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地方債務(wù)置換指明方向無(wú)風(fēng)險(xiǎn)利率下降可期

發(fā)布時(shí)間：2015-03-17 01:13:14 來(lái)源：中國(guó)證券報(bào) 作者：佚名責(zé)任編輯：羅伯特

　　A11 貨幣/債券

　　分析人士認(rèn)為，在債券供給季節(jié)性上升的基礎(chǔ)上，地方債務(wù)置換和財(cái)政赤字?jǐn)U張將進(jìn)一步增加政府債券凈供給，在不考慮貨幣政策對(duì)沖安排的情況下，增量供給壓力將令利率債蒙受調(diào)整壓力，但硬化地方融資約束、有序處置存量債券，將有利于真正降低無(wú)風(fēng)險(xiǎn)利率水平，從而對(duì)債券中期繼續(xù)走牛構(gòu)成支撐。

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