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4月中下旬,受财政存款季节性上升以及央行净回笼资金影响,市场资金面持续收紧,债券短期品种受到一定冲击。不过,经济基本面走势偏弱,对债市仍有支撑。进入5月份,随着财政存款上缴影响的消退,资金面紧张情况有望好转。此后市场焦点将转移到5月份各类经济数据,包括通货膨胀数据的表现上。从目前已公布的数据来看,汇丰银行发布的5月PMI初值创7个月以来新低,并跌破50%的荣枯线,显示制造业活动陷入萎缩,经济复苏强度弱于预期,并推动数据发布当日的债券收益率中长端下行。
In late April, affected by the seasonal rise of fiscal deposits and the net recoupment of funds by the central bank, the market funds continued to tighten, with the short-term bond varieties under certain impact. However, the weak fundamentals in the economy still support the bond market. Into May, with the financial deposit turned over the impact of the recession, the capital situation is expected to get better. Since then, market focus will shift to various types of economic data in May, including the performance of inflation data. According to the published data, the PMI released by HSBC hit an initial low of 7 months in May and fell below the 50% threshold, indicating that manufacturing activity has fallen and the strength of economic recovery is weaker than expected. Promote the date of data release bond yields in the long-term down.