Chinese bond yields steadied near three-year highs on Tuesday after the central bank injected cash into the banking system and eased concerns that a campaign to curb corporate debt will spur aggressive tightening.
Bond yields have risen in October as investors fear another round of regulatory tightening, after the China Banking Regulatory Commission imposed a series of macro-prudential rules this year to limit borrowing by banks, in what local media has dubbed a “regulatory windstorm”.
The prospect of further measures emerged again last week as Zhou Xiaochuan, governor of the People’s Bank of China, highlighted risks from rising indebtedness in comments during the Communist party congress that concluded in Beijing last week.
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