At one point, it soared by 130%!

On the morning of December 22, the 7-day reverse repo rate of treasury bonds on the Shanghai and Shenzhen stock exchanges soared, of which the 7-day interest rate on the Shanghai Stock Exchange once reached 6%.

Approaching the New Year's Day holiday, according to the rules of reverse repo interest calculation of treasury bonds and the law of previous years, the reverse repo varieties of treasury bonds of other maturities are also expected to usher in better performance opportunities next week.

The reverse repo rate of 7-day treasury bonds in Shanghai and Shenzhen soared: the interest rate of 7-day varieties in Shanghai once reached 6% intraday

This morning, the 7-day treasury bond reverse repo rate on the Shanghai and Shenzhen stock exchanges soared, and the annualized yield of the 7-day treasury bond reverse repo variety in the Shanghai market soared by more than 130% in the morning compared with the previous day, and the interest rate once reached 6%, a new high since 2023.

The annualized yield of the 7-day reverse repo variety of treasury bonds in the Shenzhen Stock Exchange also soared, soaring nearly 130% in the morning from the previous day to 5.930%, also hitting a new high since 2023.

The annualized rate of return is much higher than the current market average.

It should be pointed out that while the annualized yield of the 7-day treasury bond reverse repo variety soared, the annualized yield of the reverse repo variety of other maturities was temporarily "on hold" and did not rise sharply.

For example, the annualized yield of the 1-day reverse repo variety of treasury bonds in the Shanghai Stock Exchange only rose slightly in the morning compared with the previous trading day, and the highest intraday quotation was lower than 3%, and the annualized yield of the 1-day reverse repo variety in the Shenzhen Stock Exchange did not exceed 3% in the morning. The quotation trend of other treasury bond reverse repo varieties with shorter maturities is also in a similar situation, and they have not skyrocketed like the 7-day treasury bond reverse repo varieties.

An important reason for this is that today's operation of the 7-day treasury bond reverse repo variety, the actual occupation of funds will span the New Year's Day holiday, and the total number of interest-bearing days will be 8 days.

However, even taking into account the above factors, the annualized interest rate of up to 6% in intraday trading this morning is still attractive to many investors who are looking for stable income.

According to the rules for calculating the interest of reverse repo of treasury bonds and the law of previous years, the reverse repo varieties of treasury bonds of other maturities are expected to usher in better performance opportunities next week.

A number of major state-owned banks have lowered deposit rates

Recently, a number of large state-owned banks have lowered deposit rates.

For example, on December 21, the Industrial and Commercial Bank of China (ICBC) issued the "Explanation on the Adjustment of RMB Savings Deposit Interest Rates", stating that "in order to further play the role of the market-oriented adjustment mechanism of deposit interest rates, continue to release the reform and transmission effect of the loan market prime interest rate, and improve the sustainability of serving the real economy, our bank will lower the deposit listing interest rate from December 22, 2023".

It is reported that the adjustment of the listed interest rate of ICBC mainly involves 3 months, 6 months, one year, two years, three years and five years of time deposits and large certificates of deposit, among which, the listed interest rate of call deposits was reduced by 0.2 percentage points, the listed interest rates of zero deposits, whole deposits and zero withdrawals, and interest on principal deposits were reduced by 0.1 percentage points, the listed interest rates of 3-month, 6-month and one-year time deposits were reduced by 0.1 percentage points, the listed interest rates of two-year time deposits were reduced by 0.2 percentage points, and the listed interest rates of three-year, The listed interest rate of five-year time deposits was lowered by 0.25 percentage points.

In addition to ICBC, a number of banks have also adjusted their deposit interest rates from December 22.

Attached: Operational Guide for Treasury Reverse Repo

A. If you want to do reverse repo bonds, do you choose Shanghai or Shenzhen stocks?

Whether it is a Shanghai market variety or a Shenzhen market variety, the latest investment threshold is not high, are 1,000 yuan, for the same maturity of the treasury bond reverse repo, which market has a high annualized yield level, do which market.

B. How to choose the reverse repurchase period?

There are 9 maturities of 1 day, 2 days, 3 days, 4 days, 7 days, 14 days, 28 days, 91 days and 182 days in the Shanghai and Shenzhen securities markets, with a total of 18 varieties in the two markets. Make a comprehensive choice according to your own payment collection time, demand and yield size.

C. How to place an order?

When placing an order, you can directly choose to sell (remember to sell, not buy), and the price can be revealed by the real-time market.

Now the brokerage's market software has been more user-friendly, and many of them have a special area for reverse repo transactions of treasury bonds in the trading interface, and you can also operate when you enter the corresponding page.

In addition, most brokerage software has also been able to prompt the operation of a certain variety on the same day, how many days of funds will be occupied, and how many days of interest will be harvested.

D. When will the payment be paid?

After the entrustment is executed, the payment will be automatically returned at maturity according to the product period at the time of the entrustment transaction, and there is no need for reverse trading. It is worth noting that the funds are available but cannot be withdrawn on the maturity day, and if there happens to be a new payment need on the same day, you can use the payment on the maturity date.

E. Is there an "optimal" time to place an order during the day?

There is usually no so-called "optimal" order period, the highest yield of the day may appear in the morning, or it may appear in the afternoon, according to past experience, the reverse repo yield will fall off a cliff from the high point of the situation is relatively more, try to avoid placing orders at the end of the market.

F. What are the varieties of reverse repurchase on the Shanghai and Shenzhen stock exchanges?

At present, investors can only repurchase new treasury bonds on the Shanghai Stock Exchange 204*** and Shenzhen 1318** for reverse repurchase, with a total of 18 varieties.

SSE repurchase varieties:

1-Day Treasury Bond Repo (GC001, Symbol 204001)

2-Day Treasury Bond Repo (GC002, Ticker 204002)

3-Day Treasury Bond Repurchase (GC003, Symbol 204003)

4-Day Treasury Repo (GC004, Symbol 204004)

7-Day Treasury Repo (GC007, Symbol 204007)

14-Day Treasury Repo (GC014, Symbol 204014)

28-Day Treasury Bond Repo (GC028, Ticker 204028)

91-Day Treasury Bond Repurchase (GC091, Symbol 204091)

182-Day Treasury Repo (GC182, Symbol 204182)

Shenzhen Stock Exchange repurchase varieties:

1-Day Treasury Bond Repurchase (R-001 Code 131810)

2-Day Treasury Repo (R-002 Code 131811)

3-Day Treasury Bond Repurchase (R-003 Code 131800)

4-Day Treasury Repurchase (R-004 Code 131809)

7-Day Treasury Repo (R-007 Code 131801)

14-Day Treasury Repo (R-014 Code 131802)

28-Day Treasury Repurchase (R-028 Code 131803)

91-Day Treasury Bond Repurchase (R-091 Code 131805)

182-Day Treasury Repo (R-182 Code 131806)

Editor-in-charge: Ye Shuyun

Proofreading: Liao Shengchao

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