The issue of misaligned monetary policy cycles between China and the United States has come to an end

Ke Xianfa, Investment Manager of Guoyuan Securities Customer Asset Management Headquarters7month27According to the live broadcast of China Securities Daily's "China Securities Dianjinhui" program, based on historical data, the exchange rate of the Chinese yuan is significantly different from10There is no significant positive correlation between one-year treasury bond, indicating that the exchange rate is difficult to affect the long-term trend of yield. Considering the current periodic depreciation of the exchange rate, the central bank also proposed to resolutely prevent the risk of exchange rate fluctuations during the second quarter monetary policy meeting. At the same time, the issue of misaligned monetary policy cycles between China and the United States has come to an end. Therefore, it is believed that the impact of exchange rate fluctuations on the bond market is relatively limited, and the trend of the bond market still needs to focus more on the domestic market.