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CHINA:  Crackdown on Bond Market Underway?

CHINA
EM BulletAPACChinaEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • A report in China’s 21st Century Business Herald suggests a heavy focus from the PBOC on bond market activity will result in the first batch of finesse being announced imminently with CNY10 m fines to be levied.
  • Activities uncovered include disruption of market prices, artificial transferring the benefits from trades, not reporting trading activities and inappropriate internal oversight of bond market activities.
  • It is known that on December 18 the PBOC summonsed firms to discuss what the Central Bank’s minimum requirements are when it comes to bond market trading.
  • These minimum requirements focus on adequately assessing interest rate risk, activities supported by appropriate research and conducting all transactions in accordance with the law.
  • Earlier in the week when the news of the meeting broke, bond yields moved higher yet since that time, they have again continued to fall.
  • Today’s news article has again weighed heavy on markets and for the first time in many weeks, the 10YR yield has moved significantly higher, up +7bps to 1.78%
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  • A report in China’s 21st Century Business Herald suggests a heavy focus from the PBOC on bond market activity will result in the first batch of finesse being announced imminently with CNY10 m fines to be levied.
  • Activities uncovered include disruption of market prices, artificial transferring the benefits from trades, not reporting trading activities and inappropriate internal oversight of bond market activities.
  • It is known that on December 18 the PBOC summonsed firms to discuss what the Central Bank’s minimum requirements are when it comes to bond market trading.
  • These minimum requirements focus on adequately assessing interest rate risk, activities supported by appropriate research and conducting all transactions in accordance with the law.
  • Earlier in the week when the news of the meeting broke, bond yields moved higher yet since that time, they have again continued to fall.
  • Today’s news article has again weighed heavy on markets and for the first time in many weeks, the 10YR yield has moved significantly higher, up +7bps to 1.78%