SHANGHAI : A sharp jump in short-term Chinese bond yields in response to a swift dropping of pandemic curbs may be premature, analysts say, pointing to the central bank's policy intent and its attempts to douse speculation of early tightening.The yield on one-year Chinese government bonds has risen by abo
SHANGHAI : A sharp jump in short-term Chinese bond yields in response to a swift dropping of pandemic curbs may be premature, analysts say, pointing to the central bank's policy intent and its attempts to douse speculation of early tightening.
Policymakers need to get consumption levels up, stabilise a struggling property market and lift economic growth before they can consider any monetary tightening, the analysts say. Loan growth and money market rates have jumped, driving the benchmark volume-weighted average overnight repo rate to 4 per cent last week, its highest in more than two years.
Tommy Wu, senior economist at Commerzbank, expects that the PBOC will cut the MLF rate soon after the annual session of China's parliament, scheduled to begin on March 5, and that banks will subsequently cut lending rates.
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