China’s bond yields have fallen to record lows as investors respond to deflationary forces in the world’s second-largest economy and shrug off repeated warnings from the central bank that a bubble is forming in the sovereign bond market.
The yield on the 10-year bond, which moves inversely to prices, fell to 2.13 per cent on Thursday while 30-year note yields also dropped to 2.37 per cent.
Investors have been defying warnings from the People’s Bank of China that the frenzied buying risks creating a Silicon Valley Bank style banking crisis. Last month the central bank revealed its readiness to intervene in the market for the first time in decades to prevent a sharp fall in long-term yields.
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