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4月份上半月债市再次遭遇加息,但由于市场预期加息已到尾声,且资金面仍非常宽裕,因此债市对此反应较平淡,收益率下行趋势不改。下半月准备金率年内第四次上调,不同于此前三次的调整,此次准备金率上调对债市影响相对较大。由于4月份财政存款的回流,同时准备金缴款日接近月末时点,资金面出现一定紧张,但仅为短期因素,缴款日后资金价格即出现一定回落。而且后两周准备金率对公开市场的替代效应非常明显,大规模的净投放缓解了资金压力,因此债市仅小幅调整。
In the first half of April, the bond market saw another rate hike. However, as the market expected the rate hike to the end and the fund surface was still very comfortable, the bond market responded more slowly and the downward trend in yield did not change. The reserve rate for the second half of the year raised the fourth time, unlike the previous three adjustments. The increase in the reserve ratio has a relatively large impact on the bond market. Due to the backflow of fiscal deposits in April and the reserve payment date approaching the end of the month, there was some tension in the capital level, but only for short-term reasons. After the payment date, the capital prices dropped a certain amount. And after two weeks the reserve ratio on the open market, the replacement effect is very obvious, large-scale net release to ease the financial pressure, the bond market only a slight adjustment.