Bond bulls should not rest easy. The world may have reconciled itself to the financial insanity of negative yields, as central banks continue to cut interest rates. But there are signs that the big rally in bond prices may be reaching a turning point. The reason? A major, long-term rebalancing in capital flows between the US and China.
债券多头不应放松警惕。随着各国央行继续降息，世界或许已经接受了负收益率带来的金融错乱。但有迹象表明，债券价格的大幅上涨可能即将迎来转折点。原因何在？美中之间资本流动的一轮重大、长期的再平衡。
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