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Chinese central bank’s $56bn debt purchase sparks talk of bond market intervention

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Traders speculate the People’s Bank of China will step in to manage sovereign debt yields

China’s central bank purchased Rmb400bn of long-dated sovereign bonds on Thursday, a move that traders interpreted as preparation to directly shore up bond yields in its booming debt markets. The People’s Bank of China said it bought Rmb300bn worth of 10-year notes and Rmb100bn of 15-year notes from primary dealers. The notes had been sold by the Ministry of Finance just earlier in the day to roll over maturing bonds.

Traders’ expectations that the central bank would soon buy and sell sovereign notes were fuelled by the PBoC’s creation of a new section on its website called “notices on the purchase and sale of sovereign bonds”. Chinese authorities have been concerned about the yields of longer-dated debt as they are a source of funding for financial institutions such as pension funds.

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