China’s MOF Issues 2-Year and 10-Year Bonds Totaling 200 Billion Yuan

The striking detail is the gap in demand: the 10-year drew a bid-to-cover ratio more than double the 2-year's, even though it priced at a higher yield. That suggests the marginal bid is reaching for duration rather than parking in the front end, a configuration consistent with expectations of easing ahead. The practical read-across is for yuan rates and the relative appeal of Chinese government paper versus offshore alternatives. Whether that long-end demand persists through the next issuance is the open question.