{"id":2074,"date":"2024-09-30T23:28:32","date_gmt":"2024-09-30T15:28:32","guid":{"rendered":"https:\/\/www.kafeizha.com\/?p=2074"},"modified":"2024-09-30T23:28:32","modified_gmt":"2024-09-30T15:28:32","slug":"%e4%ba%a4%e6%98%93%e5%91%98%e8%bf%bd%e6%8d%a7%e4%b8%ad%e5%9b%bd5%e5%b9%b4%e6%9c%9f%e5%80%ba%e5%88%b8%ef%bc%8c%e5%9b%a0%e5%b9%b2%e9%a2%84%e9%a3%8e%e9%99%a9%e8%b6%8b%e7%bc%93","status":"publish","type":"post","link":"https:\/\/news.tomjun.com\/?p=2074","title":{"rendered":"\u4ea4\u6613\u5458\u8ffd\u6367\u4e2d\u56fd5\u5e74\u671f\u503a\u5238\uff0c\u56e0\u5e72\u9884\u98ce\u9669\u8d8b\u7f13"},"content":{"rendered":"

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\u65b0\u95fb\u6765\u6e90\uff1a<\/b>www.bloomberg.com
\u539f\u6587\u5730\u5740\uff1a<\/b>Traders Flock to China\u2019s 5-Year Bonds on Lower Intervention Risk<\/a>
\u65b0\u95fb\u65e5\u671f\uff1a<\/b>2024-09-25
\u539f\u6587\u6458\u8981\uff1a<\/b><\/font><\/p>\n

Traders are snapping up China\u2019s five-year government bonds, attracted by the lower risk of central bank intervention for this maturity.Yields declined nearly five basis points to 1.68% on Wednesday, set for a record low, according to data compiled by Bloomberg going back to 2002. The five-year bonds have seen net inflows every month this year, except in August, the data show.The trend highlights persistent demand, particularly in the middle of the yield curve, and coincides with this week\u2019s stimulus measures, which have pushed up the Chinese  and . The five-year bonds are in \u201cthe sweet spot\u201d with lower intervention risk compared to longer-tenor debt, said , Asia FX strategist at BofA Global Research, who expects the yield to fall further to 1.35%. \u201cUntil we see a meaningful step-up in fiscal stimulus to stabilize consumption and the property market, the downward trend in China rates is unlikely to reverse,\u201d she said.On Wednesday, the People\u2019s Bank of China cut the interest rate charged on its one-year policy loans, following a broad stimulus package unveiled a day prior to revive confidence in the world\u2019s second-largest economy. Analysts see the cut to the MLF rate as a prelude to more significant steps, including a likely reduction in the rate on seven-day reverse repurchase notes.\u201cThe belly of the curve now looks attractive\u201d as the markets expect a cut in deposit rates, said , senior strategist at Australia & New Zealand Banking Group. He foresees continued momentum in the notes. \u201cWe see bull steepening in the next few weeks.\u201d<\/pre>\n
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