去年１２月初出于市场意料之外的再次降息，为今年国债市场再度走出大幅上扬行情创造了条件，为１９９８年债市划上了一个圆满的句号。但本次降息与以往不同的是降息后价格并没有一步到位，而以持续扬升为主，这表明债市的投资者开始逐步关注风险。由于降息后国债走势以连续上 At the beginning of December last year, another interest rate cut out of the market unexpectedly created the conditions for the bond market to resume its sharp rise this year and laid a successful conclusion for the bond market in 1998. However, this rate cut is different from the past when the interest rate cut did not come in one step after the interest rate cut. However, with the continuous ascent, this shows that investors in the bond market are gradually beginning to pay attention to the risks. Treasury bonds as a result of interest rate cuts to the continuous