China's 10-Year Yield Down to Lowest Since 2002 as Rally Extends [BNN Bloomberg (Canada)]
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OVERSEAS CHINSE UNSP/ADR (OVCHY)
NASDAQ:AMEX Investor Relations:
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Company Research
Source: BNN Bloomberg
The onshore 10-year government yield slipped to 2.22%, the lowest since 2002. Yields on the 20- and 50- year bonds have been trading at their historic lows for months. The bonds have staged a sizzling rally on the back of China's lackluster economic growth, dovish monetary policy and the impact of ample liquidity in the banking system with loan demand so weak. A increase in borrowing to ramp up fiscal stimulus has failed to deter investors. “With risk sentiment staying subdued while expectation is still for some form of monetary policy support, there are safe haven flows into CGBs as there is probably a lack of better investment alternatives as seen by investors at the momentum,” said Frances Cheung, a strategist at Oversea-Chinese Banking Corp. in Singapore. “We however caution against chasing long end yields lower as at these levels, they appear overly low compared to potential GDP growth.” The People's Bank of China has been ramping up a verbal pushback against the bond rall
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