2011年5月份债券市场主要特点为:中债净价总指数前升后降,全月涨幅并不明显;债券指数分化现象严重;国债收益率曲线短端上行明显;高等级企业债收益率曲线呈平坦化变动;企业债信用利差普遍下降。预计6月份,为应对通胀高企与经济增速放缓局面,央行可能采取包括加息以及信贷规模管理微调在内的货币政策,从而促进债券市场进一步调整。 The main features of the bond market in May 2011 were as follows: the total index of net debt in the net went up and then decreased, and the increase in the whole month was not obvious. The index differentiation of the bond index was grave. The curve of the bond yield curve at the short end showed a clear uptrend. The high-grade corporate bond yield curve Flatten changes; corporate bond credit spreads generally declined. In June, in anticipation of high inflation and slowing economic growth, the central bank may adopt monetary policies including interest rate hikes and fine-tuning credit scale management so as to promote further adjustment in the bond market.