瑞银12月报告。        
　　The recent adjustment in bond yields and spreads bears some similarity to the market adjustment in mid-2013，such as tighter liquidity as a direct result of financial regulations and the US Fed tightening.However，the global factors might be more overwhelming this time，especially on the RMB.The rising expectation of FED rate hikes and the pressure on RMB depreciation will put more constraints on the PBC＇s operations.If US growth beats expectation on the upside or the asset bubble continues to inflate，we may see the PBC putting more emphasis on controlling capital outflow，and the inflexion point of loosening liquidity may be further postponed.