Recently, the bond market finally escaped from the continuous “three lows” state — low transactions, low volatility, and low equity bonds, and embarked on a new direction: ultra-long-term bonds clearly strengthened. On July 27, the main contract for 30-year treasury bond futures once rose to 115.18 yuan intraday, hitting a new high of nearly 8 months. A number of institutions believe that the breakthrough in this round of ultra-long term debt is due not only to the low volatility of the previous period, but also to weak fundamentals, repeated failure in expectations of further inflation, the central bank's financial support, and institutional repricing of ultra-long-term interest spreads. However, in a context where funds have been high for a long time and the supply pressure on government bonds has not yet been fully implemented, whether the subsequent market can continue depends on whether the allocation market can relay the trading market.

Recently, the bond market finally escaped from the continuous “three lows” state — low transactions, low volatility, and low equity bonds, and embarked on a new direction: ultra-long-term bonds clearly strengthened. On July 27, the main contract for 30-year treasury bond futures once rose to 115.18 yuan intraday, hitting a new high of nearly 8 months. A number of institutions believe that the breakthrough in this round of ultra-long term debt is due not only to the low volatility of the previous period, but also to weak fundamentals, repeated failure in expectations of further inflation, the central bank's financial support, and institutional repricing of ultra-long-term interest spreads. However, in a context where funds have been high for a long time and the supply pressure on government bonds has not yet been fully implemented, whether the subsequent market can continue depends on whether the allocation market can relay the trading market.