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Reporter Ren Fei, Editor Xiao Ruidong

Last week, the central bank released the July social financing data. Although the overall growth rate stabilized at a low level, the bond market still experienced periodic fluctuations, and the adjustment range was not small. Judging from the weekly yield of pure bond funds, there are still a large number of products with negative performance. This is also the second week after a large number of negative yield products appeared last week.

Some analysts pointed out that the bond market is still in a period where both regulatory risk prevention and counter-cyclical growth stabilization are important, and it is difficult to see a trend in interest rates in the short term.

Institutions say the bond market is still in a favorable environment

Recently, more and more funds have begun to be cautious about the bond market. Overall, the short-term market is still attracting funds to flow back to the bond market, but futures prices have collectively closed down.

Wind statistics show that as of last Friday, the Treasury bond futures contract T2409 closed at 105.655, down 0.27% from the previous week; TF2409 closed at 104.355, down 0.1% from the previous week; TS2409 closed at 102.08, down 0.11%; TL2409 closed at 111.25, down 0.12%.

On the other hand, the yield of 10-year treasury bonds was 2.2%, up 0.14BP from the previous week, and the yield of 2-year treasury bonds rose 10.15BP to 1.68%. It is worth noting that despite the overall trend of rising yields, there were still periodic declines during the week, indicating that the logic of funds holding together in the bond market is still difficult to reverse.