Easing Liquidity Boosts Bond Market, 30-Year Treasury Futures Hit All-Time High

30-year treasury futures hit a record high during intraday trading. Wind data showed that on October 13, the main contract for the 30-year treasury futures rose to 118.02 yuan, setting an all-time high before pulling back and closing flat at 117.79 yuan; the main contracts for the 10-year, 5-year, and 2-year treasuries closed up 0.06%, 0.04%, and 0.01% respectively. Falling money market prices after the holiday and eased pressure on bank liabilities, combined with market expectations of further monetary easing, have collectively supported the bond rally. Some institutions believe that improved liquidity could open room for lower bond yields, but attention in the short term should remain on the effectiveness of growth-stabilizing policies and the impact of bond investment management requirements for small and medium-sized banks in certain regions.