ICBCCSOP CGPB

I.CENTURY HLDG

KOS TALENT GP

RIVERINE CHINA

NEW AMANTE

AEC GROUP

DIGIT HOLLYWOOD

C&N HOLDINGS

ZXZN QI-HOUSE

XL2CSOPHYNIX

RICI HEALTH

02817

02829

511130

03199

Treasury futures closed with the 30-year main contract down 0.50%, the 10-year main contract down 0.04%, and both the 5-year and 2-year main contracts up 0.01%

Wallstreetcn

PP CGBOND

ISHARESCGB

Bosera SSE 30-Year China Treasury Bond ETF

511090

09829

China's 30-year treasury bond futures main contract continued to decline in the afternoon, falling approximately 0.4%

Pengyang Chinabond 30-year Treasury Bond ETF

ISHARESCGB-U

511020

09177

82817

511010

511580

83199

159816

China Development Bank issued a 3-year bond with a size of 5 billion yuan at an interest rate of 1.4900%, compared to an expected rate of 1.4800% and a bid multiple of 4.08 times; it also issued a 7-year bond with a size of 2 billion yuan at an interest rate of 1.6945%, compared to an expected rate of 1.7100% and a bid multiple of 6.02 times

Ping An CSI 5-10Y CGB ETF

PP CGBOND HDG-U

PP CGBOND-R

PP CGBOND-U

Guotai SSE 5-Year China Treasury Note ETF

Fullgoal Chinabond 7-10 Year Policy Bank Bond ETF

China Merchants CSI Treasury and Policy Bank Bond 0-3 Years ETF

GX CN PB BOND

ICBCCSOP CGPB-R

Penghua CSI 0-4 Year Local Government Bond ETF

SPIB

IGSB

GOVT

CBON

The 10-year treasury yield has decisively broken below 1.75%, while extremely loose liquidity conditions combined with a shortage of assets have driven the bond market to rise for three consecutive weeks. However, Huatai Securities and Zhongyou Securities have issued joint warnings: a structure dominated by mutual fund trading desks 'lifting each other up' hides underlying fragility; the central bank's stance remains a sword of Damocles overhead; the 'smoothest phase' may be nearing its end; those who missed the rally chasing the uptrend can only prolong the duration but cannot alter the medium-term risk landscape

- The 10-year government bond yield has dropped below 1.75%, while the 30-year yield nears 2.25%, reflecting strong market conditions driven by excess liquidity and the demand for assets.  
- Recent reports from Huatai Securities and Zhongyou Securities warn that although risks remain controllable in the short term, the market's most favorable phase is nearing an end, with emerging mid-term risks.  
- Key drivers of the current market include sustained liquidity conditions, net inflows into bond funds, the clarity of ultra-long-term treasury bond issuance, and a downward adjustment in bill rates, indicating overall weak credit demand.

SPDR Intermed Term

iShares Trust iShares 1-5 Year Invest Grade Corp Bond ETF

iShares barclays 20+ Yr Treasury Bd

Vanguard Intermediate Term Bd

ISHRS Us Trsry Bd

State Street Corp.

iShares iBoxx  Invt

iShares Barclays Short Treasury

Vanguard Short Term Bd

Vanguard Long Term Bd

iShares 7-10 Year Treasury Bond ETF

Schwab 5-10 Year Corp Bond ETF

SPDR Bloomberg 1-3 Month T-Bill ETF

VanEck China Bond ETF

After Breaking Key Levels, Where is the Bond Market Heading

83192

83122

83161

03420

03192

03161

03122

Recently, the Ministry of Finance plans to issue RMB 15.5 billion in government bonds in Hong Kong, marking the expansion of the offshore market in Hong Kong. Despite the high borrowing costs, this move aims to expand the asset pool of offshore RMB and address the investment needs of offshore RMB holders. Since 2018, offshore RMB deposits and related assets in Hong Kong have grown rapidly, indicating that this trend may continue

腾讯新闻 - 财经

A BOS RMB MM-R

A CSOP RMB MM-R

A CAM RMB MM-R

A VP RMB MM

A BOS RMB MM

A CAM RMB MM

A CSOP RMB MM

BABA-W

Alibaba

TENCENT

Tencent

JPMorgan Chase

Nestlé S.A.

Nestlé

BABA-WR

Alibaba HK SDR 5to1

TENCENT-R

Tencent HK SDR 10to1

Tencent Holdings Limited

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

New situation! Pay more attention to RMB opportunities in Hong Kong

According to a Ministry of Finance announcement, the second tranche of 2026 RMB government bonds will be issued in Hong Kong on April 22 with an Issue Size of 15.5 billion yuan. This will exceed the 14 billion yuan Issue Size in February this year, marking the largest dim sum bond issuance by the Ministry since October 2023

- The Chinese Ministry of Finance plans to issue its largest offshore RMB sovereign bond in over two years, totaling 15.5 billion RMB, on April 22 in Hong Kong.  
- This move is seen as a significant signal for the acceleration of RMB internationalization, providing global investors with more RMB-denominated asset options.  
- The increase in issuance reflects strong local demand and ample liquidity in the offshore RMB market, aligning with China's goal to enhance market trading and RMB pricing capabilities.

Largest Issue Size Since 2023: Ministry of Finance to Issue 15.5 Billion RMB Government Bonds in Hong Kong

82829

China’s 10-year government bond yield fell to around 1.80%, its lowest in over a month, as investors sought safer assets after failed US–Iran peace talks and President Trump’s naval blockade announcement. Amid the Middle East tensions, Chinese bonds are seen as a safe haven, bolstered by energy resilience and policy support. The yield has only risen about 3 bps recently, contrasting with larger gains in US and European bonds. Investors are now awaiting significant economic data, including trade figures and GDP.

Trading Economics

ISHARESCGB-R

China 10Y Yield Hits Over 1-Month Low

There are three main reasons why international institutions are focusing their investment attention on Chinese government bonds: First, amid global bond market turbulence, Chinese government bonds have shown robust performance, becoming a "stabilizer" in the market; second, the Chinese bond market has a stable policy environment that supports economic growth and financial market stability; finally, the acceleration of the internationalization of the renminbi has increased international investors' demand for renminbi assets, enhancing the attractiveness of Chinese government bonds

Why International Institutions Are Focusing Their Investment Attention on Chinese Government Bonds

Hubei Province recently issued various maturities of local bonds, including 5-year general bonds, 10-year and 15-year other special bonds, 20-year and 30-year other special bonds, as well as 10-year ordinary special bonds. The issuance scale ranges from 739 million yuan to 15.178 billion yuan, with issuance rates between 1.61% and 2.56%, and the marginal multiples vary, reaching a maximum of 13.49 times

SGOV

Mainland China issued the first two phases of 2026 savings bonds on the 10th, with a maximum issuance amount of 15 billion yuan each. The bonds are divided into three-year and five-year terms, with interest rates of 1.63% and 1.7%, respectively. The minimum purchase point for individuals is 100 yuan, with a maximum purchase limit of 1 million yuan for each. Early redemption requires holding for more than six months and will result in the loss of interest

AASTOCKS

iShares 0-3 Month Treasury Bond ETF

Mainland issues the first two batches of savings treasury bonds this year, with a maximum issuance amount of 15 billion RMB each

ICBCCSOP CGPB(03199.HK)

Treasury futures closed with the 30-year main contract down 0.50%, the 10-year main contract down 0.04%, and both the 5-year and 2-year main contracts up 0.01%

China's 30-year treasury bond futures main contract continued to decline in the afternoon, falling approximately 0.4%

After Breaking Key Levels, Where is the Bond Market Heading

New situation! Pay more attention to RMB opportunities in Hong Kong