Global Bonds Face "Sell-Off Wave," Chinese Bonds Highlight Safe-Haven Properties

Middle East geopolitical conflicts continue, pushing the global bond market into the "eye of the storm." The yield on 10-year U.S. Treasury Notes has risen to an almost 8-month high, the yield on 10-year Australian Treasury Notes has climbed to its highest level since 2011, and New Zealand government bond yields have touched a new high since May 2024... In recent days, global bond markets have experienced violent fluctuations, with government bonds in multiple countries facing fierce sell-offs. In contrast, Chinese government bond yields have shown mild volatility, further highlighting their safe-haven attribute. On March 23, the yield on 10-year Chinese Treasury Notes was running around 1.84%, only a slight increase from the level of about 1.80% at the end of February, maintaining low volatility overall. Bloomberg data as of March 13 shows that since the beginning of the year, only a few government bonds globally have achieved positive total returns, including those from China and Malaysia. (Shanghai Securities News)