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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday
10-Year CGB Yield Hits Fresh Low On Easing & Liquidity Expectations
MNI (London) - 10-Year Chinese government bond yields have moved through their COVID low, showing as low as 2.463% in recent trade, shedding ~3bp on the day. The benchmark has registered the lowest level on BBG records, which date back to 2005.
- The broader CGB curve has bull steepened, with desks flagging sizeable demand for front end and belly CGBs on the part of large onshore banks.
- When it comes to the drivers of the latest move lower in Chinese yields, heightened worry re: the property sector in the wake of the liquidation order for China Evergrande has been earmarked as a major factor, with expectations surrounding LNY liquidity provisions, the well-documented economic worry re: China and expectations for deeper policy easing in the wake of the latest RRR cut from the PBoC all factoring in.
- Monday’s move lower in core global FI yields would have helped as well.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.