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<\/p>\n<hr>\n<p><font size=\"-1\"><b>\u65b0\u95fb\u6765\u6e90\uff1a<\/b>www.bloomberg.com<br \/> <b>\u539f\u6587\u5730\u5740\uff1a<\/b><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-27\/debt-supply-risk-looms-for-china-bonds-on-fiscal-stimulus-plan\" target=\"_blank\" rel=\"noopener\">China\u2019s Bond Rally Shudders to Halt on Bill for Stimulus Efforts<\/a><br \/> <b>\u65b0\u95fb\u65e5\u671f\uff1a<\/b>2024-09-27<br \/> <b>\u539f\u6587\u6458\u8981\uff1a<\/b><\/font><\/p>\n<pre style=\"white-space: pre-wrap;\">A flurry of news on China\u2019s use of special sovereign debt to fund fresh stimulus highlights a growing risk to its record bond rally \u2014 a surge in new supply.Officials have issued some 752 billion yuan ($107.2 billion) of the securities so far this year out of a planned 1 trillion yuan by November, according to calculations by Bloomberg. Now they are said to be mulling an additional 1 trillion yuan of capital injection into banks, mainly using special bonds, Bloomberg  on Thursday. And  reported a planned 2 trillion yuan of special issuance this year for local government use and to stimulate consumption.Alongside the  pledge for sufficient fiscal spending, the reports led to a selloff in China\u2019s 30-year government bonds, where surged by the most in nearly two years on Thursday. The longer-dated yields extended gains Friday, having hit the lowest since at least 2005 earlier this week. Thirty-year bond futures .While any decisions remain to be confirmed and details finalized, the reported debt issuance would bring significant upside to sovereign debt supply.\u201cBased on experience last year - when additional debt quota was approved in October and actual issuance started in November - we also see additional bond supply toward late 4Q,\u201d said , head of China macro strategy at Standard Chartered Bank Plc. Liu expects China\u2019s yield curve to continue to steepen with supply as one reason and the stronger-than-expected stimulus plan another.The slide in bonds comes in sharp contrast to the red-hot rally in Chinese , which were on track for their best week since global financial crisis. China\u2019s campaign to boost market confidence this week has boosted risk appetite and dampened demand for haven assets.\u201cThe long-end 10-year yield will see further upward pressure due to the special sovereign bond issuance,\u201d DBS Bank strategists including  and  wrote in a note. \u201cThe return of investor confidence in the Chinese economy will also contribute to the upward march.\u201d <\/pre>\n<p><\/p>\n<div style=\"margin: 20px 0;\"><div class=\"qrcswholewtapper\" style=\"text-align:left;\"><div class=\"qrcprowrapper\"  id=\"qrcwraa2leds\"><div class=\"qrc_canvass\" id=\"qrc_cuttenpages_2\" style=\"display:inline-block\" data-text=\"https:\/\/news.tomjun.com\/?p=2350\"><\/div><div><a download=\"\u4e2d\u56fd\u503a\u5238\u5e02\u573a\u53cd\u5f39\u53d7\u523a\u6fc0\u8ba1\u5212\u6cd5\u6848\u5f71\u54cd\u653e\u7f13.png\" class=\"qrcdownloads\" id=\"worign\">\r\n           <button type=\"button\" style=\"min-width:200px;background:#44d813;color:#000;font-weight: 600;border: 1px solid #44d813;border-radius:20px;font-size:12px;padding: 6px 0;\" class=\"uqr_code_btn\">\u6587\u7ae0\u4e8c\u7ef4\u7801<\/button>\r\n           <\/a><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>\u4eca\u5e74\u8fc4\u4eca\u4e3a\u6b62\uff0c\u4e2d\u56fd\u653f\u5e9c\u5df2\u7ecf\u53d1\u884c\u4e867,520\u4ebf\u5143\u4eba\u6c11\u5e01\uff08\u76f8\u5f53\u4e8e\u7ea61072\u4ebf\u7f8e\u5143\uff09\u7279\u522b\u4e3b\u6743\u503a\u5238\uff0c\u8fd9\u4e00\u6570\u5b57\u8d85\u8fc7\u4e86\u539f\u5b9a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[79],"tags":[407,3683,3686,3684,3685],"class_list":["post-2350","post","type-post","status-publish","format-standard","hentry","category-79","tag-407","tag-3683","tag-3686","tag-3684","tag-3685"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/news.tomjun.com\/index.php?rest_route=\/wp\/v2\/posts\/2350","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.tomjun.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.tomjun.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.tomjun.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/news.tomjun.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2350"}],"version-history":[{"count":1,"href":"https:\/\/news.tomjun.com\/index.php?rest_route=\/wp\/v2\/posts\/2350\/revisions"}],"predecessor-version":[{"id":2351,"href":"https:\/\/news.tomjun.com\/index.php?rest_route=\/wp\/v2\/posts\/2350\/revisions\/2351"}],"wp:attachment":[{"href":"https:\/\/news.tomjun.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.tomjun.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.tomjun.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}