China 10-Year Treasury Yield Hits Record Low 1.5790%

The move is notable less for its size than for its shape: the long end rallied harder than the benchmark, with the 30-year futures contract extending gains, which points to duration demand rather than a simple policy-driven repricing at the front. Record-low yields on sovereign paper matter beyond the bond market because they set the discount rate against which domestic risk assets, including tokenized and other yield-bearing RWA products, get benchmarked. The open question is whether this compression reflects durable growth expectations or a defensive bid that keeps flattening the curve.