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8月份银行间债券市场反弹的主要原因在于两点:一、7月份整体宏观经济基本面数据的增长变化弱于预期(于8月11日公布);二、1年期票据发行利率止住上行趋势,政策面稳定预期强烈(8月18日确认稳定);上述两点促成了8月份债券市场的反弹,而其中,条件一是根本因素,条件二是触发因素,可以说始自8月20日,结束于9月8日的债券反弹写照了7月份经济数据弱于预期的现实并蕴涵着8月份经济数据继续走弱的预期。但是发布于9月11日的8月份宏观经济数据粉碎了市
The main reasons for the rebound in the inter-bank bond market in August were two points: First, the overall growth of macroeconomic fundamentals in July was less than expected (released on August 11); Second, the issuance of 1-year notes stopped only ascending Trend, the policy side is expected to stabilize the strong (confirmed on August 18); these two points contributed to the rebound in the bond market in August, of which the first one is the fundamental factor, the second is the trigger factor, we can say that since August 20 The bond rally ended on September 8 portrays the weaker-than-expected July reality and implies the expectation that the economy will continue to weaken in August. But macroeconomic data, released on September 11, shattered the city