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China's central bank is set to withdraw a net 200 billion yuan (S$37.3 billion) through its one-year medium-term lending facility in April, marking its first withdrawal since February 2025. This move aims to address a liquidity surplus in the financial system, following cash injections and weak credit demand. The central bank is balancing liquidity by reducing long-term funds while maintaining short-term stability. Consequently, yields on China's sovereign bonds have risen, reflecting the ongoing adjustments in the interbank market.

- The People's Bank of China is implementing measures to manage excess liquidity in its financial system by reducing the medium-term funding offered to banks.  
- It plans to withdraw 200 billion yuan through its one-year medium-term lending facility in April, marking the first such withdrawal since February 2025.  
- This action aims to balance liquidity, as weak loan demand has led to liquidity surplus, impacting interbank lending costs and driving down bond yields.

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Guotai SSE 5-Year China Treasury Note ETF

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Pengyang Chinabond 30-year Treasury Bond ETF

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China taps another tool to drain excess cash from market

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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

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Ping An CSI 5-10Y CGB ETF

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Fullgoal Chinabond 7-10 Year Policy Bank Bond ETF

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

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Penghua CSI 0-4 Year Local Government Bond ETF

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Xinjiang recently issued multiple local bonds, including 15-year general bonds, 7-year general bonds, 10-year and 15-year other special purpose bonds, a 20-year other special purpose bond, and a 7-year ordinary special purpose bond. The total issuance size reached 11.963 billion yuan, with offering rates ranging from 1.6800% to 2.3200%. Marginal multiples varied between 1.24x and 13.11x, reflecting strong market demand for these bonds

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The People's Bank of China expects that by the end of March 2026, the custodial balance of foreign institutions in China's bond market will reach RMB 3.2 trillion, accounting for 1.6% of the total market custodial balance. In the first quarter of 2026, the total issuance of panda bonds was RMB 842.4 billion, and 10 new foreign institutions entered the interbank bond market

China's Central Bank: As of end-March 2026, foreign institutions' custodial balance in China's bond market reached RMB 3.2 trillion

Treasury futures opened with the 30-year main contract up 0.09%, the 10-year main contract up 0.01%, the 5-year main contract up 0.02%, and the 2-year main contract up 0.02%

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On April 13th, demand for 30-year Treasury bonds surged, with funds flowing to the long end. Data shows that the yield on 30-year Treasury bonds fell to 2.31%, while the 10-year Treasury bond yield was 1.81%. Short-end rates generally rose, steepening the yield curve. Traders pointed out that funds are shifting from the medium-short end to the ultra-long end, with potential recovery space for 30-year Treasury bonds exceeding 20 basis points. Market risks need to be approached with caution

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Bosera SSE 30-Year China Treasury Bond ETF

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The entire market is scrambling for 30-year Treasury bonds, and there is still a potential recovery space of over 20 basis points at the ultra-long end

China's Ministry of Finance issued RMB 40 billion of 91-day bonds at an issue rate of 1.0375% and a marginal rate of 1.0819%, with a bid-to-cover ratio of 3.05 times; simultaneously issued RMB 175 billion of 7-year bonds at an issue rate of 1.6600% and a marginal rate of 1.6800%, with a bid-to-cover ratio of 3.42 times

Treasury futures opened, with the 30-year main contract rising 0.15%, the 10-year main contract rising 0.00%, the 5-year main contract rising 0.01%, and the 2-year main contract rising 0.01%

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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

VanEck China Bond ETF

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The Agricultural Development Bank issued a 5-year bond with a scale of 9 billion yuan, an issuance rate of 1.6844%, an expected rate of 1.6900%, a bid multiple of 1.91 times, and a marginal multiple of 2.26 times

Guotai SSE 10-Year China Treasury Note ETF

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China taps another tool to drain excess cash from market

China's Central Bank: As of end-March 2026, foreign institutions' custodial balance in China's bond market reached RMB 3.2 trillion

Treasury futures opened with the 30-year main contract up 0.09%, the 10-year main contract up 0.01%, the 5-year main contract up 0.02%, and the 2-year main contract up 0.02%