World stock markets saw their positive start to 2010 threatened yesterday as lingering uncertainty about the global recovery and central bank policy came to the fore.
China helped trigger a bout of nerves as its central bank unexpectedly sold three-month bills at a higher yield for the first time in almost five months, indicating a significant step-up in policy tightening.
“This move is a deliberate one and suggests that Chinese policymakers are beginning to make good on promises to use policy to ensure that domestic monetary conditions do not lead to overly problematic asset bubbles, while still providing an overall stimulatory environment,” said Sacha Tihanyi at Scotia Capital.
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