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Business Maverick: China Bonds Rally as Rate Cut Reinforces Split With Treasuries

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China’s sovereign bonds are back on the menu for foreign investors.

The nation’s debt rallied Monday after the central bank unexpectedly cut interest rates, with the 10-year yield dropping to the lowest level in more than two years. The surprise easing move underscores how the nation’s bond market offers investors an asset class that’s uncorrelated to Treasuries and other global fixed-income assets.

“The rate cut is a sign that the PBOC for now is prioritizing growth over curbing leverage,” said Carie Li, global market strategist at DBS Bank Ltd. “The 10-year yield could fall to 2.60% in the near term. We may start to see some diversification demand from foreign investors into Chinese bonds.” The prospect of an increasingly dovish PBOC also helped lure leveraged buyers back into China’s shorter-maturity bills, which suffered a selloff last week on concern the PBOC would act to rein in liquidity. Yields on one-year bills slid 15 basis points Monday.

 

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