由于欧元区经济复苏前景的不确定性增加,负利率的政策环境或将进一步保持。近几个月来,受英国脱欧公投事件的不确定性引发的避险情绪影响,欧、美主要国家的国债收益率不断走低(见图1)。而6月下旬脱欧公投结果真正公布之后,由于投资者对于这一结果的预期普遍不足,引发了市场的剧烈动荡。避险情绪的继续升温使得资金大量流入欧、美主要国家国债市场,使其收益率明显下行。6月23日至7月8日的两周内,英国10年期国债收益率下行65bps至0.78%。德国10年期国债收益率有史 Due to the uncertainty of the prospect of economic recovery in the euro zone, the policy environment of negative interest rates may be further maintained. In recent months, bond yields in major European and US countries have been falling due to the risk aversion triggered by the uncertainty of the Brexit (Chart 1). After the real results of the referendum in Brexit were announced in late June, the market was in sharp turmoil due to the generally inadequate expectations of investors for the result. Continued warming of the risk aversion made a large number of capital flows into the major national debt markets in Europe and the United States, making its yield significantly lower. The yield on 10-year Treasuries fell 65bps to 0.78% in the two weeks from June 23 to July 8. German 10-year bond yields a historic