 and 2022, the ministry of finance will issue special treasury bonds to relevant banks for repayment. among them, "07 special treasury bond 01" matured on august 29, 2017. on that day, the ministry of finance issued 600 billion yuan of special treasury bonds in a targeted manner, of which 400 billion yuan was for a 7-year term (i.e. "17 special treasury bond 01") and 200 billion yuan was for a 10-year term (i.e. "17 special treasury bond 02"). the former matures on august 29, 2024.

"for the 400 billion yuan special government bonds that are due to expire on august 29, 2024, we will continue the practice of previous years and continue to adopt a rolling issuance approach to issue special government bonds due in 2024 to relevant banks and other institutions. the funds raised will be used to repay the principal due that month." a relevant person in charge of the ministry of finance said.

the financial fixed income group of legal consulting also believes that judging from the issuance scale and purchase price, the central bank essentially completed the special treasury bond issuance by the ministry of finance through open market operations. it should be noted that this central bank operation is placed in the "open market business transaction" column, not the "open market treasury bond trading business" that is hotly discussed in the market.

"on august 29, 2017, the ministry of finance issued 600 billion yuan of special treasury bonds in a targeted rolling manner. on the same day, the people's bank of china once again purchased the 600 billion yuan of special treasury bonds in cash, and today the central bank has taken the same operation on the renewed 400 billion yuan of special treasury bonds." wang qing pointed out that the central bank's purchase of 400 billion yuan of special treasury bonds this time is a routine operation for the central bank to reissue the special treasury bonds previously issued in a targeted manner, which is different from the market's general understanding that the central bank is expanding its monetary policy toolbox, buying and selling treasury bonds in the secondary market, and regulating medium- and long-term bond yields.

according to the treasury bond business announcement no. 135 of 2024 issued by the ministry of finance today, it is disclosed that the issuance of the special treasury bonds (phase i) and (phase ii) due in 2024 (hereinafter referred to as the first phase and the second phase, collectively referred to as the two phases of treasury bonds) has been completed. the terms of the first phase and the second phase are 10 years and 15 years respectively, with the issue values ​​of 300 billion yuan and 100 billion yuan respectively, and the coupon rates are 2.17% and 2.25% respectively. the listing date and interest accrual date of the two phases of treasury bonds are august 29, 2024.

the central bank announced the opening of open market trading business and the treasury bond trading will be implemented soon

previously, the "china monetary policy implementation report for the second quarter of 2024" released by the central bank at the beginning of the month mentioned that it is necessary to enrich the monetary policy toolbox, enrich and improve the methods of basic currency issuance, and gradually increase the buying and selling of treasury bonds in the central bank's open market operations.

it is worth noting that yesterday, the "open market business" special page of the central bank's official website launched the "open market treasury bond trading business announcement" column, which undoubtedly once again sends a signal that treasury bond trading operations will be carried out in the open market.

"we believe that this kind of operation is expected to be carried out in the short term. this also means that the central bank's treasury bond trading will have a higher market transparency in the future, which will help communicate with the market, deliver policy signals in a timely manner, and smooth the transmission of monetary policy." wang qing said.

as of august 29, the yield of the active 10-year treasury bond 240011 was 2.166%, and the yield of the active 30-year treasury bond was 2.355%. since august, the yield of treasury bonds has continued to decline rapidly. recently, the yield of treasury bonds has gradually stabilized, but it is still at a low level.

zhang xu, chief fixed income analyst at everbright securities, pointed out that the risk of "stampede" caused by unilateral and consistent behavior cannot be ignored. fortunately, since the beginning of april this year, the central bank has guided market expectations in various ways, and through "continuous small shocks to avoid big shocks", it has weakened the trend of rapid decline in yields and the accumulation of risks, and correspondingly reduced the probability of a sharp rise in yields in the future and causing "stampede". obviously, this is also the original intention of the central bank to continuously remind of the risk of interest rate fluctuations and block unilateral market conditions.