Although the scale of overseas institutions' reduction in Chinese bonds in June converged slightly, Treasury bonds were reduced by the largest scale since recorded.
According to Bloomberg, Bloomberg calculated based on the data announced by China Bond on Friday that the scale of Chinese government bonds at the end of June fell by about 55.9 billion yuan (RMB, Same as S $ 11.486 billion),A setting of the maximum reduction in data records in 2014, and at the same time, it was the longest to reduce holdings by five months.In terms of policy financial bonds, the positions of overseas institutions fell by 35.469 billion yuan, and the scale of reduction of holdings fell from the previous month.
Xing Zhaopeng, a senior Chinese strategist of Australia and New Bank, pointed out in an interview: "Overseas institutions reduced their holdings of Chinese Treasury in June, mainly because foreign asset management institutions were passively reducedIn the second half of this year, overseas institutions will follow the selling of global bonds to reduce holding Chinese Treasury bonds. This trend will continue to the top of the US dollar.
With the high global inflation in June, major countries are raising interest rates or preparing to raise interest rates.Bonds were sold.The phenomenon of spreads between China and the United States increased in mid -June. The spread of the 10 -year national debt was once inverted 70 basis points, setting a new low in 13 years. Since then, as the yield rate of the US bond fell, the spread of the spread was significantly narrowed.
Frances Cheung, the interest rate strategist of Overseas Chinese Bank, mentioned in an interview that because the nominal spread of China and the United States is still upside down, the inflow of Chinese bonds is unlikely to rebound. Considering that the future of global income may be less than that in the past few daysA month, the support brought by China's Treasury yield toughness is also weakening.
Although the monthly reduction of China's Treasury single -holding holdings has created a record, the pace of foreign capital's overall outflow of China's financial market is slowing down.According to the foreign exchange bureau's foreign -related receipt and payment data on Friday, the net outflow of funds under the securities item in June decreased significantly from the previous month.
From the perspective of the bond market, data released by the People's Bank of China on Thursday shows that in June, foreign institutions reduced their holdings of about 90 billion yuan in Chinese bonds, which was narrowed from the previous month from the 110 billion yuan in May.On the other hand, the northbound capital in the A -share market appeared in a net inflow last month, mainly due to the improvement of the epidemic situation. The Chinese economy is expected to enter the rebound trajectory.It is expected to stabilize.
