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CHINA RATES: Yields Up, Reports PBoC Discuss Bond Risks With Local Institutions

CHINA RATES
EM BulletBulletAPACEmerging Market NewsChina

China bond yields are edging higher, particularly at the back end of the curve. This follows headlines from onshore media outlet, 21st Century Business Herald, which stated that the PBoC had met with local financial institutions to discuss bond market risks. 

  • BBG notes: "The People’s Bank of China has urged trading firms in the bond market to pay close attention to relevant risks including rates, according to a report by 21st Century Business Herald, citing unidentified people."
  • The 30-yr bond yield is up around 3bps, last near 1.98%, the 10yr, back close to 1.74% (+2bps).
  • The comes after the relentless drop in onshore CGB yields in recent weeks, amid expectations of further monetary easing as the PBoC bias shifted. We have also noted asset allocation flows have likely helped bonds. 
  • Recent lows in the 30yr were near 1.94%, for the 10yr at 1.72%. At the start of Dec, the 10yr yield was above 2%, while the 30yr was above 2.20%.
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China bond yields are edging higher, particularly at the back end of the curve. This follows headlines from onshore media outlet, 21st Century Business Herald, which stated that the PBoC had met with local financial institutions to discuss bond market risks. 

  • BBG notes: "The People’s Bank of China has urged trading firms in the bond market to pay close attention to relevant risks including rates, according to a report by 21st Century Business Herald, citing unidentified people."
  • The 30-yr bond yield is up around 3bps, last near 1.98%, the 10yr, back close to 1.74% (+2bps).
  • The comes after the relentless drop in onshore CGB yields in recent weeks, amid expectations of further monetary easing as the PBoC bias shifted. We have also noted asset allocation flows have likely helped bonds. 
  • Recent lows in the 30yr were near 1.94%, for the 10yr at 1.72%. At the start of Dec, the 10yr yield was above 2%, while the 30yr was above 2.20%.