China’s central bank arms itself for rare bond market intervention

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The story "China’s central bank arms itself for rare bond market intervention" was covered 1 weeks ago by Financial Times, a news publisher based in United States.

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Financial Times 1w ago

China’s central bank arms itself for rare bond market intervention - Financial Times

Quick Summary:

The central bank fears that eager buyers such as regional banks may be storing up trouble if yields rebound abruptly and the value of their holdings drops, creating the potential for a crisis similar to the collapse of Silicon Valley Bank last year.

A further complication is a tug of war between the PBoC and the finance ministry, for which lower yields mean it can issue bonds at a lower cost, said a finance industry researcher at a state think-tank.

For some analysts, China’s revival of bond market intervention — its last meaningful purchase was in 2007 — is sensible at a time when other instruments to influence the financial system are proving less effective.