China's Bond Intervention Sinks Short-End Rates, Boosts Trading [Yahoo! Finance]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: Yahoo! Finance
Most Read from Bloomberg Transaction volume of a 10-year bond the central bank may have sold in order to intervene in the market surged eightfold on Tuesday and it's now the second most actively traded sovereign note, according to official data. Meanwhile, suspected buying by the authorities sent one-year yields below the overnight borrowing rate. The central bank's ultimate goal may be to make the so-called sovereign yield curve steeper by enlarging the long-end bonds' yield premium over their short-dated peers, so it can limit speculation in the debt market while keeping borrowing costs low. The often opaque operations have kept traders on tenterhooks as they make the outlook of a blistering bond rally less certain despite China's economic malaise. “Bond buying and selling under monetary operations are unlikely to alter the overall direction of market trading,” said Frances Cheung, head of foreign-exchange and rates strategy at Oversea-Chinese Banking Corp. “But it may put an
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