China : Country denies report it could halt USA bond purchases

USD/JPY: Bank of Japan's Yield Curve Control Could Weigh

"If China was to reduce their involvement in buying USA government debt, it would have a significant impact on interest rates, which is why I think we're seeing our banks lead the market lower today", said Christopher Conway, head of research and trading at Australian Stock Report.

Some investors said that the market could take the China news in its stride considering the nation's net purchases of Treasuries have already slowed "significantly".

China's foreign exchange reserves - the world's largest - rose to US$3.14tn in December.

"We are far more inclined to see a move by SAFE, if confirmed, as a conventional investment decision", Eurasia Group said.

It is possible that comments from the unnamed sources cited by Bloomberg and other outlets are connected to an ongoing trade dispute between the USA and China.

"Gold traders confirm that it was because the Government announced in advance that it was planning to sell such a large quantity of gold that the markets became depressed", The Telegraph reported then-shadow secretary to the Treasury Philip Hammond as saying in 2009. "I don't think that's worked out so poorly for the U.S".

The officials recommended that the nation closely watch factors such as the outlook for supply of USA government debt, along with political developments including trade disputes between the world's two biggest economies when deciding whether to cut some Treasury holdings, the people said.

He added that a "politically induced" sell-off of Treasuries would threaten global economic growth, which would be bad news for China and its big export industry.

But in practice, the People's Bank of China has fewer choices over the size of its foreign exchange purchases than is assumed by many, says research company Capital Economics.

Treasury holdings
Stock Rally Tested by Rise in Yields; Yen Climbs: Markets Wrap

The Canadian dollar held steady at C$1.2553 per USA dollar.

Later that month, Hu Xiaolian, director of China's SAFE, said Treasuries form "an important element of China's investment strategy for its foreign-currency reserves". The session high for the global benchmark was US$69.37, highest since May 2015.

BMO suggests buying 10-year Treasuries if yields climb to 2.6%.

Some market experts speculate that China might want to send a message to President Trump over trade.

Coming into this year, strategists at Wells Fargo and some other banks were expecting China's Treasuries buying to ebb as they predicted stability in the yuan after a 2017 rally.

Brent has gained 5 percent since the beginning of the year, picking up from its late-year surge.

US Treasuries later pared some of their losses and the 10-year yield stood at 2.555 per cent in early Asian trade.

United States dollars under pressure Vs JPY after the Bank of Japan (BOJ) moved to trim its long-dated government bond purchases this week, was on track to post its biggest 1-day drop Vs JPY in 7 weeks.

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