[BNP Paribas: Inflation Has a Greater Impact on Bond Yields Than Fiscal Factors] According to a report by Jinse Finance on July 20, the Chief Investment Officer of the Core Investments Division at AXA Investment Managers, a subsidiary of BNP Paribas Asset Management, stated that inflation has a more significant impact on bond yields than fiscal considerations. Governments can at least attempt to control bond issuance, but since the global financial crisis, central banks worldwide have found it challenging to control inflation, and monetary policy has been undermined. This is not to downplay concerns about deficits and debt; reckless fiscal policies always risk angering bond vigilantes. If bond investors are confident in maintaining the real value of their investments, a high supply of government bonds will be more easily absorbed. (Jin10)