7月以来,债市收益率整体下行,短期仍存下行动力。资金面看,业内人士预计,后期银行间市场流动性或将维持较宽松态势,货币市场利率将维持低位运行,但继续下探前期低点的可能不大。宏观面上,7月24日公布的中国7月财新制造业PMI初值为48.2,创15个月以来新低,且为连续第五个月低于50荣枯线,预期49.7,前值49.4。 Since July, the bond yields have been on the whole downward trend, with short-term momentum remaining. Funds face, the industry is expected that the liquidity in the inter-bank market will be more relaxed or postponed, the money market interest rates will remain low, but continue to test the previous lows may not be large. On the macro side, July July China’s new fiscal PMI for July was 48.2, the lowest level for 15 months and the fifth consecutive month below 50, estimated at 49.7 and 49.4 .