The tightening of the tightening of the funding of real estate policies and the contin

Affected by the adjustment of the real estate market policy and the recent tightening of capital tightening, China Treasury Bonds continued on Monday (November 14) on Monday (November 14) last Friday.

According to Bloomberg, China's 10 -year Treasury Activation Bond yield rose more than 6 basis points on the morning of the 14th to 2.80%, referring to the valuation of CR bond yield, and the new high since July this year.

After the Chinese official announced on Friday (11th), it announced the relaxation of some of the epidemic prevention control measures, and the interest rate bond market fell sharply. The 10 -year Treasury yield rose 6 basis points on the day, which was a new high in about a month.With the recent signs of tightening the capital market, the short -end interest rate of the yield curve has increased, and the one -year yield rose 10 basis points. Reference to the valuation of the yield of China Bond, setting the largest single -day increase in the end of January 2021.

Bloomberg quoted people familiar with the matter on the weekend that the Chinese regulatory authorities have launched a number of measures to further promote the stable and healthy development of the real estate market, including encouraging the development of loans, trust loans and other stocks that have expired in the next six months.It can allow more comprehensive financial support for the property market in the deepening adjustment of the original regulations for one year.

China Guangfa Securities analyst Liu Yu pointed out in the report that the bond market yield has been surging down around this year's bond market yields around fund interest rates, epidemic conditions, and the performance of the real estate market. However, these three aspects have changed.The bond market has the possibility of continuing leverage.

Bloomberg data shows that the bank's overnight repurchase transaction volume has recently shrunk significantly, and the 30 -day mobile average has fallen to less than 4.5 trillion yuan (S $ 870 billion), a new low in May, the new low in MayIt shows that the leverage of the debt market has declined.

Liu Yu said that the key to the bond market in the short term is still funding, and the financial interest rate center is short or maintained in the short term. It is expected to be in the range of 1.5%to 1.6%overnight.%To 1.9%interval.