China Exim Bank sells CNY12B 1-yr bond at 1.3337%

The below-expected pricing on a 1-year policy bank bond points to strong demand for short-dated Chinese paper, with the bid-to-cover ratio confirming breadth. This matters as it signals liquidity conditions in the onshore market remain supportive for issuers, potentially easing funding costs for policy banks. The open question is whether this demand persists across longer tenors, which would indicate a broader appetite rather than a preference for duration-hedged exposure.