China’s bond market is not a truth-teller to match bigger, more liquid markets like the US and Italy. But nonetheless the signal it has sent is clear. Its yield curve flattened almost to the point of inversion a month ago, and in recent weeks it has steepened again.
與美國、意大利等規(guī)模更大、流動性更強的債市相比，中國債市對本國經(jīng)濟狀況的反映能力較低。盡管如此，中國債市發(fā)出的信號仍算得上明確。一個月以前，中國債券收益率曲線幾乎平坦至接近反轉(zhuǎn)，最近幾周則再次變陡。
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