China’s MOF Issues 10-Year Bond, 90 Billion Yuan at 1.6677%

The bid-to-cover of 4.90x signals very strong demand for the 10-year sovereign paper, with the marginal rate landing just above expectations. The gap between the issuance and marginal rates points to a modest tail, suggesting the cut-off was slightly stretched relative to the average awarded yield. For RWA and crypto markets, this is a reminder that Chinese government debt remains a deeply bid, low-yield anchor — and that the spread between sovereign yields and tokenized yield products is the open question worth watching.