Export-Import Bank of China Issues 10 Billion Yuan 1-Month Bond at 0.0000% Yield

A zero-percent yield on a short-dated policy bank bond is a striking signal of how much liquidity is chasing the safest yuan assets, and the bid-to-cover of 1.00 suggests the deal was placed rather than competitively bid. The read-through is less about this single maturity than about the broader demand backdrop for Chinese policy bank paper, which often serves as a pricing anchor for other issuers. Whether such compressed yields persist, or draw in more non-bank buyers, is the open question.