China’s Ministry of Finance sold one-year treasury bonds at a yield of 1.1922%. The result falls squarely within secondary market pricing for similar bonds, with one-year government bond yields recently fluctuating between 1.19% and 1.25%. Compared to a January 2026 auction that set a coupon rate of 1.22%, the latest result represents a modest decline in yield. These sub-1.2% yields reflect the People’s Bank of China maintaining substantial liquidity in the financial system as part of its ongoing economic stimulus efforts.
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