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2005年的债市用“气势如虹”形容一点都不过分。自2004年年底启动以来,上证国债指数已由年初的95．69涨至目前的109．04,涨幅达到13．95％,而且债券市场到目前为止还没有出现过像样的调整。细究缘由,由于市场加息预期的弱化,债券市场在2004年年底逐步企稳。进入2005年一季度,受央行降低超额准备金率影响,债券市场开始较大幅度上涨,再加上接下来月度CPI指数逐步平稳走低,债券市场涨势如潮。这其中扮演“锦上添花”的就是银行资金,由于其规模巨大,是市场抬升的主要力量。
Bond market in 2005 with “darling” to describe that not too much. Since the end of 2004, the SSE Government Bond Index has risen to 13.04% from the current 95.04 at the beginning of the year, and the bond market has not seen any decent adjustment so far. Study the reasons, due to the market expected interest rate weakening, the bond market gradually stabilized by the end of 2004. Into the first quarter of 2005, by the central bank to reduce the impact of excess reserve ratio, the bond market began a substantial rise, coupled with the next monthly CPI index gradually steady lower, the bond market gains rallies. Among them, the “icing on the cake” is bank funds. Due to its huge scale, it is a major force in market uplift.