China bond yields fell to a record low after the People’s Bank of China announced that it will cut the reserve requirement ratio on Tuesday.
China bond yields fell to a record low after the People's Bank of China on Tuesday announced that it will cut the reserve requirement ratio.
China bonds rallied with yields hitting record lows after the People's Bank of China on Tuesday announced that it would cut the reserve requirement ratio for banks, and also reduce the reverse repo rate.Yield on China's 10-year government bonds fell 3.2 basis points to 2.041%, data from LSEG showed, marking a record low. 30-year bond yields dropped 0.4 basis points to a record low of 2.168%.
PBOC Governor Pan Gongsheng announced at a press conference that China will be reducing the reserve requirement ratio or the amount of cash banks must hold by 50 basis points.This sudden high-level press conference was arranged following last week's interest rate cut by the U.S. Federal Reserve, which initiated an easing cycle that may allow China's central bank to lower its rates further to stimulate growth amid deflationary pressures.
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