China's Bonds Extend Worst Streak of Weekly Declines Since 2013
- ING raises year-end yield forecast to 3.70% from 3.40%
- Weekly decline pares on Thursday and Friday amid injections
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China’s 10-year government bonds fell for a seventh week, building on the longest run of declines since 2013, amid concerns the nation’s deleveraging campaign will drive borrowing costs up further.
The yield on 10-year sovereign debt climbed eight basis points this week to close Friday at 3.65 percent, according to data compiled by Bloomberg. That’s the longest streak since the third quarter of 2013, when bonds tumbled after a cash crunch drove the benchmark money rate to a record high of 12.45 percent. The 10-year sovereign yield climbed to the highest level in two years on Wednesday.