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PBOC Bond Trading Sets Floor, But Not Cease Market Chase, Analysts Say

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(Bloomberg) -- China’s central bank’s plan to borrow bonds may slow but won’t quash their rally, as the fundamental reasons driving demand for debt are...

-- China’s central bank’s plan to borrow bonds may slow but won’t quash their rally, as the fundamental reasons driving demand for debt are unlikely to reverse, according to analysts.‘Upflation’ Is the Latest Retail Trend Driving Up Prices for US ConsumersThe impact of the People’s Bank of China move may instead be to put a floor on yields and send them into a range, they said.

Chinese sovereign bonds have gotten a boost from pessimism toward the world’s second-largest economy and expectations for further interest-rate cuts. The lack of alternative investment opportunities for onshore investors has also driven them into bonds as haven assets. China’s 10-year yield traded at 2.24% on Tuesday, up from an all-time low of 2.18% on Monday, according to data compiled by Bloomberg that goes back to 2002.For Zhou Guannan, an analyst at Huachuang Securities, the PBOC statement suggested it is eyeing 2.20% as a soft red line for the benchmark note and 2.40% for its 30-year equivalent.“For the bond market, long-end yields face retracement pressure in the short term,” said Ming Ming, chief economist at Citic Securities.

 

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