After experiencing a debt-based “war of eggs” since the end of September, many investors lamented that the decline in bond funds was also overwhelming. However, as capital became loose after the National Day holiday, financial management and redemption pressure eased, and policy expectations were gradually digested, bond market yields fluctuated and declined, and the “chicks” that “lay eggs” returned. Fund sources interviewed believe that the main trading logic of the bond market revolves around policy aspects. Although improvements in medium- to long-term policy expectations will prevent long-term interest rates from continuing to decline, there is limited room for major market adjustments when redemption pressure eases, the People's Bank of China or measures are taken to maintain the stability of the bond market.

After experiencing a debt-based “war of eggs” since the end of September, many investors lamented that the decline in bond funds was also overwhelming. However, as capital became loose after the National Day holiday, financial management and redemption pressure eased, and policy expectations were gradually digested, bond market yields fluctuated and declined, and the “chicks” that “lay eggs” returned. Fund sources interviewed believe that the main trading logic of the bond market revolves around policy aspects. Although improvements in medium- to long-term policy expectations will prevent long-term interest rates from continuing to decline, there is limited room for major market adjustments when redemption pressure eases, the People's Bank of China or measures are taken to maintain the stability of the bond market.