The tightening of funds has eased, and the bond market is showing strength across the board.

On June 25th, driven by the obvious alleviation of the tight funding situation, the bond market showed overall strength. Market participants believe that the recent signal from the central bank to stabilize inter-seasonal liquidity, combined with the increase in bank lending scale, has eased market concerns about funding. However, the bond market has already fully reflected the expectations of easing fundamentals and liquidity, and further recovery still depends on incremental information.