近期,市场资金面持续紧张,债券收益率曲线整体上涨。资金紧张的程度大大超出市场的预期,甚至超出商业银行一般流动性管理的预期。6月份资金紧张主要是市场结构性失衡和情绪性因素所致。资金面最紧张的时点可能已经过去,但短期内资金面大幅宽松的可能性较低。市场普遍认为,年中效应、分红购汇、外汇占款 Recently, the market funds continued to face tensions, the overall bond yield curve rose. The level of financial stress greatly exceeded market expectations, even beyond the general commercial bank liquidity management expectations. The capital shortage in June was mainly due to the structural imbalances in the market and the emotional factors. The most tense moment of funds may have passed, but the possibility of a substantial easing of funds in the short term is less likely. Market generally believe that mid-year effect, dividend purchase foreign exchange, foreign exchange