Stand easy — or easier, at least. Ten basis points might not be the biggest one-day change for borrowing costs in China’s vast $7tn bond markets, but it was enough on Monday to push the country’s closely watched onshore repo rate back from an eight-month high. That offers a little breathing space for investors to ponder what next for the rising tensions in onshore bond markets. One point to look at is their own leverage as well as their fears for companies.
別緊張，或者至少稍微放鬆一點。在中國規模龐大的7兆美元的債券市場上，10個基點或許不是借貸成本最大的單日波動，但在本週一，這種波動卻足以讓中國受到密切關注的在岸回購利率從8個月高點回落。這爲投資者提供了少許喘息空間，讓他們能夠思考日益緊張的在岸債券市場接下來的走勢。現在需要考慮的一點是他們自己的槓桿以及他們對企業的擔憂。
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