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广东快乐十分大小改单:  中國債券市場近期飆升(中英雙語)

广东快乐十分钟概率 www.gzlgt.icu 青島希尼爾翻譯咨詢有限公司(广东快乐十分钟概率 www.gzlgt.icu)整理發布  2015-10-16

  

青島希尼爾翻譯公司(广东快乐十分钟概率 www.gzlgt.icu)2015年10月16日了解到:隨著中國股市內爆推動了對安全資產的需求,同時中國央行放松貨幣政策以穩定日益放緩的經濟,最近幾周中國債券市場悄然飆升。China bonds surge as investors seek safety
China’s bond market has quietly surged in recent weeks as the implosion of its stock market drives demand for safe assets and the central bank eases monetary policy to stabilise a slowing economy. 5年期國債收益率已從4月初的3.47%降至昨日的2.92%。超過一半的降幅是8月下旬以來出現的。

Yields on five-year government bonds have fallen from 3.47 per cent in early April 今年前8個月,中國國債發行總量共計12.6萬億元人民幣(合2萬億美元),較去年同期增長63%。

to 2.92 per cent yesterday. More than half of the decline has been since late August. 昨天拍賣的10年期國債的收益率達到自2008年以來的最低水平。一些投資者擔心,中國債券市場——僅次于美國和日本的全球第三大債市——已經過熱。

Gross bond issuance totalled Rmb12.6tn ($2tn) in the first eight months, up “今年以來我們一直看漲債券,但是對債券持續上漲的預測很可能需要看到經濟增長進一步惡化或是更激進的寬松政策,而這似乎是不太可能的,”美銀美林(Bank of America Merrill Lynch)駐香港的利率策略師陳揚表示。

63 per cent on the same period a year ago. 自從中國股市泡沫破裂以來,投資者一直在尋找更安全的投資選項。從觸及7年來最高水平的6月12日到8月下旬,上證綜指(Shanghai Composite Index)暴跌43%,盡管自此之后上證指數略有反彈。

China auctioned 10-year government bonds yesterday at the lowest yield since 2008. Some investors are worried that the debt market, the third-largest behind the US and Japan, has overheated. 與此同時,曾經一直是中國儲戶投資首選的國內房地產市場,陷入了供大于求的困境,房價不斷下滑。

“We have been bullish bonds throughout the year, but looking ahead a sustained rally in bonds will probably require a further deterioration in economic growth or more aggressive easing, which does not seem to be likely,” Yang Chen, rates strategist at Bank of America Merrill Lynch in Hong Kong, wrote recently.

Since China’s equity bubble burst investors have been seeking safer options. The Shanghai Composite index tumbled 43 per cent from a seven-year high on June 12 through to late August, though it has recovered slightly since. “股市如此,大量資金無處可去,只能流入債券市場,”中泰證券(Zhongtai Securities)的固定收益分析師羅文波稱。

Meanwhile, the property market, long the investment of choice for savers, has been mired in oversupply amid falling prices. 貨幣寬松以及低通脹正在壓低利率。自去年11月以來,中國央行5次下調利率,3次下調銀行存款準備金率。

“With the stock market like this, a lot of money has nowhere to go. It can only flow into the bond market,” said Luo Wenbo, fixed- 分析師認為,昨天公布的表明9月通脹進一步放緩的數據,可能會促使央行進一步放寬貨幣政策。

income analyst at Zhongtai Securities.

Monetary easing and low inflation are pushing down interest rates. The central bank has cut rates five times since last November and slashed the ratio of deposits that banks must hold in reserve three times. 公司債券的表現甚至比國債更為強勁,5年期國債與5年期3A級公司債券之間的息差已從6月的逾100個基點縮小至周二的75個基點。

Analysts reckon figures published yesterday, showing a further slowing in inflation in September, could prompt further easing.

Corporate bonds have gained even more strongly than government bonds, with the spread between five-year government bonds and five-year corporate bonds rate AAA shrinking from more than 100 basis points in June to 75bp on Tuesday. 市場參與者稱,最大的需求來源與銀行向客戶推銷的理財產品和結構性票據有關。

Market participants say the biggest source of demand relates to wealth-management products, structured notes that banks market 據行業研究組織CN Benefit表示,今年前六個月,以固定收益為基礎的產品占據所有產品的30%左右,但是在第三季度這一比例上升至60%。

to clients. 基于債券的共同基金也出現了資金流入?;鴯芾砉菊媒系偷畝唐誚榪畛殺炯喲笸蹲首楹系母芨寺?。

Fixed income-based products accounted for about 據中國央行數據顯示,6月底,境外投資者持有的國內債券總值達7640億元人民幣。

30 per cent of all products in the first six months of the year, but that rose to 60 per cent in the third quarter, according to CN Benefit, a research group that tracks the industry. Ma Nan補充報道

Bond-based mutual funds have also recorded inflows. Fund managers are taking advantage of low short-term borrowing costs to add leverage to portfolios.

According to data from the central bank, foreigners held Rmb764bn of onshore bonds at the end of June.

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