China’s Finance Ministry issues 91-day and 7-year bonds totaling 180 billion yuan

The tell here is in the tails: both tranches cleared above expected yields at the margin, with the 91-day pricing notably softer than the 7-year relative to expectations. Strong bid-to-cover on the longer paper suggests demand is concentrated at the duration end even as short-dated clearing weakens, a mix worth watching as a signal on near-term liquidity preference versus duration appetite. Whether that short-end softness persists into subsequent auctions is the open question.