周一,中国10年期政府债券收益率跌至1.64%的五周低点,因为在新的流动性支持和持续的宏观经济不确定性下,对更安全资产的需求增加。在上周创纪录的1万亿元人民币操作之后,中国人民银行通过为期六个月的反向回购向银行系统注入了4000亿元人民币,旨在在大规模非传染性疾病到期之前缓解资金压力。此举标志着持续的政策支持,这推高了债券价格。与此同时,好坏参半的经济数据增添了谨慎的基调,零售额以一年多来最快的速度增长,但工业产出出现了六个月来最疲软的增长,突显出中国复苏势头不平衡。地缘政治风险也挥之不去,以色列和伊朗周末再次发动袭击,加剧了避险情绪,并强化了对主权债务的需求。此外,围绕模糊的美中贸易协议框架的不确定性进一步限制了收益率的上升。
China’s 10-year government bond yield dropped to a five-week low of 1.64% on Monday, as demand for safer assets rose amid fresh liquidity support and persistent macroeconomic uncertainty. The People’s Bank of China injected 400 billion yuan into the banking system via six-month reverse repos, following a record 1 trillion yuan operation the previous week, aiming to ease funding pressures ahead of a heavy wave of NCD maturities. The move signaled ongoing policy support, which pushed bond prices higher. Meanwhile, mixed economic data added a cautious tone, with retail sales rising at the fastest pace in over a year, but industrial output posted its weakest growth in six months, underscoring uneven momentum in China’s recovery. Geopolitical risks also lingered, with Israel and Iran exchanging fresh attacks over the weekend, boosting risk aversion and reinforcing demand for sovereign debt. Also, uncertainty around a vague US–China trade deal framework further limited upside in yields.