摘要
2017年宏观经济在缓慢下滑中体现出了韧性，而债券市场与经济走势出现背离。其中，监管强度的提升对债券市场产生了决定性的影响。展望2018年，文章分析认为严监管节奏仍将延续，货币政策暂时无法放松，债券市场将处于高位震荡的走势，主要机会来自金融周期的演变、监管落地后对货币政策制约减弱所带来的流动性缓解。
In 2017, China＇s macro-economy proved resilient in the face of a gradual downturn, and there was a divergence between bond market prices and the macro-economy. The increasingly stricter supervision has been a decisive factor influencing the bond market. Looking forward into the 2018, the author believes that the regulation will continue to be strengthened, the monetary policy is unlikely to loosen up in the foreseeable future, and the bond market will maintain fluctuating at high levels. The opportunity will mostly stem from the evolution of the financial cycle and the liquidity ease with the oosening of the monetary policy after the enforcement of regulatory policies.
出处
《中国货币市场》
2018年第2期56-61,共6页
China Money
