China’s MOF issues 20B yuan 28-day and 35B yuan 91-day bonds

The marginal rate on the 28-day tranche landed above expectations while the 91-day came in below, a split that suggests demand was skewed toward the shorter tenor despite both auctions drawing strong bid-to-cover. That divergence matters for anyone tracking the front end of the yuan curve, since it hints at where cash is preferring to sit rather than a uniform appetite across maturities. Whether the short-end concession persists at the next auction is the open question.