Societe Generale research FICC Daily 20220209

2022-05-07 0 By

According to real-time statistics from the WHO, the number of confirmed cases worldwide rose by 2,235,694 to 394,381,395 as of 18:08 Central European Time (1:08 Beijing time) on Friday.The number of deaths increased by 10,826 to 5,735,179.A total of 105 new confirmed cases were reported in 31 provinces, autonomous regions and municipalities directly under the Central Government and the Xinjiang Production and Construction Corps on Sunday.Among them, 40 imported cases were reported, including 18 in Guangdong, 15 in Shanghai, three in Sichuan, one in Beijing, one in Tianjin, one in Henan and one in Guangxi. Ten asymptomatic cases were turned into confirmed cases, including five in Guangdong, three in Sichuan, one in Beijing and one in Henan.There were 65 local cases (64 in Guangxi, all in Baise;One case was reported in Tianjin, and four asymptomatic cases were confirmed (all in Guangxi).No new deaths were reported.No new suspected cases were reported.Macroeconomics The People’s Bank of China, the State Administration for Market Regulation, the Banking and Insurance Regulatory Commission and the Securities Regulatory Commission issued the 14th Five-year Development Plan for Financial Standardization, proposing to promote the formulation of financial asset securitization standards.Continue to push forward the formulation of securities, funds, futures business services and information disclosure standards, accelerate the formulation of information technology-related standards such as information exchange, information security, technology management, and improve the general basic standards of the securities futures industry.We will comprehensively develop standards for RMB cross-border payment and clearing products and services, clearing and settlement processing, business operations and technical services, and strengthen support for the construction of the RMB cross-border payment system.Central bank, silver insurance regulatory commission issued “about affordable rental housing related notice loan is not included in the management of real estate loan concentration, clear of affordable rental housing projects related to the loan into the real estate loan concentration management, encourage the banking financial institutions shall, in accordance with the compliance, risk control, in accordance with the commercial sustainable principles, intensify support for the development of affordable rental housing.According to VAT invoice data from the State Administration of Taxation, China’s physical consumption during the Holiday increased 20.1 percent from last year’s Spring Festival, while Internet retail sales rose 37.7 percent year-on-year.The central bank conducted 20 billion yuan of seven-day reverse repurchase operations on Tuesday, and 150 billion yuan of 14-day reverse repurchase operations expired, with net withdrawals of 130 billion yuan on the day.Tuesday overall balance of funds loose.DR001 was at 2.01%, down 9.4bp from the previous session;DR007 was at 2.07%, down 2.4bp;Shibor3M was at 2.45%, down 0.6bp from the previous day.On Tuesday, 5Y and 10Y interest rates of national debt were 2.42% and 2.72% respectively, up 0.5bp and 0.3bp respectively from the previous trading day.The 5Y and 10Y rates were 2.62% and 2.96% respectively, down 0.2bp from the previous trading day.On Tuesday, yields on AA+ 1Y and 3Y bonds were 2.62% and 2.95%, up 0.1bp and down 0.1bp, respectively.The 1Y and 3Y yields of industrial bonds were 2.71% and 3.42%, up 0.1bp and down 0.2bp from the previous day respectively.The 1Y and 3Y interest rates of urban investment bonds (AA) were 2.73% and 3.19%, down 2.5bp and 0.7bp respectively from the previous day.On Tuesday (Feb. 8), usd/RMB midpoint was at 6.3569, down 11pips from the previous trading day.As of 16:30, usd/RMB closed at 6.3580, up 2pips from the previous session;Offshore USD/RMB closed at 6.3744, with the current cross-strait gap around 164pips.Gold on the Shanghai Gold Exchange closed at 372.75 yuan/g on Tuesday, up 0.38% from the previous session.Silver on the Shanghai Gold Exchange closed at 4,728.00 yuan/kg on Tuesday, up 0.40 percent from the previous session.At 20:00 on Tuesday, NYMEX crude was trading at $89.83 / BBL, down 1.96% from the previous day.ICE crude fell 2.10% to $91.00 / BBL;Shanghai oil closed at 558.40 yuan/barrel, down 1.50% from the previous day.Data source: Tradingview