人民币汇率改革给原本就处于“牛市”的债券市场又添了一把“火”。央行的用意再明白不过,本次人民币汇率调整的目标不在于变动汇率水平,而是强调汇率形成机制,可以让金融机构和银行有个适应过程,市场也会逐步熟悉。显然,短期来看,此次人民币升值对债券市场构成利好,中长期仍需 The RMB exchange rate reform added another “fire” to the bond market, which was already in a “bull market.” However, the intention of the central bank will be clear again. However, the objective of the current RMB exchange rate adjustment is not to change the exchange rate but to emphasize the mechanism of exchange rate formation. This will allow the financial institutions and banks to adapt and the market will gradually become familiar with. Obviously, in the short term, the appreciation of the Renminbi constitutes a good bond market, and the long-term needs still