Taiwan's 10-year bonds rose, sending the yield to its least in almost three weeks, after the Ministry of Finance said it would reduce its debt sales next quarter and the New Taiwan dollar snapped four days of gains.
The government plans to sell between NT$80 billion (US$2.4 billion) and NT$90 billion of bonds in the three months to Sept. 30, the finance ministry said on Saturday in a statement on its Web site. That's less than the NT$110 billion the government sold in the July-to-September period last year.
"The bond sale plan is positive news for the market," said George Pu, a bond trader at President Securities Corp (統一證券). "Bonds available in the market will decrease."
The yield on the benchmark 1 7/8 percent bond maturing March 2017 declined 7.4 basis points, or 0.074 percentage points, to close at 2.405 percent, the lowest since June 6, GRETAI Securities Market data showed.
Its price climbed 0.6201, or NT$620.1 per NT$100,000 face amount, to 95.4515. Bond yields move inversely to prices.
The NT dollar weakened on speculation a four-day, 1.2 percent gain, which on Saturday sent it to the highest since Jan. 11, was too fast. The currency advanced last week partly because the central bank lifted interest rates.
"The Taiwan dollar may stay steady as the central bank increased rates and also has showed quite a strong determination to halt the currency's declines," said Osamu Takashima, chief analyst of the global markets sales and trading division at Bank of Tokyo-Mitsubishi UFJ Ltd in Tokyo. The NT dollar closed NT$0.029 down at NT$32.765 on the Taipei Forex Inc yesterday.
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