7月份债券市场主要特点为:债券市场继续呈现颓势,国债总指数下降幅度最大,国债收益率曲线平坦化上移,长短期信用利差出现分化。下一阶段,受宏观经济复苏、货币政策微调、债券市场流动性趋紧、债券净供给规模有限以及债券市场前期超跌影响,债券市场或将振荡下行,收益率曲线继续平坦化上移。 The main features of the bond market in July were as follows: the bond market continued to show a downward trend, the largest decline in the total national debt index, the flattening of the bond yield curve and the long-term credit spread. In the next stage, due to macroeconomic recovery, fine-tuning of monetary policy, tighter bond market liquidity, limited net supply of bonds and oversold in the bond market in the early days, the bond market may oscillate downstream and the yield curve will continue to be flattened.