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CHINA: Country Wrap: Bond Yields Ignore Regional Trends. 

CHINA
EM BulletAPACChinaEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • The endless move lower in yield took a break yesterday with China’s 10YR yield backing up +3.5bp with news of the PBOC had held meetings with key institutions that were known to be aggressive buyers of bonds, supposedly driving the bull market.   Yesterday’s warning has seemingly had fleeting success in stemming the rally because as globally bond yields are taking a lead from the move higher in the US overnight, bond yields not participating in the selloff in China with yields virtually unchanged across the curve. (source: MNI – Market News).
  • China Banks Raise Mortgage Rates For the First Time Since 2021 (source: BBG).
  • China’s Gasoline Demand to Fall Quickly From 2025, Sinopec Says (source: BBG).
  • All major indexes were down today with Hang Seng leading the way, down 1.00%, CSI 300 down -0.35%, Shanghai Comp down -0.70%, Shenzhen down -0.60%.
  • CNY: Yuan Reference Rate at 7.1911 Per USD; Estimate 7.3143
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  • The endless move lower in yield took a break yesterday with China’s 10YR yield backing up +3.5bp with news of the PBOC had held meetings with key institutions that were known to be aggressive buyers of bonds, supposedly driving the bull market.   Yesterday’s warning has seemingly had fleeting success in stemming the rally because as globally bond yields are taking a lead from the move higher in the US overnight, bond yields not participating in the selloff in China with yields virtually unchanged across the curve. (source: MNI – Market News).
  • China Banks Raise Mortgage Rates For the First Time Since 2021 (source: BBG).
  • China’s Gasoline Demand to Fall Quickly From 2025, Sinopec Says (source: BBG).
  • All major indexes were down today with Hang Seng leading the way, down 1.00%, CSI 300 down -0.35%, Shanghai Comp down -0.70%, Shenzhen down -0.60%.
  • CNY: Yuan Reference Rate at 7.1911 Per USD; Estimate 7.3143