Group 1 - The core point of the news is the impact of the US-China Geneva trade talks on the bond market, leading to a significant rise in yields, particularly the 10-year government bond yield which increased over 4 basis points to 1.68% [1][5] - The announcement of the trade talks included the cancellation of 91% of tariffs and the suspension of 24% of tariffs, which initially caused a sharp rise in bond yields [5][14] - The People's Bank of China (PBOC) reported that the new social financing scale in April was 1.16 trillion yuan, an increase of 1.22 trillion yuan year-on-year, indicating a strong liquidity environment [1][16] Group 2 - The bond market experienced fluctuations throughout the week, with the 10-year government bond yield reaching 1.679% by Friday, reflecting a mixed response to the trade news and monetary policy adjustments [1][5] - The issuance of government bonds in the primary market totaled 77 bonds worth 939.5 billion yuan, with a significant portion attributed to special government bonds and local government refinancing bonds [6] - The US Treasury yields also rose, with the 10-year yield surpassing 4.5%, indicating a broader trend of increasing yields in the international bond market [7][11]
【债市观察】关税争端缓和债市收益率上行 震荡行情中提防资金面扰动
Xin Hua Cai Jing·2025-05-19 08:06