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一、8月份债券市场温和上涨8月份,中国银行间债券市场经历了“升息”的考验,市场变化虽有明显的波动,但是在资金面充裕、宏观货币政策利空逐渐出清的市场预期下,债券市场整体反而呈现温和扬升的多头走势。(一)国债收益率曲线平行下移2006年8月1日至8月31日期间,银行间国债收益率曲线整体呈现小幅下行的态势,中途虽然经历了“升息”的短暂性冲击,但是各期限品种收益率与月度初期相比,仍有一定幅度的下降(参见图1)。国债收益率曲线在8月份平行下移,其中主流交易期限(3～5年)品种的收益率下降幅度平均在5～8个基点范围内。(二)金融债收益率曲线平坦化下行同期,金融债券收益率曲线的波动幅度大干国债品种,0～7年期主流交易券种收益率近乎同步下行,平均降幅在15～20个基点范围内,其
First, the bond market rose moderately in August. In August, the Chinese inter-bank bond market experienced the test of “raising interest rates.” Although the market changes obviously fluctuated, in the market with ample capital and a gradual clear-cut macro-monetary policy, Expected, the bond market as a whole showed a mild bullish upward trend. (I) Treasury Yield Curve Decreases Parallelly During the period from August 1, 2006 to August 31, 2006, the yield curve of the inter-bank government bonds showed a slight downward trend as a whole. Although it experienced a temporary impact of “raising interest rates” , But the yields of various maturity varieties still have a certain degree of decline compared with the beginning of the month (see Figure 1). Treasury yields curve down in parallel in August, of which the mainstream trading period (3 to 5 years) varieties of the rate of return decline in an average of 5 to 8 basis points range. (II) Flattening of the Financial Bond Yield Curve In the same period, the volatility of the yield curve of financial bonds was large and the yield of the mainstream bond declined from 0 to 7 years. The average decline ranged from 15 to 20 basis points Inside, it