China Debt Plan Underwhelms Bond Market Betting on More Stimulus [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
(Bloomberg) -- China's bond traders, who had been anticipating a key legislative meeting this week for fresh stimulus measures, seemed underwhelmed by the result. Most Read from Bloomberg The benchmark 10-year yield slid to lowest in more than a month before paring declines after authorities announced a 10 trillion yuan ($1.4 trillion) program to refinance local government debt. The funds for the program will be provided through 2028, they said, without giving details on the likely increase in bond issuance it might trigger. Concerns lingered that a surge in issuance may weigh on China's debt market, with two trillion yuan ($280 billion) emerging as a key figure for traders. China's central and local governments have sold an average of about 1.8 trillion yuan of notes per month from January to October, according to Bloomberg calculations. After accounting for 1.1 trillion yuan already in the pipeline for the rest of the year, the market is ready for about 2.5 trillion yuan of
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