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春节过后的中国债券市场所显现一个主要特征是滞涨行情的延续,与前期不同,进入2月份以来,银行间市场中的各期限债券收益率变化出现分化走势,收益率曲线的短期端明显抬头,但是在资金依然充裕的支撑下,收益率曲线的中后端却表现得相当稳定,甚至还出现了一定幅度的下行态势。正如我们在1月份市场分析报告中所指出的那样,面对日益走低的收益率,市场谨慎看空的气氛明显浓重,对于债券市场后期演变的预期则发生着较大的分歧。
A key feature of the Chinese bond market after the Spring Festival is the continuation of the stagflation. Unlike the previous period, since February, the bond yields of various maturities in the inter-bank market have shown a trend of divergence. The short-term yield of the yield curve has obviously risen , But in the funds are still abundant support, the middle and back of the yield curve has shown quite stable, and even appeared a certain amount of downward trend. As we pointed out in the January market analysis report, in the face of increasingly lower yield, the market is cautiously bearish and the atmosphere is clear. There is a big disagreement on the expected future changes in the bond market.