PBOC: Tax factors must be weighed when comparing Treasury, credit bond and loan rates

This is a technical but telling signal from the PBOC: it is pushing back on the common practice of comparing headline yields across asset classes without adjusting for China's tax exemption on Treasury interest, which distorts relative-value readings. The point matters most for domestic institutional and taxable investors who allocate across government bonds, credit and loans, and for analysts tracking the true spread between them. The open question is whether this framing precedes any change in the tax treatment itself or remains purely a methodological correction to how rates are interpreted.