1. Both the one-year and five-year LPRs remained unchanged. 2. Federal Reserve meeting minutes: Short-term funding markets tightened, and reserves approached ample levels. 3. Institutions: The Fed minutes showed a slight hawkish bias, and the lack

2025-11-20

1. Both the one-year and five-year LPRs remained unchanged. 2. Federal Reserve meeting minutes: Short-term funding markets tightened, and reserves approached ample levels. 3. Institutions: The Fed minutes showed a slight hawkish bias, and the lack of data significantly reduced the probability of a year-end rate cut. 4. People's Bank of China: Will issue 45 billion yuan of central bank bills. 5. Ministry of Finance successfully issued euro-denominated sovereign bonds in Luxembourg. 6. Guangzhou Development: Will redeem 1 billion yuan of principal and interest on ultra-short-term financing bonds. 7. LONGi Green Energy: Issued the first private enterprise science and technology innovation green corporate bond in China. 8. Bond funds experienced redemptions, while equity funds were sought after; the "seesaw" effect between stocks and bonds intensified as the year-end approached. 9. CFMOTO: Its application to issue convertible bonds was approved by the Shanghai Stock Exchange Listing Review Committee. 10. Goldman Sachs is optimistic about emerging market local currency bonds in 2026. 11. Barclays: Strong demand for Chinese euro-denominated sovereign bonds indicates that global investors are seeking diversified allocations.