-- China’s junk dollar bonds are rallying to their highest level in three years amid government efforts to shore up the bruised property sector.US Inflation Ebbs for First Time in Six Months in Relief for FedThe average price of Chinese high-yield dollar bonds has jumped 2.1 cents so far this week and is set for the biggest weekly advance in seven months. Prices have risen to 85.5 cents, the highest since September 2021, according to a Bloomberg index.
Across China’s major cities, local governments are putting together efforts to loosen home purchase rules. Xi’an, the capital of Shaanxi province, and Zhejiang province’s capital of Hangzhou both scrapped all their remaining curbs on residential property purchases last week. Despite the rise in junk-bond prices among some property developers, a large portion of the market is deeply distressed. Dollar notes of defaulted builders such as Country Garden Holdings and China Evergrande Group, which have been removed from the Bloomberg index, are still trading below 10 cents on the dollar.Billionaire Bill Ackman Holds Only 8 Stocks in His Portfolio — Should You Buy Them?
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