China’s Finance Ministry Sells 91-Day and 182-Day Bonds Totaling 115 Billion Yuan

The detail that matters is the tail: both tranches cleared above expected yields, and the 182-day marginal ratio of 26.05 times signals unusually wide dispersion of bids at the cutoff, not simply weak demand. Strong bid-to-cover alongside a high marginal ratio suggests buyers are competing on price rather than on quantity, a pattern worth watching as a read on short-end liquidity appetite. Whether the elevated marginal ratios persist in subsequent short-tenor auctions is the open question.