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China's 10-year government bond yield has risen to approximately 1.83%, recovering from a low point reached the previous month. This shift is largely attributed to the increased issuance of longer-term bonds, which has exerted pressure on the nation’s debt markets. Currently, bonds with maturities beyond 10 years make up around 31% of both central and local government debt; this marks a significant rise from 11.6% in 2018 and is the highest level seen in ten years. Nevertheless, the demand for these bonds is being limited by robust equity markets, anti-deflationary measures, and improving trade relations between the US and China. The focus of the market is shifting towards upcoming decisions on the one-year and five-year loan prime rates, following assurances from PBOC Deputy Governor Xuan Changneng that the central bank remains committed to maintaining moderately loose monetary policies to foster steady economic growth and ensure a stable financial market. Attention also turns towards the 19th session of the Standing Committee of the 14th National People’s Congress, scheduled to take place in Beijing from December 22 to 27.
