Pimco could add US Treasuries if market weakens further: Ivascyn

Bill Gross declares bond bear market as 10-year Treasury yield tops 2.55%

China denied on Thursday a report that it may slow or cease its purchases of US Treasury bonds, calling it a possible case of "fake news" after the dollar tumbled following the story.

Treasury prices fell, boosting yields.

China's foreign-exchange reserves of $3.1 trillion are the world's largest, though it wasn't clear whether the recommendations have been adopted.

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.

Meanwhile, the NZX 50 index closed 1.37 percent lower at 8,250.44; FxWirePro launches Absolute Return Managed Program.

"All of last year there was this fantastic correlation between US 10-year yields and dollar-yen and people put on what is known as pairs trades", said Greg Anderson, global head of FX strategy at BMO Capital Markets in NY.

Yao said there were two factors that could have any bearing on China to slow its purchase of United States debt.

On Tuesday, Bill Gross, the high-profile fixed-income investor, tweeted: "Bond bear market confirmed today".

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Buying Treasuries keeps the dollar stronger relative to the yuan, which has helped Chinese exports in the past.

"The flush of money is being met by a flush of supply, and that produces higher rates", he said, noting that central banks have injected $14 trillion of liquidity into the market over the past five years.

"We go into the year on the proviso that the while the dollar may have become a little oversold and due a moderate correction, we favour the dollar structural depreciation to extend", Jeremy Stretch, currency strategist at London-based CIBC Capital Markets, told the Reuters Global Markets Forum.

Those factors combined to push 10-year Treasury yields to their highest levels since March, and also pressured the dollar and stock markets.

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

The Chinese officials, who were not named, said the market for USA government bonds is becoming less attractive relative to other assets, according to the report.

But any attempts to use that power could hurt the dollar, damaging China's own U.S. holdings.

USA inflation data for December are due on Friday morning, with traders closely watching for hints (http://www.marketwatch.com/story/why-us-inflation-data-will-be-a-litmus-test-for-bond-buyers-2018-01-09) that consumer prices are picking up at a faster pace that could speed up the Federal Reserve's expected rate increases. The Fed is also expected to raise rates three times this year.

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