PBOC will conduct a fixed-quantity, rate-tender, multiple-price-allotment 500 billion yuan 6-month outright reverse repo on Sept. 15, 2026 (181 days), maturing on March 15, 2027; maturity postponed if it falls on a holiday.

Oriental Jincheng said in a Sept. 14 report that September credit bond supply should seasonally decline as issuers complete supplemental half‑year reports, leading to a month‑on‑month drop in net financing. Demand is set to weaken as quarter‑end balance‑sheet pressures curb wealth‑management allocations to credit bonds, the open‑ended scale of amortized‑cost bond funds contracts, and increased government bond issuance crowds out allocation funds. The agency expects the bond market to remain broadly range‑bound in September with seasonal weakening in credit‑bond allocation power. Credit spreads sit at historic lows with thin safety buffers, making spreads easier to widen than tighten. Short‑end credit spreads face modest widening risk amid funding volatility; mid‑to‑long‑end spreads may trade in a narrow range supported by amortized‑cost bond funds. Lower‑rated issuers are likely to see greater valuation volatility. Recommended positioning: favoured mid‑to‑high‑grade coupon strategies, extend duration on high‑quality issuers to 3–5 years, and prioritise instruments with both coupon and liquidity. Liquidity is expected to remain in a narrow range in September and spread space is limited; avoid increasing leverage.

世界银行：批准3亿美元融资，以支持乌拉圭的改革。