(1) ChinaBond Index Analysis

ChinaBond Composite Index tracking general performance of bond market went up today. The net price index excluding interest revenue rose by 0.0610%; and the total return index including interest reinvested revenue rose by 0.0709%. In addition, the average yield to maturity was 4.3643%. The average market capitalization yield was 4.3328%. And the market value weighted duration was 3.8622.

(2) Bond Market Performance:

Rate Securities

Generally speaking, the yields of Treasury Bonds and Policy Bank Bonds went down entirely. In the morning, the auction outcome of EXIMBC Bonds on 1Y/3Y/5Y/10Y decreased by a small amount. By the end of day, the yields of Treasury Bonds, CDB, ADBC and EXIMBC Bonds entirely decreased by 2-4BP except for a few bonds.

To be more specific, the yield of Treasury Bonds (3Y) kept stable at 3.52% according to the transaction of 170016; 5Y Bonds decreased by 3BP to 3.6% resulted from the transaction of 170014; referring to the quotation and transaction of 170013, the yield for 7Y Bonds dropped by 2BP to 3.67%, and notably, the yield for Treasury Bonds (10Y) descended by 4BP to 3.6% caused by the quotation and transaction of 170018; the yield for Treasury Bonds (30Y) went down by 1BP to 4.24% caused by the quotation and transaction of 170015.

The yields of CDB bonds decreased a little entirely. The yield of 3Y Bond dropped by 1BP to 4.21% because of the transaction of 170205; 5Y Bond decreased by 3BP to 4.25% resulted from the quotation and transaction of 170206; referring to the transaction of 170215, the yield for 10Y Bond went down by 1BP to 4.24%.

Moreover, the yields of ADBC Bonds dropped entirely. The yield for 3Y Bond decreased by 2BP to 4.24% according to the transaction of 170411; 10Y Bond went down by 4BP to 4.35% caused by the transaction of 170415.

Furthermore, the yields of EXIMBC Bonds decreased entirely. The yield for 3Y Bond went down by 2BP to 4.24% according to the transaction of 170310; 10Y Bond dropped by 3BP to 4.36% caused by the transaction of 170303.

Credit Bonds

The yields for credit bonds on short-term bonds and mid-term bonds went down entirely. To be more specific, the yield of 3M descended by 2BP to 4.31%. The yield of AAA 6M decreased by 2BP to 4.38%, and the yield for 1Y kept stable at 4.5%. The yield for 3Y of AAA dropped by 2BP to 4.65%, while that of AAA 5Y Bonds increased by 2BP to 4.75%.

The short-term yields for Financial Bonds of Commercial Bank Yield, including CD, were mixed entirely. The spot of Financial Bonds of Commercial Bank on (AAA 7d/1M/3M/6M/1Y) changed 0BP, +10BP, -4BP, -4BP and +3BP to 3.60%, 4.45%, 4.27%, 4.40% and 4.53%.

The yields for Urban Construction Bonds waved entirely. Specifically, the yield of Urban Construction Bonds AAA on 0.5Y/3Y/5Y changed by -2BP, 0BP and +1BP to 4.62%, 4.74% and 4.83%. The yields of AA Bonds on 2Y went up by 1BP to 5.00%, while that of 5Y increased by 1BP to 5.29%.

What’s more, AAA Local Government Bonds on 7Y/10Y reached the level of 4.05% and 4.08% caused by market transaction. AAA- Local Government Bonds on 3Y reached the level of 3.92%.

Exchange Market

In addition, there was 5.4 billion of transaction on exchange bidding system, which was scale decreased than previous. The yields of highly rated corporate bonds went down by 2BP. Those of corporate bonds and enterprise bonds with middle and low ratings kept stable. There was active transaction for 112314 today.

(3) Data and Statistics

Macro Economics:China’s above-scale industrial added value in August increased by 6% than the same period last year, while the former data was 6.4% and the expectation was 6.5%. It went up by 0.6% than last month. This data from January to August rose by 6.7% year on year.

From January to August, the nationwide fixed asset investment (except for countryside) was 39415 billion, increasing by 7.8% than last year, but the growth rate decreased by 0.5% than that from January to July. This data in August rose by 0.57% than July.

From January to August, the nationwide investment in real estate development was 6949.4 billion, increasing by 7.9%, the same rate as from January to July.

China’s total retail sales in consume goods was 3033 billion, increasing by 10.1%, while the expectation was 10.5% and the former data was 10.4%.

From January to August, Chinese private investment in fixed asset was 23914.8 billion, increasing by 6.4%, the new lowest since December 2016, decreasing by 0.5% in growth rate from January to July.

Currency Market: the fund interest rates fluctuated a little entirely, with the overnight shibor up by 3.10BP to 2.6810%, and 3M shibor decreasing by 0.36BP to 4.3675%.

Foreign Exchange Data:the intermediate value of USD/CNY quotation is 6.5465 today, with CNY depreciating by 83BP today. It was the third consecutive day of depreciation.

PBOC: The Central Bank made an announcement that in order to hedge the impact of tax period and issue payment of government bonds and keep the liquidity in bank system stable, it made a series of reverse repurchase, with 60 billion for 7D, 30 billion for 14D and 10 billion for 28D, with the rates at 2.45%, 2.60% and 2.75%, the same as last operation. There was no reverse repurchase due today and it made a net release of 100 billion.

Stock Market:The trends of the stock markets went down slightly today. Shanghai composite index decreased to 3371.43 by 12.72 points (-0.38%) and Shenzhen component index descended to 11070.49 by 21 points (-0.19%). GEM index dropped by 9.18 points (-0.49%) to 1879.25.

Treasury Future

郑重声明：此文内容为本网站转载企业宣传资讯，目的在于传播更多信息，与本站立场无关。仅供读者参考，并请自行核实相关内容。