Tuesday July 17, 2007

China's finance ministry to soon issue US$200b in bonds

channelnewsasia.com :

China's finance ministry is expected to soon issue 1.55 trillion yuan (204 billion dollars) in bonds to fund its new forex investment agency, state media said Thursday [5 Jul 2007]. The first tranche is expected to total 500 billion yuan, with the remainder sold at an unspecified later date in two similar but separate batches, the China Business News reported. Stock market dealers said the report had impacted investor sentiment, with the Shanghai Composite tumbling 2.7% in morning trade on concerns of a liquidity crunch.

China had amassed more than 1.2 trillion dollars in foreign exchange reserves by the end of March, some 70 percent of which is thought to be in US dollar-denominated assets, typically in relatively low-yielding Treasury bonds.

- That's a masterful move to soak up the money floating around the Chinese stock markets.

(2007-07-17 12:55:36 SGT) [Biz] Permalink

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