FromthefirstOpiumWar(1839-1842)totheWWII,theChinesenationalconsciousnesshadbecomeincreasinglystrong.MostAsiancountriesthathadbeenoccupiedbyJapanduringtheWWIIdidnothavethesamefeelingbecausetheyhadeitherbeencolonizedbyWesternpowerssuchasBritain,France,theNetherlandsortheUnitedStatesforalongtimeortheirpeoplestilllivedindifferentethnicandreligiousgroupswithoutconsciousnessofaunifiedcountry.

但美联储3月份加息的概率较大，届时中国央行很可能在3月份继续跟随加息；在监管的持续高压下fGtW中小银行流动性紧张的状况依旧u3uA且资管新规落地后非标回表将挤TGjJ配债资金，我们保持10年期国债收益率将在4.0%中枢波动的预期不变，受3月份全球货币政策调整影响短期内可能破4。