Before the end of the month, the end of the season, and the holidays, the market funds tend to tighten, and the national debt reverse repurchase market is significantly active, and the yield is also rising. At the end of the half-year period at the end of the season, yesterday, the Shanghai and Shenzhen stock exchanges reversed the repurchase varieties once again collectively higher.
Taking the one-day government bond reverse repurchase (GC001) in Shanghai as an example, the variety was in early trading yesterday.interest rateFrom the opening of 7.7% all the way to a strong increase to more than 10%, the highest point in the session once rushed through 12%, an increase of nearly 500 basis points. As of yesterday's close, the Shanghai market's one-day national debt reverse repurchaseinterest rateIt closed at 9.495%, and GC002, GC003 and GC004 also performed strongly, with closing rates exceeding 9%. In Shenzhen, the one-day Treasury bond reverse repurchase (R-001) interest rate reached a maximum of 12.3%, and fell back to 5.65% in the late session, with an average daily price of 9.5%.
The investment principle of reverse repurchase of national debt is not complicated.CITIC Construction InvestmentSecurities said that the essence of reverse repurchase is a short-term loan. When the funds are tight, some financial institutions will take out a large number of government bonds held for pledge, and borrow money for small and medium investors. Especially at the end of the season, at the end of the year or on the eve of the long holiday, these institutions are willing to pay higher interest than usual to attract many investors to lend their free money, and after the expiration, pay the principal and interest.
In addition, the agency also stated that due to the high liquidity of the national debt reverse repurchase, the principal and interest will be automatically received in the shortest day; the handling fee is low and the interest is calculated on a daily basis; the security is extremely high, and it is supervised by the Shanghai and Shenzhen Stock Exchanges. Revenue, therefore, is a good opportunity to allocate funds that cannot be missed. In terms of configuration threshold, the starting price of the reverse repo in Shanghai is 100,000 yuan, and the standard in Shenzhen is 1,000 yuan, all increasing by multiples.
In addition to the reverse repurchase of government bonds, bonds, especially those with good liquidity and quick cash, are also a major direction for investors' capital allocation. A brokerage business person in Shanghai told reporters that the recent market volatility adjustment has intensified. Most institutional investors believe that the volatility market will continue for some time. It is expected that the trend trading opportunities will be weak, so most investors reserve 30% to 50% of the stock positions. The idle funds flowed to fixed income.
Founder's medium-term futures said that the current market risk aversion is still strong, risk assets are generally under pressure, safe-haven assets are sought after, and national debt is still facing strong fundamental support.