1. The first batch of RMB 62.5 billion in ultra-long-term special treasury bonds for 2026, supporting the "trade-in" program for consumer goods, has been allocated ahead of schedule.
2. Ministry of Finance: Effectively supervise local government debt and focus on key regulatory tasks such as fiscal revenue, basic public services at the grassroots level, ultra-long-term special treasury bonds, and special supervision and inspections.
3. Two departments: Arrange ultra-long-term special treasury bond funds to support equipment upgrades.
4. Federal Reserve meeting minutes: Significant disagreement, with most believing interest rates can fall as inflation declines.
5. Federal Reserve survey: Expects the Fed to purchase $220 billion in short-term Treasury bonds over the next 12 months.
6. The first national ABS (Asset-Backed Securities) for thermal power plant holdings was listed on the Shanghai Stock Exchange.
7. From January to November, RMB 5.2085 trillion in new local government bonds were issued nationwide.
8. The issuance of RMB 6 trillion in replacement bonds has concluded; next year's focus will be on reducing debt for urban investment companies.
9. Moody's downgraded Vanke's corporate rating to "Ca," maintaining a negative outlook.
10. The Securities Association of China released the evaluation results of the professional quality of securities companies' bond business, with 14 companies receiving an A rating.
11. By 2025, the Macao bond market will achieve leapfrog development, with the total scale of listed bonds exceeding one trillion Macao patacas.
