货币政策保持定力,债券市场起落有度

2019年,中国债券市场总体呈现区间震荡格局,货币政策张弛有度,收益率走势波澜不惊。利率市场化、债市开放更进一步,市场环境优化。2020年债市收益率有望缓步下行,需关注监管变化及境外配资影响。

Monetary Policy Remains Firm,and Bond Market Sees Ups and Downs

In 2019,China's bond market generally fluctuated within a range,with the monetary policy keeping balanced and the bond yields presenting not too much surprises.The interest rate liberalization and bond market-opening have been advanced further,and the market environment has been improved.Bond yields are expected to decline slowly in 2020.More attentions should be paid to regulatory changes and overseas funding.