Moody's downgraded the U.S. sovereign credit rating to Aa1, causing distrust from the Treasury Secretary. U.S. Treasury Secretary Besant is focusing on tariff discussions with 18 key partners, otherwise tariffs will be reinstated. Exports from the EU to the U.S. surged under Trump, and Switzerland denies currency manipulation. The European Central Bank may lower interest rates to 2%, will release an updated strategy, and incorporate the impact of U.S. tariffs. The Bank of Japan may continue to raise interest rates, while Canada states that most tariffs are still in place.

Everbright Fund announced that it will suspend the sale of its CSI Interbank Certificate of Deposit AAA Index Fund to Financial Institutions' proprietary accounts from February 11, and limit the purchase limit. Similar announcements have been made for other interbank CD index products. This is aimed at better serving investors while protecting the interests of existing fund shareholders.

Jinshi data, Dec 17th, recently, the downward space of the Intrerest Rate of interbank CDs has gradually opened, and the 1-year AAA interbank CD Intrerest Rate has dropped by more than 20 basis points in the past two weeks. Industry insiders believe that the self-discipline rectification of non-bank interbank deposit Intrerest Rate has been implemented, prompting the interbank deposit Intrerest Rate to come down from the "high ground", and the bank's liability cost is expected to drop, thereby increasing the bank's space for allocating CDs, and also to a certain extent, enhancing the attractiveness of interbank CDs. Xingye Securities believes that in 2024, the lowest basis point spread between interbank CDs and the open market 7-day reverse repurchase operation is 13 basis points. Considering the low probability of another interest rate cut during the year, the low point of the interbank CDs may fall in the range of 1.6% to 1.7%, and the high point may be in the range of 1.75% to 1.8%.

Jinshi data, November 11th news, China Merchants Shekou Industrial Zone Co., Ltd. disclosed the interest payment arrangement of the first phase of medium-term notes (Series II) for the year 2021. The bond is abbreviated as "21 China Merchants Shekou MTN001B", with a bond code of 102103012.IB, an issuance amount of 1.5 billion yuan, a start date of interest on November 18, 2021, and a term of 5 years. According to the announcement, the balance of the bond is 1.5 billion yuan, the latest rating is AAA, the interest rate is 3.55%, and the interest payment date is set on November 18, 2024. The amount of interest to be paid for this period is 53.25 million yuan.

Golden Finance reported that on the 16th, international credit rating agency Moody's announced that due to the increase in the U.S. government's debt and interest rate payment ratio, the agency has decided to downgrade the U.S. sovereign credit rating from AAA to AA1, while adjusting the outlook for the U.S. sovereign credit rating from "negative" to "stable." Moody's stated that by 2035, the U.S. federal debt burden will rise to 134% of GDP; it is expected that by 2035, the U.S. federal government's deficit will reach 9% of GDP; as the economy adjusts to tariffs, GDP growth may slow down.

In January 2025, the daily active wallet number (UAW) of Block chain games reached 7 million, a rise of 386% year-on-year. OpBNB became the most active gaming public chain, followed by Matchain in second place, and Polygon's gaming activity rose by 100% compared to the previous period. Despite the 38% decrease in investment to $1.8 billion in 2024, the industry has entered a mature stage, with developments including Layer-2, Token economy, and AAA game partnerships.

The Asian Infrastructure Investment Bank (AIIB) successfully issued its first digital bond through Euroclear's Distributed Ledger platform, raising a total of $300 million with a AAA rating and an annual interest rate of 4%, set to mature in January 2027. The bank will also play a key role in bond issuance and payment settlement, with the issuance of digital bonds being the first issuance of USD-denominated digital bonds on the platform, marking an important step in the application of blockchain technology in the financial sector.

On March 13, Jinshi Data News reported that the rating agency Fitch Ratings stated that the 'ReArm Europe' plan proposed by the European Union will reduce the EU's rating space, mainly due to the increase in EU-level debt, but it will not in itself lead to a rating downgrade. Although increased defense spending may affect the 'AAA' ratings of member countries in the medium term, 'ReArm Europe' will also reaffirm the policy importance of the European Union, which is a key factor in ratings.

On October 24th, Jin10 data reported that the yield of 3-year AAA- rated Tier 2 capital bonds issued by Chinese commercial banks was approximately 2.31%, an increase of more than 13 basis points in the past four trading days; the yield of 3-year AAA-rated urban investment bonds has also increased by more than 9 basis points in the past four days. In response, ANZ Bank believes that the above adjustments are not driven by specific credit events, but rather by market disturbances caused by the bond-stock "seesaw effect", and that the fundamentals do not support continued market adjustments, and the long-term downward trend of yields remains unchanged.

The Central Bank's interest rate cut has led to a continuous decline in long-term and short-term interest rates, resulting in a drop in the yield of money market funds below 2%. As of the end of June, the net redemption of money market funds reached 482.2 billion, and the share was reduced to 13.19 trillion. Banks may reduce bond purchases, indicating that the interest rate floor may have reached the bottom.

8 top fund companies have reported 29 bond ETFs tracking the "Shanghai Benchmark Corporate Bond Index" and the "Shenzhen Benchmark Credit Bond Index", with both market constituent securities rated AAA or above, with high credit ratings, and a total Market Cap of the two markets reaching 720 billion.

The second batch of 11 A500 index ETFs is officially on sale, including public sale funds such as Huabao, gathering the 'CSI A Series' ETF trio to become scarce players, highlighting the trend of matrix competition. At the same time, the fund code ending in 500 appeared.

Moody's has issued a warning that the US government must address the issue of expanding fiscal deficits, otherwise the US sovereign credit rating will be significantly affected; it is expected that the government will continue to be divided after the November elections, hindering fiscal reform. The report calls for policy action, otherwise the debt dynamics will become increasingly unsustainable, not in line with the Aaa rating.

Fitch Ratings said that the rise in prices and interest rates in Japan may reduce the debt burden and improve productivity, which is beneficial to the country's credit status. With the improvement of the debt-to-GDP ratio in recent years, the continued decline of this ratio may lead to an upgrade of Japan's credit rating.