The PBOC’s bond trading operations were initially envisaged as a tool to limit declines in yields. But, alongside policy rate cuts, they are likely to be used to guide yields lower over the coming quarters as economic weakness and a diminishing tailwind from fiscal policy prompt further monetary easing.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services