/PRNewswire/ The Citizens Energy Congress, will take place virtually on Tuesday 15th and Wednesday 16th June 2021. A unique energy industry event, it is.
China Is Digging Deep Into Its Currency Toolkit to Manage Yuan
Jun 02 2021, 3:33 AM
June 01 2021, 2:29 PM
June 02 2021, 3:33 AM
(Bloomberg) As Chinaâs central bank pulls back from direct intervention in its currency market, officials are reverting to old tools to manage the yuan.
(Bloomberg) As Chinaâs central bank pulls back from direct intervention in its currency market, officials are reverting to old tools to manage the yuan.
The Peopleâs Bank of China on Monday said the countryâs lenders will need to hold more foreign currencies in reserve, a move that will reduce the supply of the dollar onshore. Officials have pulled on multiple levers to influence the yuan since October, when China cut the cost of shorting the currency to zero and removed a key factor used by banks to calculate the daily reference rate. The government has also relaxed capital curbs to allow more outflows and asked financial institutions to limit their offshore financing.
By Florence ChongJune 2021 (Magazine)
It is tantalising to imagine the concept – that the standard global fixed-income portfolio, which has stood the test of time for so long, may be about to unravel. The standard bearers – US Treasuries, the UK Gilts, German Bunds and Japanese government bonds (JGBs) – may soon have to share the stage with a brash newcomer: Chinese government bonds (CGBs).
The Chinese government bond market is expected to overtake the US within a few years
China’s 10-year bonds are yielding around 3%, compared with zero or negative rates in other developed countries
In a year in which the performance of developed-market bonds has floundered, much rethinking is going on. Proactive chief investment officers of global pension funds, together with other institutional investors, want diversification, better returns and, frankly, ‘safer’ assets in their portfolio.
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