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Bond Yields Hit 11-Month Low on Yuan Gain, Europe: China Credit

Oct. 12 (Bloomberg) -- China’s government bond yields are trading at an 11-month low, signaling concern Europe’s sovereign debt crisis is worsening and a stronger yuan will further slow the world’s second-largest economy.

The yields on 10-year bonds dropped 27 basis points in the past month to 3.78 percent, the lowest since November 2010, as those for similar-maturity debt in the U.S., Russia and India climbed. Sovereign assets are being favored over corporate securities, with investors demanding a record 236 basis points more to hold Chinese company debt over government notes.

Wing Kwai Trading Co., which makes sandals targeted at the U.S. market, and J-Star Manufacturing Co., a glassware maker, say a combination of cooling global demand, rising wage costs and the yuan’s 3.6 percent advance in 2011 are hurting orders. A report due tomorrow will probably show gains in overseas sales slowed, while data due on Oct. 18 may indicate the weakest economic growth since the third quarter of 2009.

“Investors are looking for a safe haven and are putting all their money into the bond market,” said Frances Cheung, a senior strategist at Credit Agricole CIB in Hong Kong. “Investors have become very bearish, too bearish, about China’s economy and are pricing in a hard landing.”

China’s government issued statements today protesting against the U.S. Senate passing a bill aimed at forcing gains in the yuan. The central bank said that the currency is at a “reasonable” level. The yuan traded at 6.3821 per dollar as of 1:11 p.m., slipping from a 17-year high reached yesterday.

Bond Rally

Yields on 10-year yuan-denominated bonds dropped one basis point, or 0.01 percentage point, to 3.762 percent yesterday. The decline over the past month compared with a 25 basis-point jump for similar-maturity Treasuries, an 83 basis-point increase for Russian debt and a 41 basis-point gain in yields on Indian notes. The finance ministry sold 30 billion yuan ($4.7 billion) of seven-year bonds at an average yield of 3.65 percent today.

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