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12-28-2010, 04:13 PM #1
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China, ECB Gov't Bond Auctions Fail; Gold, Silver Soar
Tuesday, December 28, 2010 11:51 AM
China, ECB Gov't Bond Auctions Fail; Chinese Interbank Lending Rate Hits 5.67% vs. 3.68% Gov't Bills; ECB Monetizes Bond Purchases; Gold, Silver Soar
Gold and silver are up sharply with bank auction failures in China and Europe today. Interbank lending rates in China doubled in a week and hit a three-year high of 5.67% vs. the failed auction on 91-day securities yielding 3.68%. This was the Second China Failure This Month To Complete Bill Sale. http://noir.bloomberg.com/apps/news?pid ... 4jfbaaLt1Y
China’s government failed to draw enough demand at a bill sale for the second time in a month as seasonal demand for funds and higher reserve-requirement ratios left banks with less cash.
The finance ministry sold 16.76 billion yuan ($2.53 billion) of 91-day securities, falling short of the planned 20 billion yuan target, according to a statement on the website of Chinabond, the nation’s biggest debt-clearing house. The average winning yield was 3.68 percent, higher than the 3.22 percent rate for similar-maturity debt in the secondary market yesterday.
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