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2006年4月份中国债券市场的走势终结了今年1月份以来的慢牛格局,各期限债券品种的收益率水平出现了明显的上行态势,而且伴随空头气氛的弥漫,收益率曲线一反前期平坦化变动的特点,呈现出较为典型的陡峭化特征。一、债券收益率明显回升进入4月份以来,特别是伴随2006年一季度诸多宏观经济数据的公布,债券市场对于紧缩货币政策的预期越发浓重,市场机构对于各期限债券品种的抛盘力度明显加重,促使各期限债券品种的收益率明显回升。
In April 2006, the trend of China’s bond market ended the pattern of slow-growth since January of this year. The yields of bond products of various maturities showed a clear upward trend, and with the perplexity of the bearish short-term, the yield curve flattened Changes in the characteristics of showing a more typical steep features. First, the bond yield rebounded significantly Since April, especially with the release of many macroeconomic data in the first quarter of 2006, the bond market is more concentrated on the expected tightening of monetary policy, the market mechanism for the bond varieties of various maturities significantly increased, Promote the yield of various maturity bond varieties rose significantly.