China’s plans to issue billions of dollars of government bonds before the end of the year could burst a “bubble” in the country’s treasury market, people close to the central bank have warned.
The warning follows frenzied buying that has driven up the prices of Chinese 10-year central government bonds, pushing yields below 2.2 per cent and leading the People’s Bank of China to caution that a sudden reversal could threaten financial stability.
Official data and state media reports indicate that as of July, the government had yet to issue just over half of its planned 2024 quota of local government and special central government ultra-long treasuries, with a total of about Rmb2.68tn ($376bn) still to come.
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