不同政策对收益率曲线的影响

The influence of different policies on the yield curve

该文认为,在市场总体流动性偏多的当前宏观经济基本背景之下,价格型政策更多地影响短期限品种的收益率水平,对长期限品种的影响不大,将会促使收益率曲线更为平坦化。而数量型政策则会紧缩市场资金的供给,促使投资者在紧缩预期下缩短久期,使得收益率曲线更为陡峭。

Currently, China＇s macro economy is facing excess liquidity in the market. Under such circumstances, this paper finds that price-policy is exerting a larger influence on the yield of short-terms than that of long-terms, thus further flattening the yield curve. On the other hand, quantity-policy will shrink the supply of funds in the market, driving investors to cut the duration in anticipation of tight monetary policies, and therefore making the yield curve steeper.