China 10-year treasury futures fall on higher US Treasury yield and higher govt bond supply

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SHANGHAI :Chinese government bond futures prices fell on Monday, tracking higher U.S. Treasury yield, while rising expectations of accelerating government bond issuance also weighed on sentiment.China's 10-year treasury futures for September delivery, the most traded contract, closed down 0.51per cent. The yi

SHANGHAI :Chinese government bond futures prices fell on Monday, tracking higher U.S. Treasury yield, while rising expectations of accelerating government bond issuance also weighed on sentiment.

Some traders attributed the falls in treasury futures prices to higher U.S. Treasury yields after strong U.S. nonfarm payrolls data on Friday. "Early reporting of special bond projects for 2022, higher-than-expected U.S. nonfarm payrolls, sharp rises in U.S. Treasury yield, and China's steadily slowing exports showed a set of contradictions and policy responses," said Ming Ming, head of fixed income at Citic Securities.

Traders said different approaches to prop up the economy could affect the bond market outlook, as fiscal easing meant rises in government bond supply, which would weigh on bond prices.

 

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