周二，中国10年期政府债券收益率跌至1.75%以下，达到9月初以来的最低水平，此前中国人民银行准备在中断数月后恢复主权债券交易。由于对避险资产的高需求，央行在1月份停止了运营，此前避险资产将收益率推至历史低点，但随着市场状况的稳定，央行正在重启公开市场交易，以支持流动性和有序的债务市场运作。分析人士表示，此举有望帮助平滑收益率曲线，稳定供需动态，加强北京在管理金融风险的同时保持稳定融资条件的更广泛努力。与此同时，对美中潜在贸易协议的乐观情绪抑制了收益率的下跌，因为官员们在韩国举行的Trump-Xi会议之前敲定了一个框架。市场也在等待即将发布的PMI数据，官方数据预计将于本周公布，私人调查将于下周公布。
China’s 10-year government bond yield dropped below 1.75% on Tuesday, reaching its lowest level since early September, after the People’s Bank of China prepared to resume sovereign bond trading after a months-long hiatus. The central bank had halted operations in January amid high demand for haven assets, which previously pushed yields to record lows, but with market conditions stabilizing, it is restarting open-market trading to support liquidity and orderly debt-market functioning. Analysts say the move is expected to help smooth the yield curve and stabilize supply-demand dynamics, reinforcing Beijing’s broader efforts to maintain stable funding conditions while managing financial risks. Meanwhile, optimism over a potential US–China trade deal tempered the decline in yields, as officials finalized a framework ahead of the Trump-Xi meeting in South Korea. Markets also await upcoming PMI releases, with official data expected this week and private surveys due next week.
