China treasuries fall after state media says trading accounts must not be borrowed

August 09, 2024 at 04:25AM
Via Reuters, another move from Chinese authorities to fight the surge in bonds in the country:

Chinese treasuries fell on Friday after state media said trading accounts must not be borrowed or transferred, following the launch of a probe by regulators into suspected misbehaviour in the country’s red-hot bond market.

Borrowed or transferred interbank bond trading accounts could lead to a rise in non-compliant transactions, distort market prices and increase credit risks, a central bank-affiliated newspaper said on Friday.

China’s 30-year treasury futures fell as much as 0.7% in early trading on Friday and 10-year bond futures dipped 0.3% at one point.

Both instruments are headed for a weekly decline, snapping a four-week winning streak.

Treasury yields, which move inversely to prices, rose across the board on Friday.

This article was written by Eamonn Sheridan at www.forexlive.com.

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