全球债市延续抛售潮 同时美元上涨

A global bond market rout intensified yesterday while the dollar strengthened as investors bet that US president-elect Donald Trump’s commitment to economic stimulus will herald faster growth and the return of inflation.

全球债券市场昨日继续暴跌，同时美元上涨，投资者押注美国当选总统唐纳德.特朗普(Donald Trump)的经济刺激承诺将带来经济加速增长和通胀回归。

Since Mr Trump’s surprise win in last week’s election, investors have begun to question long-held consensus forecasts for subdued inflation and mediocre growth that underpinned a rally in bonds over the summer.

自特朗普在上周的大选中意外获胜以来，投资者开始质疑市场对温和通胀和低速增长的长期共识预期——该预期支持了今年夏季债券的上涨。

Yields on US, UK, German and Japanese government debt are now rising from record lows and fixed-income investors have lost nearly $1tn since the election.

美国、英国、德国和日本国债收益率从创纪录低点持续上涨，固定收益投资者自美国大选以来损失了近1万亿美元。

The 30-year US Treasury yield jumped above 3 per cent for the first time since January before paring its losses while 10-year yields rose 4 basis points to 2.19 per cent, the highest level since January.

美国30年期国债收益率自今年1月以来首次飙升至3%以上，不过随后收复了部分失地，同时10年期国债收益率上涨4个基点，至2.19%，这是自今年1月以来的最高水平。

Ten-year UK gilt yields regained pre-Brexit vote levels, while the yield on the German 30-year bond briefly moved above 1 per cent for the first time since early May.

英国10年期国债收益率重新回到英国退欧公投前的水平，同时德国30年期国债收益率自今年5月初以来首次升至1%上方。

Yields rise as bond prices fall.

债券收益率上升说明价格下跌。

The dollar index rose back over the 100-point mark it last hit in December.

美元指数回升至去年12月触及的100点关口上方。

The dollar has also strengthened against its major rivals, with the euro falling 1 per cent to $1.0747 and the yen 1.3 per cent weaker at ￥108.06 per dollar.

美元兑主要货币上涨，欧元兑美元下跌1%，至1欧元兑1.0747美元，日元兑美元下跌1.3%，至108.06日元兑1美元。

The pound dropped 0.8 per cent to $1.2494.

英镑兑美元下跌0.8%，至1英镑兑1.2494美元。

The sell-off has hit emerging markets and yields have soared in Mexico, Brazil and Argentina.

债券抛售潮波及了新兴市场，墨西哥、巴西和阿根廷的债券收益率飙升。

Mexican sovereign dollar bonds maturing in 2026 slid below par for the first time since February.

2026年到期的墨西哥主权美元债券自今年2月以来首次跌破面值。