10月债市走势平稳,信用债表现相对较好。市场资金面受到大量逆回购到期、财政性存款上缴等因素的冲击,但在央行持续逆回购支撑下,资金利率冲高回落,目前流动性呈现较为宽裕的状态。进入11月,市场资金面将迎来央票到期量大、财政存款集中投放,以及外汇占款回升等多重利好。从季节性规律看,财政存款将集中在11月和12月投放。部分市场研究机构预计,投放量或 The bond market in October was stable with relatively good credit debt. In the face of a large number of adverse repo maturities and the surrender of financial deposits, market funds face the impact of such factors as the replenishment of the PBoC. With the support of the central bank’s continued reverse repo, the interest rate of funds has been slipping off and the current liquidity has become more affluent. Into November, the market capitalization of the face will face a large amount of central bank bills, financial deposits focus on delivery, as well as foreign exchange earnings rebound and other multiple positive. From a seasonal perspective, the fiscal deposits will focus on delivery in November and December. Some market research institutes predict that the volume or