China 10-Year Government Bond Yield Hits All-Time Intraday Low of 1.581%

China's benchmark 10-year sovereign bond yield fell to an all-time intraday low of 1.581% in early trade on November 6, dropping roughly one basis point to mark the lowest level ever recorded for the on-the-run note. Bloomberg attributed the move to ample liquidity conditions in the market.

The record came alongside broader easing in Chinese financial conditions, with bank funding costs also touching record lows after the People's Bank of China shifted to the overnight repo rate as its primary policy anchor, a move markets interpreted as de facto easing. Yields on one-year negotiable certificates of deposit issued by top-rated Chinese lenders fell to 1.39% on the same day.