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随着央行调控更加精准化,流动性的“中性偏紧”态势延续,再加上经济基本面支撑不足、CPI压力依旧存在,市场人士普遍认为,债市收益率未来一段时间仍难言乐观。“虽然央行最近操作更加精准化,但逆回购利率居高不下,表明央行对维持‘中性偏紧’政策的态度未曾放松。”海通证券分析师张琦表示。经济基本面对债市的利好支撑有限。11月21日公布的汇丰中国制造业采购经理人指数(PMI)初值回落至50.4,较上月终值下降0.5。顺德农商银行固定收益研究员宋球红分析认为,尽管PMI略回调,四季度经济增速可能有
With the central bank more accurate control, liquidity, “neutral tight” continuation of the situation, coupled with insufficient support for the economic fundamentals, CPI pressure still exists, market participants generally believe that the bond market is still difficult for some time to come Optimism. “Although the central bank recently more accurate operation, but the high reverse repo rate, indicating that the central bank’s attitude to maintain ’neutral tight’ policy has not relaxed. ” Hai Tong Securities analyst Zhang Qi said. Economic support for the positive bond market is limited. The initial value of the HSBC China Manufacturing Purchasing Managers’ Index (PMI) released on November 21 slipped to 50.4, down 0.5 from the previous month’s final value. Shunde Rural Commercial Bank fixed income researcher Song ball red analysis, although PMI a slight correction, economic growth in the fourth quarter may have