China State Banks Sold Government Bonds, Pulling Yields Higher
- Lenders sold notes in 100 million yuan batchs in the afternoon
- Ten-year yields rose after falling through 2.1% for first time
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China’s state banks sold government bonds in large batches, a move that helped to pull benchmark yields higher from record lows, according to traders.
The state banks offloaded 10-year sovereign notes in batches of 100 million yuan ($14 million), according to three traders onshore. The selling focused on bonds coded as “240011,” which were issued in May and are one of the most actively traded in the government debt market.