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China's currency defence takes toll on big banks, bond funds
Mint Ahmedabad
|February 26, 2025
China's strategy of defending its currency by choking local liquidity is sending ripples throughout the financial system, squeezing banks and fuelling losses at bond funds.
The People's Bank of China (PBOC) has drained cash through open market operations most days this month, supporting the yuan by making it more scarce. But that has had unintended consequences: Banks have hoarded cash rather than lend it to rivals, while debt funds have suffered losses as investors sell bonds to raise money. China's 10-year bond yield hit its highest level since December on Monday.
Cette histoire est tirée de l'édition February 26, 2025 de Mint Ahmedabad.
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