Chinese central bank’s move to cool bond rally may fall flat, analysts say

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Chinese central bank’s move to cool bond rally may fall flat, analysts say - SCMP

Quick Summary:

The PBOC’s efforts to defend declining bond yields will have little long-term impact, as investors are still pessimistic about the country’s economic recovery, analysts say.

Nomura economists said that the official interest rate corridor, or the range between the rates on the excess reserves and the standing lending facility, is “simply too wide to be meaningful”.

Goldman Sachs said in a note on Sunday that it was puzzling that the PBOC thinks long-term bond yields should be higher given the weak domestic demand, downbeat consumer and business sentiment and non-existent inflation.