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Behind China's bond rout is a liquidity bind

The problem stems from the dominant role played by banks, which have less reason to make trades than money managers

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Mr Yi said China is determined to further open up its financial sector and it will cut red tape for yuan transactions. Economists say internationalisation of the currency hinges on foreign investors wanting to own assets denominated in yuan.

Beijing

US Treasury secretary once belittled the role of traders sitting in front of flickering green screens. But it turns out that China, for one, could use a lot more of them.

While in some respects China has made great strides developing a domestic bond market, a lack of

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