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According to CCTV Finance, recent long-term government bond yields in major global economies have been rising, increasing sell-off pressure in the bond market. In contrast, China's bond market and exchange rate have remained relatively stable, with Panda bond issuance reaching a historical high for the same period. Data shows that as of August 21, the cumulative issuance of 2026 Panda bonds has reached 209.975 billion yuan, a year-on-year increase of over 73%. Amidst significant fluctuations in the global bond market, international institutions are increasingly focusing on domestic RMB financing. Industry insiders noted, 'We are in completely different economic and monetary cycles compared to overseas. Foreign capital accounts for only about 5%-8% of our bond market, while domestic capital holds absolute pricing power. Coupled with our monetary policy that prioritizes domestic conditions, overseas shocks cannot reverse the overall trend of the domestic bond market.' Looking ahead, industry experts believe that overseas bond yields are likely to remain highly volatile, highlighting the value of RMB bond allocation, which may attract continued foreign investment in the medium to long term. However, it is also important to note that rising U.S. bond yields have raised the return threshold for global allocation funds, which may disturb the willingness of foreign institutions to increase their holdings of RMB bonds. Additionally, the rapid rise in yields of bonds from developed countries overseas may also constrain the valuation of domestic risk assets.

According to CCTV Finance, the long-term government bond yields of major global economies have continued to rise recently, intensifying sell-off pressure in the bond market. However, China's bond market and exchange rate have remained relatively stable, with the issuance of Panda bonds reaching a historical high for the same period. Data shows that as of August 21, the cumulative issuance of 2026 Panda bonds has reached 209.975 billion yuan, an increase of over 73% year-on-year. Against the backdrop of significant fluctuations in the global bond market, the increased interest from international institutions in domestic RMB financing has drawn attention. Industry insiders noted, 'We are in completely different economic and monetary cycles compared to overseas. Foreign capital accounts for only about 5%-8% of our bond market, while domestic capital holds absolute pricing power. Coupled with our monetary policy that prioritizes domestic considerations, overseas shocks cannot reverse the overall trend of the domestic bond market.' Looking ahead, industry experts believe that overseas bond yields are likely to remain highly volatile, highlighting the value of RMB bond allocations, and foreign capital may continue to increase its allocation in the medium to long term. However, it is also important to note that rising U.S. bond yields have raised the return threshold for global allocation funds, which may disrupt the willingness of foreign institutions to increase their holdings of RMB bonds. Additionally, the rapid rise in bond yields in developed countries overseas may also constrain the valuation of domestic risk assets.

On August 22, Grayscale published an article stating that this week could mark a turning point for Bitcoin. Historical data shows that Bitcoin typically bottoms out after falling about 80% from its cycle peak. In the recent bear market, Bitcoin has dropped approximately 50% from its cycle high, which is less than the declines seen in previous cycles. There has been ongoing market speculation about whether Bitcoin will face a new downturn in the fourth quarter of 2026. Although risks remain in the market, this week's rise may indicate that Bitcoin has established a more solid bottom.