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A storm of financial management funds is coming, and it is likely that the impact on the stock market, property market and bond market will not be small.

In the past week, the central bank has put almost all its energy into the bond market. It has been busy guiding primary dealers to buy bonds, cracking down on illegal treasury bond trading, cracking down on the change of selling bonds from 10Y to 7Y, and personally doing investment education.

In the second quarter monetary policy report released yesterday,I specifically use a column to point out the risks of bond fund management.

The core is that I think that the long-term bond interest rate has been priced to a very unreasonable level. It is suggested that once the economy recovers and long-term interest rates rise, a large number of ordinary people's bond funds will face the risk of losses.

1. The central bank encourages people to buy houses

In addition to warning the bond market, this report also revealed an important message: encouraging real estate.

He gave earnest investment lectures to prove the investment value of real estate.

For example, housing prices are divided into "floor price" and "premium". The floor price is the intrinsic value, which is determined by the rental-to-sale ratio. If the annual rental return rate exceeds the 3-5 year fixed deposit rate, it will be difficult for housing prices to fall further. The premium is like stock speculation, which follows emotions and is overbought and oversold.

For example, the rental-to-sale ratio is now close to 2% in first-tier cities, while it has risen to around 3% in second- and third-tier cities. The current five-year fixed deposit rate of large state-owned banks is 1.8%.