|Thursday, March 26, 2026|
NO.1 The central bank launches 78.5 billion yuan 7-day reverse repurchase operation
On March 25, the central bank launched a 78.5 billion yuan 7-day reverse repurchase operation in the open market, with an operating interest rate of 1.40%.
Comment: Ming Ming, chief economist of CITIC Securities, said that judging from the liquidity situation, the liquidity market has been generally loose since the Spring Festival this year, and liquidity supply and demand have generally remained balanced. Since March, several long-term liquidity instruments have been mainly net withdrawals. In addition, the recent geopolitical conflicts have increased the risk of imported inflation in my country. Monetary policy may be reasonably arranged based on internal and external balance, and the aggregate operation will be more stable.
NO.2 Spot gold once returned to US$4,600 per ounce
On March 25, spot gold continued to rise. It once exceeded the two major levels of US$4,500/ounce and US$4,600/ounce, rising nearly 3%.
Comment: Tian Lihui, a professor of finance at Nankai University, said that the current fluctuations in the precious metals market have exceeded the scope of normal corrections and have entered an abnormal stage of high intensity and uncertainty. Ordinary investors are more suitable for long-term allocation through non-leveraged methods such as gold accumulation and gold ETFs.
NO.3 China Life: Plans to invest 2.8 billion yuan to participate in the establishment of a science and technology innovation relay fund
On March 25, China Life announced that the company planned to invest 2.8 billion yuan as a limited partner to jointly establish the Fujian Xinrui Science and Technology Relay Equity Investment Fund Partnership (limited partnership) with Fujian Government Investment, Fuzhou Financial Investment, etc., with a total fund scale of 4.0154 billion yuan. The fund focuses on the private equity secondary market and focuses on investing in strategic emerging industries such as new generation information technology, biomedicine, and high-end manufacturing. This transaction constitutes a related transaction and has been reviewed and approved by the board of directors. The related directors abstained from voting and do not need to be submitted to the shareholders' meeting for review.
Comment: China Life’s participation in the establishment of the Science and Technology Innovation Relay Fund demonstrates its emphasis on and support for strategic emerging industries. This type of investment not only helps promote innovation in information technology, biomedicine and other fields, but is also a strategic extension of diversified investment in insurance capital layout. The establishment of this fund provides the market with more diversified investment opportunities, encourages capital investment in areas with high growth potential, and improves the efficiency of capital use.
NO.4 Bank of Communications issues risk warning for precious metals business
On March 25, Bank of Communications issued an announcement on risk warning for precious metals business. The announcement mentioned that the price fluctuations of precious metals at home and abroad have intensified recently, and the risks of investment transactions have increased. It is recommended to increase risk prevention awareness, do a good job in investment risk management and control, rationally arrange investment transactions, reasonably control the size of precious metal positions, and prevent the risk of precious metal price fluctuations.
Comment: The price of precious metals has continued to fluctuate recently, and the "roller coaster" market has significantly increased the investment risks of gold and other precious metals. In this regard, many banks have once again issued market risk warning announcements to "call out" investors, reminding everyone to stay calm and rational when investing in gold.
NO.5 CICC: The situation in Iran has escalated, and expectations of interest rate cuts by European and American central banks have been fully reversed into expectations of interest rate hikes.
CICC Research reported that the situation in Iran has further escalated recently, crude oil prices have risen again, and concerns about stagflation in the European and American economies continue to rise. Last week was the "Super Central Bank Week". The Federal Reserve, the European Central Bank, and the Bank of England released hawkish signals, triggering investors to significantly increase their expectations for the path of monetary policy. The Fed's interest rate cut implicit in the futures market has been postponed to the second half of 2027. There are even certain expectations of an interest rate increase in 2026. The interest rate cut expectations of the European Central Bank and the Bank of England have also been reversed into expectations of an interest rate increase.
Comment: As the situation in Iran escalates, expectations of interest rate cuts by European and American central banks have been completely reversed into expectations of interest rate hikes, revealing possible major changes in the global economic landscape. The resulting rise in oil prices and macroeconomic uncertainty may increase global inflationary pressures and trigger market concerns.
