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China:  Curbs on Bond Market Activity Continue

CHINA RATES
  • Authorities’ measures to curb bond speculation are showing signs of success as bond yields climbed on Monday.
  • Bond yields moved 6-8bps higher in shorter dated and intermediate securities on Monday with the 2.20% level on the 10-year breached.
  • 2.20% for the 10 Year has been a key focus for authorities.
  • In measures last week, state owned banks pulled back from trading activities and some rural banks were ordered not to settle their trades.
  • Four key Chinese brokers have cut back on trading of domestic government bonds.
  • Chinese government bonds have surged this year as domestic demand grew. With the real estate and equity market facing challenges in the 2024, expectations of interest rate cuts have driven domestic investors into the government bond market.
  • Authorities face the difficult task of controlling rampant domestic demand without undermining confidence from foreign investors.

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