Yesterday, the three year's return of the central bank triggered a new round of selling pressure in the bond market, but in the capital market, it was calm and unaffected by the supply of funds.

This week, the central bank cleared 110 billion yuan through net open market, and achieved a net return for seventh weeks.

Nearly two years later, the central bank yesterday resumed the issuance of three - year central bank bills in the open market, with interest rates reaching 2.75%, the upper limit of market expectations.

Because the market is worried that the issuing scale of the central bank will further boost the issuing interest rate in the next three years, investors will choose to reduce their current bonds after the announcement of the tender results, so that the bond yields will rise rapidly.

Among them, the maturity structure and the three year central bank similar short-term debt rose the largest, the yield rose by about 4 basis points.

The same year's central bank bills, which are open market instruments, have also been affected.

Yesterday, the two level market return rate of the central bank was raised to 2% a year, rising by nearly 8 basis points compared with the issue rate.

However, some interbank market analysts believe that the impact of the three year return of the central bank on the bond market may be just a short-term psychological impact.

Although the return of the central bank in three years indicates that the central bank will further tighten liquidity, it is still a moderate market regulation than the reserve ratio.

Therefore, the issuance rate of the central bank will remain unchanged next Monday.

It is worth noting that yesterday, the most sensitive monetary market to austerity measures showed no surprise. The repurchase market was full of capital supply, and the level of capital prices continued to decline slightly.

In the context of loose liquidity, institutional demand for bonds will still support the bond market.

In yesterday's Thursday open market, the central bank also issued 75 billion yuan central bank bills in March, and conducted a 60 billion month three month repo operation.

This week, the central bank returned a total of 290 billion yuan of funds. After hedging its liquidity, the net returned 110 billion yuan, a decrease of 53 billion yuan compared with last week.