[East Money FICC & Asset Allocation] Daily Focus 7.27

English summary

1. As local debt resolution policies take effect and the market-based credit risk disposal system improves, coupled with ample market liquidity, risks in the domestic credit bond market have converged. # This year, only 2 new defaulters have emerged in the credit market, with new default rate at the lowest level in years. 2. The People's Bank of China issued a notice on overnight reverse repo operations: # 600 billion yuan per day from July 29 to July 31, and 300 billion yuan on August 3, totaling 2.1 trillion yuan. 3. Dalian Housing Provident Fund Management Center announced: # For second-home housing provident fund loans approved between July 24, 2026 and December 31, 2027, a phased interest subsidy will be provided for 3 years, with subsidy amount equal to 15% of interest. 4. # US July S&P Global manufacturing PMI preliminary unexpectedly fell to 53.8, the lowest since March, versus consensus of 54.3. ...