If the policy rate would be unchanged at 2.5% till June, 14 and longer-tenor bond yield should be risen due to net capital outflow and government expenditure , the yield curve is most likely to steepen further. It would be better to maintain or shorten portfolio duration under these conditions in order to minimize market risk ,at least until the next mid-year. Therefore the Bank would majority invest in short term bonds( < 12 month) and some longer term bond(long term bond in HTM portfolio) with portfolio duration not over than 2 years in Yr 2014.