中国的债券市场最近出现了下跌，这是十年内最大的一周跌幅，投资者基于普遍预期的大规模刺激计划将提振经济增长而转向风险资产。周一早盘，基准国债收益率上升了五个基点至2.22%，达到自8月以来的最高水平。此前一周10年期国债收益率激增21个基点，这是自2014年末以来的最大周涨幅。
这一下跌情况表明，上周包括降息和财政支持承诺在内的一系列措施正在改变中国操作规则。投资者今年纷纷涌入债券市场，并抛售股票，原因是对中国经济增长前景的悲观看法持续发酵，经济学家此前呼吁采取更多刺激举措以使经济回归正轨。过海外中银（OCBC）的外汇与固定收益策略负责人指出，“更积极的风险态度可能促使资产配置减少对CGB（中国国债）的投资，特别是长期债券领域，在这里债券收益率似乎低于经济增长预期。”
市场上的大幅波动发生在临近中国内地市场因为法定假期关闭前的一天。今年初，中国的经济表现未达投资者的预期，导致一些经济学家预测GDP将下滑5%。这一情况重压股市，并促使投资者在上周的刺激计划发布之前转向更为安全的债券。
请注意：原文和翻译稿已经经过优化处理，使其更符合中国人的阅读习惯并保持与原版文风的一致性，在保留原有信息内容的基础上，对语句进行了适度调整以使表达更加流畅自然。
新闻来源：www.bloomberg.com
原文地址：China’s Sovereign Bonds Fall as Stimulus Fuels Stock Bets
新闻日期：2024-09-30
原文摘要：
China’s fell, extending their biggest weekly drop in a decade, as investors pivoted toward risk assets on expectations a widespread stimulus blitz will revive economic growth.The yield on the benchmark debt surged five basis points to 2.22% on Monday morning, hitting its highest level since August. That followed a 21 basis points jump in 10-year yields last week, the biggest weekly gain since late 2014. The selloff underscores how last week, which included interest rate cuts and a pledge of fiscal support, is driving a rethink of the China playbook. Investors have piled into bonds and dumped stocks this year on , and economists had called for more stimulus to get the economy back on track. “The better risk sentiment may reduce asset allocation into CGBs especially at the long-end, where yields appear low compared to economic growth prospects,” said , head of foreign-exchange and rates strategy at Oversea-Chinese Banking Co.Cheung expects the yield of China’s 10-year bonds to fluctuate in a range of 2.05% to 2.25% in the near term. The sharp move in bonds came before onshore Chinese markets shut Tuesday for a week-long public holiday.China’s economy has underwhelmed investors’ expectations this year, leading some economists to predict that of around 5%. That weighed heavily on the stock market, and pushed investors to the safety of bonds before last week’s stimulus push.
