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1、FEATUREARTICLETheHongKongdebtmarketin2011byMonetaryManagementDepartmentTheHongKongdollardebtmarketpresentedamixedpictureagainstthevolatileglobalbackdrop,withtighteningliquiditypushingupthecostoffundsforbanks,whilebondyieldsappearedtobefalling.Contrastingthiswasarobustincreaseindebti
2、ssuanceactivitiesandthelaunchofthefirstretailinvestorissuanceundertheGovernmentBondProgramme.TheHongKongoffshorerenminbidebtmarketalsocontinuedtogrowwithincreasedsupportfromMainlandChina.Globalbackgroundofhigher-qualityeuropapers,suchasGermanBunds,thusdrivingtheyieldspreadsoftheseTh
3、eglobaldebtmarketremainedundersubstantialcountriesagainsttheBundtoanhistorichighsincestressandvolatilityin2011.IntheUS,theamountofjoiningtheeurozone(seeChart1).outstandingpublicdebtinsummerapproachedtheceilingpermissibleundertheprevailinglegislation,TABLE1andthedebateoverthepassageo
4、fnewlegislationLocalcurrencylong-termcreditratingsassignedbythethreeinternationalcreditratingagenciestoraisetheceilingalmostendedinadefault.WhilethedefaultwasavoidedaftertherelevantlegislationAsattheendof2010Asattheendof2011waspassed,theUSsovereigncreditratingwasFitchMoody’sS&PFitch
5、Moody’sS&PGreeceBBB-Ba1BB+CCCCaCCdowngradedfromAAAtoAA+byStandard&Poor’sItalyAA-Aa2A+A+A2A(S&P)inAugustbecauseof“weakeningSpainAA+Aa1AAAA-A1AA-effectiveness,stability,andpredictabilityofAmericanPortugalA+A1A-BB+Ba2BBB-policymakingandpoliticalinstitutionsatatimeofSource:Bloomberg.ong
6、oingfiscalandeconomicchallenges”.ToprovidefurthermonetaryaccommodationtosupportrecoveryCHART1intherealeconomy,theUSFederalOpenMarketYieldspreadsof10-yeargovernmentbondyieldsCommitteeannouncedinSeptemberthepurchaseofofselectedEuropeancountriesversusGermanyUS$400billionworthoflonger-t
7、ermUSTreasuriesBasispoints3,500bytheendofJune2012throughsellinganequal3,313.4amountofshort-termUSTreasuries,astrategy3,000commonlyreferredtoas“OperationTwist”.2,500InEurope,themarketbecameincreasinglyalarmed2,000AnumberofEuropeancountries,includingGermany,Italy,SpainandPortugal,join
8、edtheeurozoneon1Jan
