Bond yields could be driven 'sharply' higher if China deploys the so-called 'nuclear option' in its escalating trade war with the U.S., a senior strategist told CNBC Tuesday.
China's President Xi Jinping sits with members of the Chinese delegation during a bilateral meeting with U.S. President Donald Trump at Trump's Mar-a-Lago estate in Palm Beach, Florida, April 7, 2017.Analysts have suggested that China selling all or most of its U.S. Treasury bonds would be a "self-destructive nuclear option" in the escalating trade war between the world's two largest economies.
"If that is now reversed, because China stops buying all those Treasurys, then bond yields can, I'm afraid, move up really sharply," he added. He also dismissed the possibility of China looking to swap Treasurys with other government notes, adding that there aren't enough "high-quality risk-free assets" on the market.
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