日前,央行同时宣布上调存款准备金率、加息以及拓宽人民币对美元汇率波幅,三管齐下,进一步回收流动性并挤压资产价格泡沫。央行本次紧缩政策既在市场预期之内,也有出乎市场意料之处,其中,央行本次发出的信号值得关注。未来市场可能需要逐步适应资金由松至紧的转变。债券市场在熊市中漫步的时间,可能会超出市场想象。 Recently, the central bank also announced that it will raise its deposit reserve ratio, raise interest rates and broaden the exchange rate of RMB against the U.S. dollar in a three-pronged approach to further liquidity recovery and squeeze asset price bubbles. This central bank tightening policy is not only within the expectations of the market, but also out of market expectation, of which the central bank issued the signal worthy of attention. The future market may need to gradually adapt to the transition from loose to tight funding. The time it takes for the bond market to walk through the bear market may be beyond the market’s imagination.