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The Chinese government bond yields rebounded Wednesday following optimism over the country’s economic growth, with the 10-year yields also hitting 5-week high. Further, investors remain keen to focus on a host of economic data scheduled for release next week, like fixed asset investment, gross domestic product, industrial production and retail sales, which will decide on the future course of movement in bonds market.
The yield on the benchmark 10-year bonds which moves inversely to its price rose over 1-1/2 basis points to 3.27 percent, the yield on the super-long 30-year bonds jumped nearly 3 basis points to 3.70 percent while the yields on the short-term 3-year bonds ticked down 2 basis points to 2.81 percent.
China's economy likely grew by a steady 6.7 percent in the fourth quarter, the same pace as in the previous three quarters, supported by higher government spending and record bank lending that has stoked concerns about debt risks, according to a Reuters poll of 62 economists.
We foresee that China is poised to abandon its 6.5 percent growth target sometime in the next two years as leaders push to contain asset bubbles and financial leverage. Lastly, China’s President Xi Jinping also confirmed in one of his meetings last month that the country may forego its 6.5 percent economic growth objective due to concerns about rising debt and an uncertain outlook for Asia’s largest economy.
Meanwhile, Shanghai Composite (SSEC) traded 0.14 percent higher at 3,113.01 and Shenzhen Composite (SZSE) Index fell 0.22 percent to 9,804.76 by 09:40 GMT, while at 9:00GMT, the FxWirePro's Hourly Yuan Strength Index remained neutral at -64.99 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
