One big irony is the source of bond buying—the force pushing down the yields.
State-owned banks, insurance firms and funds, the very institutions Beijing is counting on to support the economy, are the major purchasers of government bonds.
最近中国公布的社融数据显示企业部门贷款下降,居民部门贷款有所上升但不能弥补,这也许是金融机构的大量资金用来购买国债的原因。
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