China 10Y Yield Remains Subdued
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China’s 10-year government bond yield remained around 1.8%, close to six-week lows, as investors reacted to mixed PMI readings. A private survey indicated faster factory expansion, while an official survey showed unexpected contractions in manufacturing and services. Demand for local government bonds is high, driven by banks increasing purchases amid record liquidity from the People’s Bank of China. This shift aims to cool the equity market rally, with regulatory changes easing interest-rate risk measures to align with global standards.
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