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Recently, the bond market staged a reversal, with the 10-year Treasury yield breaking down to a record low before reversing sharply. Industry insiders believe that this reflects the fierce "battle" between long and short sides, and funds and other institutions actively sold out of the need to stop profit.

◎Nie Linhao

Recently, the bond market has reversed, with the 10-year Treasury yield reversing sharply after breaking down to a record low. Industry insiders believe that this reflects the fierce "battle" between long and short sides, and funds and other institutions actively sell out of the need to stop profit. Industry insiders analyzed that the selling behavior is phased, and once the bond price adjusts to an attractive level, institutions will still choose the opportunity to allocate and trade.

Since August, the 10-year Treasury yield has continued to hit new lows, and recently broke through the key level of 2.1% and quickly turned upward. In the past two days, the bond market has seen a clear tug-of-war between long and short positions. As long bond prices showed signs of oversold, long positions once again bought bonds, causing yields to fluctuate repeatedly.

The game between institutions over long-term bonds is in a stalemate. Taking the 10-year active bond 240011.IB as an example, Choice data shows that on August 6, the yield of the bond only rose by 0.25 basis points, but the daily trading volume of 171.8 billion yuan set a record high since May. On August 7, the daily trading volume of the bond still exceeded 160 billion yuan, which means that the differences among institutions have intensified.