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7月份的债券市场经历了一波三折的走势,而投资者的心态则在连续政策因素变动的影响下,经历了由喜至悲的转化。7月份,市场对于经济基本面的担忧终于演化成了政策面实质性紧缩,并彻底打击了市场中残存的多头气氛。一、收益率曲线继续抬升,企业债券信用利差意外缩窄7月份,银行间债券市场中各类期限品种依然蒙受抛压,在各类货币政策工具出台的影响下,国债、金融债券收益率曲线继续维持上行格局,国债收益率上行幅度总体小于金融债曲线,两者利差呈现进一步扩大的趋势。
The bond market in July experienced a wave of twists and turns, while the mentality of investors under the influence of changes in the policy of successive factors, experienced a change from happy to sad. In July, the market’s concerns about the economic fundamentals finally evolved into a policy tightening and completely cracked down the long bursts left in the market. First, the yield curve continued to rise, unexpected narrowing of corporate bond credit spread July, the various maturities in the inter-bank bond market is still subject to sell-off varieties, under the influence of the introduction of various types of monetary policy tools, bonds, financial bonds yield The curve continues to maintain its upside pattern. The upward range of the yield of treasury bonds is generally smaller than the curve of financial bonds, and the spread between the two shows a further expansion trend.