Debt market volatility intensifies, fixed income fund managers fiercely debate timing of positioning.

Recently, the stock and bond seesaw effect has reappeared. The bond market experienced a significant adjustment in August, putting pressure on the net asset value of many medium to long-term pure bond funds. Faced with rising bond yields, frequent redemptions of bond funds, and other multiple challenges, fixed-income fund managers have shown different response strategies: some have begun actively positioning themselves on the left side, seeing the current situation as a rare buying opportunity; some are cautiously observing, believing that the timing for positioning has not yet arrived, and are more inclined to shorten duration and increase liquidity. Looking ahead, industry insiders say that from a liquidity perspective, the People's Bank of China has always stated that they will maintain a moderately loose monetary policy to ensure ample liquidity. Since August, in response to the adjustment of bond yields, the People's Bank of China has continued to conduct incremental repurchase agreements and MLF operations, showing their concern for market liquidity. The probability of a significant tightening of liquidity is small at present, and the probability of a significant increase in bond yields is not high.