Although the spread between the United States and the United States in July, it was affected by the continued reduction of policy financial bonds by overseas institutions, and foreign capital reducing holdings of RMB bonds in China for the sixth consecutive month and the longest outflow of the record.
According to Bloomberg, the announcement issued by the People's Bank of China on Monday shows that the balance of the hosting of overseas institutions in the interbank bond market at the end of July was 3.51 trillion yuan (RMB, the same below, 712.255 billion yuan), which was more than 6 than 6)At the end of the month, 3.57 trillion yuan decreased.
From the perspective of bonds, the amount of government bond custody of foreign capital in July was not much changed from the previous month. At the end of the month, it was 2.32 trillion yuan.It has led to the downward of the overall overseas institutions of RMB bonds, and the holdings of the same industry deposit bills have also decreased significantly from the previous month.
Kiyong Seong, the Asian Macro Strategieist of the French Industrial Bank, analyzed in the interview that for foreign investment, the concerns of Chinese policy banks Russia's business may affect the demand for such bonds, but this is this, but thisIt may not be the main motivation for foreign -funded selling certificates of gold bonds.> The Central Bank of China has 10 basis points of the interest rate of the central bank's weekly borrowing convenience (MLF) and the inverse repurchase operating interest rate to promote the steep of the bond yield curve.The yield also fell 7.5 basis points at 2.6525%.As a result, the yields of China Treasury and U.S. bonds have expanded again.
Previously, due to the concerns of the Fed's sharp interest rate hike, the US economic and technological recession caused the US economic and technological recession.The 70 base point rises, but most of the time remains in the negative range.As the market expects that the Fed will still raise interest rates several times during the year, it will continue to increase the appeal of US dollar assets.In addition, the exchange rate of the RMB against the US dollar in July was depreciated by 0.64%in July, which was depreciated for the fifth consecutive month, and it was difficult to bring incentives for foreign -funded allocation.
According to the data announced by China Bond on Monday, the foreign institution reduced its holdings of about 22.4 billion yuan last month.3.3 billion yuan, the first net purchase since January this year.
Kiyong Seong of Faxing Bank pointed out that assuming that policy financial bonds and government bonds are actually risk of breach of contract, and its higher premium is the reinforcement agent.Demand of gold debt.
Due to the abundant market liquidity of the inter -banks in China, the institutional increased the enthusiasm of leverage investment bonds.The smallest.
However, in the report of the analysts of China Merchants Securities, Yin Ruizhe and Liu Dong in the early month of the month, whether from the position of the position or the long period of time, the pressure reduction pressure of overseas institutions has been fully sufficient in the first half of the year.Release, follow -up pressure is expected to weaken.
