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一、2005年度宏观政策基本面回顾在2005年度中,影响国内债市基本政策面的主线有两条:其一,2005年度以来所酝酿并被启动的人民币汇率改革是影响货币市场流动性状况乃至利率水平的最重要因素;其二,利率市场化进程的不断深化推动了债券市场的强势上行格局。而且我们也认为上述两条主线在今后相当一段时期中也依然是制约主导债券市场的关键因素。
I. Review of Macroeconomic Policies in 2005 In the year 2005, there were two main lines affecting the basic policy of the domestic bond market: First, the RMB exchange rate reform that was brewing and started in 2005 is affecting the liquidity conditions in the money market and even The most important factor of the interest rate level; secondly, the deepening of the marketization of interest rates has promoted the strong upward trend of the bond market. And we also think that these two main lines will still be the key factor restricting the leading bond market for quite some time in the future.