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China's Bond Issuance Declines Amid Tightening Supply

9/26/2025

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Summary

Story summary

China's government bond issuance is set to fall by year-end, with 16% of quota remaining.
10-year yield rose to 1.91% but could fall to 1.7% by year-end as supply tightens.
The People's Bank of China has not cut rates, keeping liquidity ahead of National Day. Economists anticipate modest fiscal measures despite a high deficit.

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Story summary

China's government bond issuance is set to fall by year-end, with 16% of quota remaining.
10-year yield rose to 1.91% but could fall to 1.7% by year-end as supply tightens.
The People's Bank of China has not cut rates, keeping liquidity ahead of National Day. Economists anticipate modest fiscal measures despite a high deficit.