流动性投放加码增强我国债市“定力”

Group 1 - The core viewpoint of the article highlights the increasing volatility in the overseas bond market, particularly with the 30-year U.S. Treasury yield surpassing 5% and Japan's bond yields rising due to weak auction results [1][2] - The U.S. bond market is facing multiple negative factors, including a downgrade of the U.S. sovereign credit rating by Moody's, concerns over the fiscal deficit, and weak demand for U.S. Treasuries, which are pushing long-term yields higher [2][3] - Japan's bond yields are also rising sharply due to a significant imbalance in supply and demand, exacerbated by fiscal expansion and a relatively tight monetary policy from the Bank of Japan [2][3] Group 2 - In contrast to the overseas markets, China's bond market remains stable, with the 10-year government bond yield fluctuating within a narrow range of 1.68% to 1.72% [3][4] - The People's Bank of China has implemented a moderately loose monetary policy to support liquidity, including a recent reserve requirement ratio cut and substantial medium-term lending facility operations [3][4] - Analysts expect the Chinese bond market to continue its narrow fluctuations, with the 10-year government bond yield projected to remain between 1.65% and 1.70% in the short term [4]