Treasury Bond ETFs Weakening on Foreign Demand Concerns

A Pacific Investment Management Co (PIMCO) sign is shown in Newport Beach, California August 4, 2015.

China has been diversifying its foreign exchange reserves investments, the source who declined to be named said, adding that China's investments in U.S. Treasuries are market-driven.

"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.

A Bloomberg News report claimed Wednesday that officials in China had recommended to the Peoples Bank of China and other state authorities that they slow down the pace at which they buy US Treasury bonds, or halt buying them altogether.

China owns nearly $1.2 trillion of US government debt, more than double the level from a decade ago, with most of the buildup coming as the nation boosted foreign-exchange reserves to help offset a strengthening yuan.

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"It is possible too that China wants to signal to its people that it will not keep financing the US when the U.S.is not treating China with respect", Mr. Setser said.

While the 5bp rise in the Treasury note yield was the principal move, 10-year yields were also up elsewhere.

An official at a major Japanese bank said the dollar attracted buying on dips after a sharp fall this week.

Pimco, a unit of German insurer Allianz SE, oversaw more than $1.69 trillion in assets under management as of September 30, 2017.

This week's bond wobble comes as President Donald Trump looks to balance its huge trade surplus with China, and as Washington loses patience with Beijing over its handling of the North Korea nuclear crisis. "This is likely a warning shot that can lead to a bit of volatility short term".

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Australian shares fell to their weakest level in over a week on Thursday, led by declines in the financial sector after Wall Street was pressured by a report that China may slow its buying of United States governments debt. "Is that a bear market? No".

Others are not so sure.

"It's entirely possible that China could take measure to rebalance their reserve as they have done in the past", Innes said. Gross revealed on Wednesday that his main fund had made a bearish bet on the bond market.

"It's certainly more of a hawkish tilt in the minutes", said Karl Schamotta, director of global product and market strategy at Cambridge Global Payments in Toronto. In an interview with Bloomberg, he said that there appears to be a "negative type of posture for bonds". Meanwhile, yields on benchmark 10-year Treasuries were now hovering around 2.55%, its highest level since March 2017.

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