Zhongjin: The current national debt Intrerest Rate has been fully priced into the rate cut expectations.

On January 2, Jin10 News reported that CICC's research report believes that the Politburo meeting mentioned 'moderate easing' of monetary policy after 15 years, which has increased market expectations for interest rate cuts and explained the 80% decline in the 10-year government bond yield since early December. From the perspective of the financial cycle, the necessity of interest rate cuts is still significant at the current point in time. Based on historical experience, there is often a change in monetary policy towards the new direction before the change in monetary stance, and the follow-up is mainly to continue in this direction. The market has already priced in the expectation of interest rate cuts for government bonds, and the future trend of interest rates will be affected in the short term by the loose pace of monetary policy, taking profit from public sale funds, the possibility of government bond issuance, and the subsequent effect of fiscal stimulus on the rise in prices.