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2005年第三季度前两个月,人民币债券市场整体仍然保持牛市格局。由于资金面一直保持宽松状态,基本面和政策面也对市场构成有利支持,在这些因素影响下,一级市场收益率持续走低;二级市场方面,7月份市场在上半年涨幅的基础上继续向上。进入8月份以后,市场呈现高位盘整态势,两个市场收益率曲线明显分化。
In the first two months of the third quarter of 2005, the RMB bond market as a whole remained bullish. Due to the capital market has remained relaxed, fundamentals and policies also face the formation of favorable support to the market, under the influence of these factors, the primary market yield continued to decline; secondary market, in July the market continued to rise in the first half of the year up. Into August, the market showed a high consolidation trend, the two market yield curve significantly differentiated.