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China’s 10-year government bond yield fell to around 1.73% on Thursday, nearing its lowest level in three weeks, after the People’s Bank of China announced plans to introduce overnight reverse repo operations, bolstering expectations of easier liquidity conditions. The PBOC said it will conduct overnight reverse repos on June 29–30, supplying fixed-rate overnight funding to better address short-term liquidity needs in the banking system. This new overnight tool will sit alongside the existing 7-day reverse repo rate of 1.4%, bringing the PBOC’s policy framework more in line with major global central banks. The announcement followed remarks by Governor Pan Gongsheng at the Lujiazui Forum, where he indicated the central bank would expand its overnight operations. Separately, China began marketing up to €5 billion ($5.7 billion) of euro-denominated sovereign bonds—potentially its largest euro issuance on record—with initial price guidance set at 15, 22, and 33 basis points over mid-swaps for the 5-, 8-, and 12-year tranches, respectively.
