[Content Summary] On October 14, the overall capital market was stable and loose, with most interest rates in the market of major funds falling, and the yields of major interbank interest rate bonds generally declined;

Financial World News October 17th News Financial World and Oriental Jincheng jointly launched the "Bond Market Morning Post" column to provide you with the most comprehensive and timely bond market information.

[Content Summary] On October 14, the overall capital market was stable and loose, and most of the interest rates of major funds fell, and the yields of major interbank interest rate bonds generally fell; the "15 Shimao 02" principal extension two-year redemption proposal was reviewed and passed, Excellent Commercial Management issued 600 million yuan of 3-year medium bonds to increase guaranteed medium notes, Fitch revoked the long-term issuer rating of "BB" of Xincheng Development and Xincheng Holdings, and the deadline for cash redemption arrangements for China Fortune Land Development US dollar bonds has been extended to November 10, 2022; overseas, on October 14, the yield on 10-year US bonds rose by 3bp to 4.00%, and the yield on 10-year treasury bonds in major European economies also generally rose.

1. Bond market news

(I) Domestic news

[The 20th National Congress of the Communist Party of China opened in Beijing] The 20th National Congress of the Communist Party of China opened in the morning of October 16 in Great Hall of the People . On behalf of the 19th Central Committee, Xi Jinping delivered a report to the Congress entitled "Holding high the great banner of socialism with Chinese characteristics and uniting and striving for the comprehensive construction of a modern socialist country." Xi Jinping pointed out that the 20th National Congress of the Communist Party of China is a very important convened at a critical moment when the whole Party and people of all ethnic groups in the country embark on a new journey of comprehensively building a modern socialist country and marching towards the second centenary goal. The theme of the conference is: Hold high the great banner of socialism with Chinese characteristics, fully implement the thought of socialism with Chinese characteristics in the new era, carry forward the great spirit of building the Party, be confident, self-reliant, uphold the truth and innovate, work hard and move forward bravely, unite and strive for the comprehensive construction of a modern socialist country and the comprehensive promotion of the great rejuvenation of the Chinese nation.

When talking about the mission and tasks of the Communist Party of China in the new era and new journey, Xi Jinping pointed out that from now on, the central task of the Communist Party of China is to unite and lead the people of all ethnic groups in the country to fully build a socialist modern power, achieve the second centenary goal, and comprehensively promote the great rejuvenation of the Chinese nation with Chinese-style modernization. On the road ahead, we must firmly grasp the major principles: adhere to and strengthen the Party’s overall leadership, adhere to the path of socialism with Chinese characteristics, adhere to the people-centered development philosophy, adhere to deepening reform and opening up, and adhere to carrying forward the spirit of struggle.

Xi Jinping emphasized that it is necessary to fully, accurately and comprehensively implement the new development concept of , adhere to the direction of socialist market economy reform, adhere to high-level opening up, and accelerate the construction of a new development pattern with the domestic circulation as the main body and the domestic and international dual circulations mutually promoting each other. We must build a high-level socialist market economic system, build a modern industrial system, comprehensively promote rural revitalization, promote regional coordinated development, and promote high-level opening up. Xi Jinping pointed out that we should adhere to the principle that science and technology is the primary productive force, talents are the primary resource, and innovation is the primary driving force, and implement the strategy of building a country with science and education, the strategy of building a country with talents, and the strategy of driving a country with innovation and development, open up new fields and new tracks of development, and continuously shape new momentum and new advantages in development. Adhere to the priority development of education, self-reliance and self-improvement in science and technology, and the leading and driving force of talents, and accelerate the construction of a strong country in education, science and technology, and talent.

[The price increase of pork and fresh vegetables pushes up 9 April CPI year-on-year growth, PPI year-on-year growth continued to fall sharply] On October 14, the National Bureau of Statistics released data showing that in September 2022, CPI rose 2.8% year-on-year, an increase of 0.3 percentage points faster than the previous month; PPI rose 0.9% year-on-year, a decrease of 1.4 percentage points from the previous month.

Comments: 9 CPI rose year-on-year, mainly due to the rapid rise in prices of pork and fresh vegetables in that month, offsetting the impact of the price of refined oil and pushing up the overall CPI increase; however, core CPI fell at a low year-on-year, indicating that the current overall price situation is still stable.The decline in oil prices in September led to the continued decline of international commodity prices, and domestic industrial products prices rose and fell. PPI continued to fall month-on-month, with a significant decline converging. However, affected by the rise in the base in the same period last year, the year-on-year increase still fell rapidly to 0.9%, setting a lowest point in nearly 20 months, indicating that the pressure to increase the upstream raw material costs, which had a great impact on the macroeconomic operation in the early stage, has been significantly alleviated.

[ Ministry of Finance: Do not inflate land transfer income through state-owned enterprises such as land purchase ] Recently, the Ministry of Finance issued the "Notice on Strengthening the Management of "Three Public" Funds and Strictly Controlling General Expenditures". In response to the current problems of some regions or departments not strictly controlling general expenditures, the "Three Public" funds have increased instead of reducing, and sudden spending at the end of the year, it is required to further strengthen the management of "Three Public" funds and strictly control general expenditures. The "Notice" strengthens corresponding management in terms of budget preparation and implementation, monitoring and disclosure of the "three public" funding, construction of expenditure standard system, and budget performance management. Among them, the "Notice" also requires the prevention of inflated fiscal revenue of and strict control of general expenditures to promote the integration. It is clearly prohibited to reserve land through debt and to inflate land transfer income through state-owned enterprises such as land purchases, and to make up for the gap in fiscal revenue.

[Liu Kun : Adhere to the general tone of work of seeking progress while maintaining stability and promote the implementation of relevant policies and measures to be effective ] From October 13 to 14, 2022, the meeting of the G20 Finance Ministers and the Governors of the Central Bank of China was held in Washington, USA in a combination of online and offline mode. Minister of Finance Liu Kun attended the meeting video and spoke. Liu Kun pointed out that the current global economic situation is more complex and severe. All parties in the G20 should overcome difficulties, seek development, and promote cooperation together, adhere to true multilateralism, and promote the implementation of the global development initiative. First, strengthen the coordination of macro-policy , respond to global challenges such as inflation, food and energy security, and prevent the policy adjustments of some countries from causing serious negative spillover effects. Second, widely mobilize development financing, objectively analyze the causes of debt vulnerability problems, and carry out debt processing steadily. Multilateral creditors and commercial creditors such as the World Bank should also carry out debt processing in accordance with the principle of "joint action and fair burden". The third is to promote infrastructure investment in , give full play to the role of G20 in building consensus and mobilizing resources, and provide more high-quality, people's livelihood-friendly and sustainable infrastructure investment. Fourth, adhere to the principle of common but differentiated responsibilities and respective capabilities, and promote international cooperation in responding to climate change within the development framework. Fifth, jointly build a fair and sustainable modern international tax system, fully consider the national conditions of all countries and the concerns of all parties, and promote the work related to the dual-pillar plan for responding to the challenges of digital taxation in the economy. Liu Kun said that China will adhere to the general tone of work of seeking progress while maintaining stability, promote the implementation of relevant policies and measures, continue to provide strong momentum for the stabilization and recovery of the world economy, and provide broader market opportunities for all countries.

[Yi Gang: China's price level is basically stable, and we will increase the implementation of prudent monetary policy] On October 13, the Governor of the Central Bank Yi Gang attended the meeting of the G20 Finance Ministers and the Governors of the Central Bank through video links and spoke. In his speech, Yi Gang introduced China's economic situation and the position of monetary policy in , , saying that China's price level is basically stable, and the People's Bank of China will increase its implementation of prudent monetary policy to provide stronger support for the real economy, focus on supporting infrastructure construction, support financial institutions to issue loans for equipment renovation in key areas such as manufacturing, and at the same time promote the accelerated implementation of special loans for "guaranteeing and transferring buildings" to promote the stable and healthy development of the real estate market. Yi Gang welcomed the progress of the implementation of the G20 common framework for debt disposal, saying that China will continue to work with all parties to implement it well, and private sector creditors should participate in a comparable manner, and welcomed the proposal of IMF to establish a new global public infrastructure in the field of payments and enhance the resilience of international monetary system. Yi Gang thanks all parties for supporting the People's Bank of China to take the lead in formulating the G20 policy framework on financial support for the orderly transformation of high-carbon industries and the "2022 G20 Sustainable Finance Report", and looks forward to continuing to promote the G20 sustainable finance work with all parties.

[National Development and Reform Commission: Promote and learn from the first batch of authorized matters in Shenzhen’s comprehensive reform pilot] On October 14, the National Development and Reform Commission issued a notice requiring the promotion and learn from the first batch of authorized matters in Shenzhen’s comprehensive reform pilot. The promotion has drawn on 18 typical experiences and innovative measures, mainly including: in terms of marketization of factors, establishing an efficient land linkage approval mechanism, implementing private equity fund commercial registration service innovation and integrated supervision throughout the whole process, and launching the GEM registration system reform; in terms of scientific and technological innovation, establishing 6 items such as intellectual property protection in emerging fields, innovating the coordinated management of resource preparation at grassroots level, and implementing a comprehensive management mechanism for the whole chain of large scientific plans; in terms of opening up to the outside world, establishing 4 items such as cross-border arbitration cooperation and international arbitration cooperation mechanism, innovating the convenient customs clearance model for international transit at ports, and promoting integrated innovation of international ship registration management; in terms of public services and ecological environment governance, establishing a hospital review and certification system connected with international standards, establishing a new mechanism for access to urgently needed drugs and equipment and full-process supervision, and creating a new model for market-oriented investment and financing services for climate projects.

[China Banking and Insurance Regulatory Commission issued the " Management Measures for Financial Companies of Enterprise Groups "] On October 14, the China Banking and Insurance Regulatory Commission issued the "Management Measures for Financial Companies of Enterprise Groups", which will come into effect on November 13, 2022. The financial company referred to in the Measures refers to non-bank financial institution , which aims to strengthen the centralized management of enterprise groups and improve the efficiency of capital use of enterprise groups, rely on enterprise groups and serve enterprise groups, and provide financial services to enterprise group member units. The Measures have a total of seven chapters and sixty-two articles. The main revisions include five aspects: one is to adjust access standards and expand opening up to the outside world, the second is to optimize business scope and implement tiered supervision, the third is to add regulatory indicators and strengthen risk monitoring and early warning, the fourth is to strengthen corporate governance and shareholder equity supervision, and the fifth is to improve the risk disposal and exit mechanism. The Measures point out that financial companies are not allowed to issue financial bonds and are not allowed to invest in financial institutions and enterprises.

(II) International News

[U.S. retail sales in September increased by zero month-on-month, with year-on-year growth rate hitting a new low in half a year] On October 14, the U.S. Department of Commerce released data showing that U.S. retail sales in September rose by 0% month-on-month, 0.2% lower than the market expectation value, and the value was revised up from 0.3% to 0.4% before August. In terms of year-on-year, retail sales of in September increased by 28.2% year-on-year, the lowest level since April this year. Core retail sales in September rose 0.3% month-on-month in September, 0.2% higher than market expectations, and the previous value was revised up from 0.3% to 0.6%. Year-on-year, core retail sales in September increased by 6.6% year-on-year, consistent with the year-on-year growth rate of core CPI in September. No relevant retail data has been adjusted for inflation.

[University of Michigan consumers inflation expectations rise significantly] Data released on October 14 showed that US consumers' inflation expectations for the next year have risen sharply, soaring from 4.7% in September to 5.1% in October, which is the first increase since March this year, with an expected value of 4.6% and the previous value of 4.7%; in addition, long-term inflation expectations have also risen, with the initial value of 5-year inflation expectations rising from 2.7% in September to 2.9% in October, with an expected value of 2.8%. The University of Michigan consumer confidence index hit its highest since April. The initial value of the University of Michigan Consumer Confidence Index in October was 59.8, the highest in six months, with an expectation of 58.8 and the previous value of 58.6. In terms of sub-index, the initial value of the current index is 65.3, a six-month high, with an expected value of 59.6, and a previous value of 59.7; the initial value of the expected index is 56.2, a first decline since July, with an expected value of 58.3, and a previous value of 58.

[ British Prime Minister Tras fired Finance Minister Kwoten, appointed former Foreign Minister Hunter as the new Minister of Finance, and resumed the plan to increase corporate taxes ]On October 14th local time, under the pressure of the Conservative Party and financial markets, British Prime Minister Tras fired Finance Minister Kwoten and appointed former British Foreign Secretary Jeremy Hunter as the new Minister of Finance to maintain his shaky position as Prime Minister. Kwoten's resignation further proves that Tras will reverse a £43 billion tax cut to rebuild market confidence.Under pressure from the Conservative Party and the market, Tras announced on the same day that he would resume plans to raise corporate taxes and raise corporate taxes from the current 19% to 25% from April next year. This is the second time that the key content of the tax cut plan was announced three weeks ago. The increase in corporate tax to 25% will provide £18 billion in fiscal revenue per year. New Treasury Secretary Jeremy Hunter admitted in an interview with the media that the UK faces difficult choices in terms of taxes and expenditures. He believes that Tras' tax cut plan does not take into account the budget office's economic forecast and acts "blindly" and has mistakes in the tax cut plan. Hunter said he would calm the current chaos in financial markets by changing economic policies, but that would lead to a substantial change in Tras' previous tax cut commitments. Hunter has only more than two weeks to propose a new fiscal plan after the Bank of England bailout measures ended. According to the plan, the new Finance Minister will propose a new fiscal plan on October 31.

[Bank of England ended its bond purchase as scheduled, the scale was far lower than expected ] Although the UK financial market is still in turmoil, the Bank of England's emergency bond purchase plan ended as scheduled on October 14. In more than two weeks, the Bank of England purchased £19.25 billion in bonds to prevent the turmoil in the UK market. On October 14, the last day of the emergency bond purchase plan, the Bank of England purchased £1.45 billion in long-term and inflation-linked gold-edged bonds two days after the Bank of England bought bonds from funds seeking to close their positions. It is worth mentioning that more than half of the Bank of England’s bond purchases were completed within the past three days. The Bank of England's total bond purchases during this period were much lower than the £100 billion reserved for the scheme. The emergency plan was launched to stabilize market confidence after the UK Treasury announced the tax cut plan.

(III) Commodity

[International crude oil prices closed down , NYMEX natural gas prices closed up] On October 14, WTI November crude oil futures closed down 3.50 USD, down 3.93%, to USD 85.61/barrel, down 7.59% throughout the week; ICE Brent December crude oil futures closed down 2.94 USD, down 3.11%, to USD 91.63/barrel, down more than 6.42% throughout the week. NYMEX November natural gas futures price closed up 4.3% at $6.453 per million British thermal units.

2. Funding side

(I) Open market operation

On October 14, the central bank announced that in order to maintain the reasonable liquidity of the banking system, a 2 billion yuan 7-day reverse repurchase operation was carried out on the same day through interest rate bidding, with a winning interest rate of 2.0%. Wind data shows that 58 billion yuan of reverse repurchases expired on that day, so the net funds recovered in a single day were 56 billion yuan. The central bank had a total of 357 billion yuan of reverse repurchases due last week, with a net withdrawal of 347 billion yuan.

(II) Funding interest rate

On October 14, the overall interbank capital market was stable and loose, and most of the interest rates of major capital markets fell: DR001 fell 3.27bps to 1.132%, DR007 fell 9bps to 1.475%, and most other term interest rates also fell.

Data source: Wind, Oriental Jincheng

3. Bond market dynamics

(I) Interest rate bond

On October 14, the inflation data in September was lower than expected, and the funds were loose, supporting the sentiment of the bond market, and the yields of major interest rate bonds between banks generally declined. As of 20:00 Beijing time, the 10-year treasury bond active bond 220019 yielded 2.75bp to 2.6975%; the 10-year treasury bond active bond 220215 yielded 2.75bp to 2.8600%.

Data source: Wind, Oriental Jincheng

Bond bidding situation

Data source: Wind, Oriental Jincheng

(II) Credit bond

1. Secondary market transaction changes:

On October 14, the transaction prices of most real estate bonds were relatively stable, and the transaction price deviation of 14 bonds exceeded 10%, "20 o'clock Dai 09" and "20 Gemland MTN001B" fell more than 10%, "19 Gemland 02" fell more than 13%, "18 Gemland 06" fell more than 15%, "15 Ocean 03" and "21 Gemland 01" fell more than 18%, "21 Gemland MTN003" and "20 Shimao 02" fell more than 22%, "18 Dragon Control 05" fell more than 31%, "21 Gemland MTN006" and "21 Gemland MTN001" fell more than 40%, and "16 Gemland 02" fell more than 47%; "22 Xuhui Group MTN001" rose more than 24%, and "20 Sunac 03" rose more than 56%.

On October 14, the overall transaction price of municipal bonds was relatively stable, with "PR Pantou Bond" only rising by more than 12%.

2. Credit bond incident:

Zheng Group's official microscope said that its subsidiary Zhengyue Commercial Management issued 600 million yuan in 3-year medium-term bonds to increase guaranteed medium notes, with a face rate of 3.5%.

Shimao Construction : The company announced that the proposal for the two-year redemption of the principal of "15 Shimao 02" was reviewed and passed.

China Fortune Land Development : The company announced that due to the debt restructuring plan previously announced by the company, the deadline for cash redemption arrangements for US dollar bonds has been extended to November 10, 2022.

Sunshine City : Shaanxi International Trust announced that "20Sunshine City ABN001" will hold a holder meeting on October 20 to review proposals such as adjusting the face value interest rate.

Country Garden : The group announced that the company's controlling shareholder purchased a total of 5,907,200 bonds, "19 Bidi 02", "20 Bidi 01", "20 Bidi 02", "20 Bidi 03", "20 Bidi 04", "21 Bidi 01", "21 Bidi 02", "21 Bidi 03" and "21 Bidi 04", with a total purchase amount of 325 million yuan.

Tai'an Urban Investment : The company announced that it has added 1.5 billion yuan in guarantees for Taishan urban and rural construction and development, with a cumulative guarantee amount of 4.48 billion yuan, accounting for 36.53% of the company's net assets at the end of 2021.

Zunyi Bozhou Urban Construction : Zhongchengxin International announcement stated that it has paid attention to the fact that according to the disclosure of public information and the inquiry by the China Execution Information Disclosure Network, Zunyi Bozhou Urban Construction has been included in the list of persons subject to execution many times since September 15, 2022. As of October 10, 2022, the company has added 8 new cases of execution. The execution courts include Zunyi Bozhou District People's Court, Shaoxing Yuecheng District People's Court, Shanghai Financial Court, Hangzhou Shangcheng District People's Court and Nanjing Intermediate People's Court, with a total amount of execution targets of 579 million yuan.

Chongqing Development : Construction Bank announced that the bondholders meetings of "20Chongqing Development MTN001", "21Chongqing Development MTN001" and "22Chongqing Development SCP002" have been held, and the "Admission to Chongqing Development Investment Co., Ltd. to transfer the equity of Chongqing Environmental Sanitation Group Co., Ltd. and Chongqing Environmental Protection Investment Group Co., Ltd. free of charge, and agree to maintain the existence of the aforementioned debt financing instruments."

Shandong Guoxin : According to the official website of Credit China, Shandong International Trust Co., Ltd. was fined 920,000 yuan by Jinan Branch of the People's Bank of China for failing to submit large-scale transaction report or suspicious transaction report as required.

Zhongtian Financial : The company announced that the group's new overdue debt totaled 2.623 billion yuan, accounting for 22.06% of the company's audited net assets of 11.891 billion yuan in 2021.

Dongfeng Auto Finance Company : The company announced that it has settled the overdue bill of exchange that occurred in acceptance on September 26, involving an amount of approximately 98.34 million yuan.

Ruzhou Xinyuan Investment : China Securities Pengyuan announced that it has noticed that according to the query results of the "China Implementation Information Disclosure Network", from July 26 to October 12, 2022, Ruzhou Xinyuan Investment Co., Ltd. added 11 new information of the person subject to execution. Due to the current severe epidemic situation in Ruzhou , the company is unable to work normally, and the handling of related cases has slowed down. As of October 12, Xinyuan Investment still had other cases of execution, with a total amount of 136 million yuan.

Hyong Holdings : According to the company's announcement, the company decided not to adjust the face interest rate for the second year of "20Hyong 08", and the coupon remained unchanged for the next two years. The bond's rebate registration period is from October 17 to November 4, 2022 (limited trading days), the rebate rebate period is from October 17 to November 7, and the rebate funds redemption date is from November 14.

Xiangtan Jiuhua Jingjian Investment : According to the company's announcement, the rebate amount of "17Xiangtan Jiuhua MTN001" is 0 yuan, the total unrefunded amount is 310 million yuan, and the face interest rate of the unrefunded part is 6.38%.

New City Development: Fitch Rating has revoked the long-term foreign currency and local currency issuer default rating of New City Development Holdings Co., Ltd. 'BB's long-term foreign currency and local currency issuer default rating, the long-term foreign currency issuer default rating of 67% of the subsidiary Xincheng Development Holdings Group Co., Ltd. 'BB', and the senior unsecured rating of the two companies' 'BB'. The reason why Fitch revoked the ratings of New Town Development and New Town Holdings is that the two companies no longer participate in the ratings and Fitch no longer has sufficient information to support the ratings above.

( 3) Convertible bond

1. Equity and convertible bond index

[A 4 stock index fluctuation adjustment ] On October 14, the three major stock indexes in the equity market rose strongly, Shanghai Composite Index , Shenzhen Component Index, and ChiNext Index closed up 1.84%, 2.81% and 3.55% respectively, and the ChiNext Index recovered 2400 points, with the turnover of the two markets exceeding 850 billion yuan. Except for the comprehensive, the agricultural, forestry, animal husbandry and fishery industries, the Shenwan first-level industry index fell slightly by 0.66% and 0.14%, and other industry indexes rose one after another. Among them, the pharmaceutical and biological industry rose sharply by 7.13%, which performed extremely well. Social services, power equipment, building materials, commerce and retail, etc. rose in the range of 2.6%-3.1%, and also performed better.

[Convertible bond market continued to strengthen, with more than 90% of bonds closing higher ] On October 14, boosted by the sharp strengthening of the equity market, the three major indexes of the convertible bond market collectively rose, and CSI convertible bonds, Shanghai Composite Index, and Shenzhen Composite Bonds closed up 0.83%, 0.66% and 1.19% respectively. The convertible bond market continued to recover, with the turnover of 65.134 billion yuan on the same day, an increase of 9.953 billion yuan from the previous trading day. Of the 432 bonds, 391 bonds rose, 1 bond remained flat, and only 40 bonds fell. Driven by the strong rise in underlying stocks, Shangrong convertible bonds and Shangneng convertible bonds closed up 12.80% and 11.33% respectively on the same day, and the five individual bonds, including Kelun convertible bonds and Lepu 2, also increased by more than 5%; however, on the same day, there were also individual bonds such as Jiangfeng convertible bonds, Guiguang convertible bonds, and Huatong convertible bonds, which were dragged down by the decline in underlying stocks, with a drop of more than 3%.

Data source: Wind, Oriental Jincheng

2. convertible bond tracking

This week, Changyin convertible bond is scheduled to be listed on October 17, and Baichuan to 2 is scheduled to start subscription on October 19.

On October 14, the application for the public issuance of convertible bonds by Shengtai Group was approved and approved by the China Securities Regulatory Commission. The application for the public issuance of convertible bonds by Yunda Shares was approved and approved by the China Securities Regulatory Commission. Shuangliang Energy-saving announced that it plans to issue convertible bonds by to raise no more than 2.6 billion yuan, and it will be used for the second phase of the 40GW single crystal silicon project (20GW), etc.

On October 14, Naipu convertible bond announced that it would not correct the conversion price downward. At the same time, if the downward amendment clause is triggered again within the next six months (i.e., from October 15, 2022 to April 14, 2023), if the downward amendment clause is triggered again, no downward amendment plan will be proposed; in addition, the board of directors of Shanying International proposed to correct the conversion price of " Shanying convertible bond ".

On October 14, the board of directors of Dingsheng New Materials decided not to redeem " Dingsheng convertible bond " in advance.

(IV) Overseas bond market

1. US bond market:

On October 14, US bond yields generally rose slightly for each term. Among them, the 10-year U.S. Treasury yield rose by 3bp to 4.00%.

Data source: iFind, Oriental Gold Cheng

On October 14, the inverted spread of the 2/10-year US Treasury yield narrowed slightly by 2bp to 48bp; the inverted spread of the 2/30-year US Treasury yield narrowed slightly by 1bp to 49bp; the inverted spread of the 5/30-year US Treasury yield widened by 2bp to 26bp.

On October 14, the U.S. 10-year inflation-protected Treasury bond (TIPS) gains and losses balance inflation rate rose by 7bp to 2.41%.

2. European bond market:

On October 14, although the UK took office as the new finance minister, market sentiment has not been appeased. The yield on the UK's 10-year Treasury bonds rose sharply by 14bp to 4.42%, and the 10-year Treasury bonds in the remaining major European economies also generally rose. Among them, the yield on Germany's 10-year government bonds rose by 6bp to 2.34%, while the yield on France, Italy and Spain's 10-year government bonds rose by 7bp, 9bp and 7bp respectively.

Data source: investing.com, Oriental Jincheng

Daily price changes in Chinese dollar bonds (as of 101444 Data source: Bloomberg, Oriental Jincheng compiled

This article comes from the financial industry