China MoF sells 63-day, 91-day and 50-year bonds

The exceptionally high bid-to-cover ratio on the 50-year tranche signals strong demand for long-duration risk-free assets, even as short-term yields sit near historic lows. This suggests investors are locking in yields ahead of potential rate moves, while the steep curve between 91-day and 50-year paper highlights a preference for duration. Whether this appetite persists will shape the government's ability to extend its debt maturity profile.