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担心G20紧张局势,国库券价格下跌

纽约(美联社) —国库券价格星期二下跌由于商人担心美国承受在星期四开始的20国家金融的峰会国际政府的压力。

在韩国聚集最高领导未预期温和对待美国。因为上星期通过美国美联储公告购买$600十亿美元债券牵扯抱怨来自主要出口国家包括中国以及德国。

美联储的计划,这目的旨在刺激美国的经济,也有潜在的更进一步降低美元相对于其他货币的价值。 其它国家争辩与那些欧元,日元或者其它主要的货币中的价格相比较美元会更便宜,疲软的的美元将在全球的市场将给美国商品一个不公平的优势。

在美元上的压力也引起债券市场不安因为以美元定价的资产价值减少,这可能撤销外国的对于美国国库券的吸引。 中国,日本和韩国是国库券的主要的购买者。

“问题是从贸易角度世界将容忍到什么程度,”约翰斯皮内洛说,在杰弗里斯公司债券战略家。 “一较多的关注是是否外国人停止购买,由较低的美元。”

星期二稍早,政府出售在百分比2.63投资收益的新10年债券$240亿美元。尽管竞买的结果优良的,国库券价格明显地降低。

10年中期国库券 投资收益在星期一晚些时候上升,从百分之2.56到百分之2.66。 其价格从$99.66下降到93.8分。 当他们的价格落下时,债券投资收益上升。

另外一个使债券市场承压的因素是美联储决定买入目标在成熟的短期债券在二以及十年之间。 自从上星期宣布以来,长期的30年债券直线的落下。

30年长期国库券投资收益上升百分之4.24,自从6月10日最高的水平,到上星期二其交易水平在百分之4之上,就在美联储宣布其债券购买计划之前。 其价格落下$2.06到$93.69。

政府也预定在星期三出售新30年债券$160亿美元。 除了美联储作为一个主要的购买者,人们想知道多少需求新的债券。市场有许多供给将不需要美联储大量购买,约翰布里格斯说,苏格兰皇家证券市场战略家。

增加所有的市场压力报导中国信贷机构,大公国际资信评估有限公司,降低其美国等级从AA到A+。 在正常的情况下,市场在国际范围内将趋向于忽略不是诸如穆迪或标准普尔主要参与者著名的信贷机构的等级。 然而降级的时机在20过会议之前看作是另外一个迹象中国对于美联储的行动不满。

“你能把其看做是中国一个信号,其关注美国的政策,”杰弗里斯斯皮内洛说。 斯皮内洛注意到机构尚未在过去应允到美国债务到其最高的AAA等级。

两年中期国库券投资收益在星期一晚些时候从百分比0.41上升到百分之0.45,投资收益在5年期的从百分之1.12到百分之1.25。

在三月短期国库券上的投资收益百分之0.12是不变的。 其贴现是百分之0.13。


 
Treasury prices fall on worries over G20 tensions

NEW YORK (AP) -- Treasury prices fell Tuesday as traders worried about pressure on the U.S. from international governments at a financial summit starting Thursday of the Group of 20 nations.

The gathering of top leaders in South Korea is not expected to go easy on the U.S. That's because last week's announcement by the U.S. Federal Reserve to buy $600 billion of bonds has drawn complaints from major exporting nations including China and Germany.

The Fed's plan, which is aimed at stimulating the U.S. economy, also has the potential of further driving down the dollar's value against other currencies. Other nations argue that the weaker dollar would give U.S. goods an unfair advantage in global markets by making them cheaper compared with those priced in euro, yen or other major currencies.

The pressure on the dollar has also caused unease in the bond market because it reduces the value of assets priced in dollars, which could quash foreign appetite for U.S. Treasurys. China, Japan and South Korea are major buyers of Treasurys.

"There are questions over what the world will tolerate from a trade perspective," said John Spinello, bond strategist at Jefferies & Co. "A bigger concern is whether the foreigners cease to buy, driven by the lower dollar."

Earlier Tuesday, the government sold $24 billion of new 10-year bonds at a yield of 2.63 percent. Despite the strong results from the auction, Treasury prices were broadly lower.

The yield on the 10-year Treasury note rose to 2.66 percent from 2.56 percent late Monday. Its price fell 93.8 cents to $99.66. Bond yields rise when their prices fall.

Another factor that has weighed on the bond market was the Federal Reserve's decision to target its buying on shorter-dated bonds maturing between two and ten years. Since the announcement last week, the longer-dated 30-year bond has fallen sharply.

The yield on the 30-year Treasury bond rose to 4.24 percent, its highest level since June 10 and well above the 4 percent level it was trading at last Tuesday, just before the Fed announced its bond-buying program. Its price fell $2.06 to $93.69.

The government is also scheduled to sell $16 billion of new 30-year bonds on Wednesday. Without the Fed as a major buyer, people are wondering how much demand there will be for the new bonds. It's a lot of supply in a market that won't have a large Fed purchase, said John Briggs, market strategist at RBS Securities.

Adding to all the stress in the market was news that a credit agency in China, Dagong Global Credit Rating Co., lowered its rating for the U.S. to A+ from AA. Under normal circumstances the market would tend to ignore ratings from an agency that is not as well-known in international circles such as major players like Moody's or Standard & Poor's. However the timing of the downgrade right before the G20 meeting is viewed as another indication of China's displeasure over the Fed's action.

"You can look at it as a signal from China that it is concerned about U.S. policy," said Spinello from Jefferies. Spinello noted that the agency had not granted its top AAA rating to United States debt in the past.

The yield on the two-year Treasury note rose to 0.45 percent from 0.41 percent late Monday, and the yield on the five-year note rose to 1.25 percent from 1.12 percent.

The yield on the three-month Treasury bill was unchanged at 0.12 percent. Its discount was 0.13 percent.

 


 

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