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Bonds Trending Lower Post Caixin

CHINA
  • Today’s CAIXIN follows the official PMI’s earlier in the week pointing to a contraction in manufacturing and a decline in the service sector.
  • Earlier this year authorities agonized about the decline in government bond yields pointing to the need to arrest their decline.
  • The Central Bank warned it may sell bonds to slow the move lower in yields suggesting that yields around 2.5% are more appropriate.
  • In recent trading sessions the 10Year government bond breached 2.20%, and at 2.13%, is poised to head lower in line with global moves.
  • It is becoming increasingly likely that fiscal initiatives may be more imminent to support the economy following the politburo’s meeting this week.
  • The output from the meeting seemed to move away from the targets on bond yields, rather pointing to stabilizing bond yields.
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