Xinjiang issues 7-year general local bond at 1.47% yield, 3.113 bln yuan

The standout here is the 5.40x bid-to-cover on a 7-year general obligation, a signal that domestic demand for provincial credit remains deep even as the tenor extends. The tighter yields on the longer special bonds, down to 1.65% at the 10-year, suggest the curve is being anchored by policy rather than growth expectations. What matters for RWA and crypto markets is the contrast: onshore duration is being absorbed at low yields, while offshore tokenized yield products compete for the same marginal capital. Whether that spread persists is the open question.