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11月份的现券市场可谓精彩异常,短期调整如期而至,而预期中的年终反弹行情又准时到达。11月份的债券市场如同坐了过山车一般,现券市场利率与回购利率均呈现明显的先扬后抑态势,而且利率上行与下行的速度之快确实超出了市场的预期。一、11月份银行间债券市场变化一览(一)基准国债利率先扬后抑,波动幅度明显加大11月份银行间国债交易市场中最大的亮点集中于7年期国债品种,7年期国债收益率在11月份中呈现出非常明显的起伏走势。从前期的阶段性低点2.70%起步,最高上行至2.91%,截至月末再度回落到2.75%～2.80%附近(参见图1)。
The spot market in November was a wonderful anomaly. Short-term adjustments were on schedule and the year-end rally expected to arrive again on time. In November, the bond market was just like a roller coaster ride. Both the coupon rate and the repo rate of the stock market showed a clear upward momentum, and the rate of upward and downward interest rates really exceeded the market’s expectation. I. Changes in the Inter-bank Bond Market in November (I) Changes in the Benchmark Treasury Rate Before the Rebound, with Volatility Increasing Significantly The biggest bright spot in the inter-bank government bond market in November focused on 7-year treasury bonds and 7-year treasury bills The rate showed a very clear ups and downs in November. Starting from the previous stage low of 2.70%, up to 2.91% up to the end of 2.75% ~ 2.80% once again dropped back (see Figure 1).