However, at that time, due to the overall weak bond market environment in the first quarter, market sentiment was rather sensitive, and non-bank institutions such as funds and wealth management products were under pressure on their liability sides, resulting in a large number of redemptions. Entering the second half of the second quarter, as the recent market situation gradually stabilizes, the market has become increasingly sensitive to positive news. The liability side of funds may enter a recovery period, and the scale is expected to rebound.

Some analyses point out that given the overall economic fundamentals are still in the recovery stage, the central bank is likely to maintain a loose policy tone, and the inter-bank liquidity is expected to operate steadily. Nuoyuan Fund’s analysis points out that the overall environment still provides support for the bond market, but the market’s odds space is slightly insufficient. In terms of portfolio operation, attention should be paid to the asset price odds to maintain the liquidity of the portfolio. At the same time, the duration of the portfolio should be flexibly adjusted according to changes in the market environment.