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The Chinese sovereign bonds plunged Tuesday after recent data showed that the world’s second-largest economy’s trade surplus expanded in October. Also, investors now await the consumer and producer inflation data, which is scheduled to be released on November 9.
The yield on the benchmark 10-year bonds, which moves inversely to its price, rose 1 basis point to 2.769 percent, the long-term 30-year bond yield climbed 2-1/2 basis points to 3.200 percent and the yield on the short-term 3-year bonds gained 1-1/2 basis points to 2.374 percent.
China trade surplus widened to USD49.1 billion in October from USD42 billion in September; estimates were for USD 51.7 billion. China imports fell by 1.4 percent y/y in October in USD terms after recording 1.9 percent y/y decline in September; estimates were for -1.0 percent y/y, while China exports declined by 7.3 percent y/y in October in USD terms after -10.0 percent y/y in September; estimates were for -6.0 percent y/y.
Investors remain keen to focus on the upcoming October inflation data, where annual consumer inflation is widely expected to increase 2.1 percent from previous 1.9 percent. Also, annual producer inflation is anticipated to gain 0.8 percent in October, as compared to previous 0.1 percent.
Meanwhile, People's Bank of China sets the USD/CNY reference rate at 6.7817, 0.14 percent weaker than 6.7725 yesterday and injects 40 billion yuan through reverse repos, including 10 billion yuan through 14-day and 28-day reverse repos.
The China's blue-chip CSI300 index rose 0.33 percent to 3,367.52 points at the end of the morning session and the Shanghai Composite Index climbed 0.31 percent to 3,143.10 points.
