China’s MOF Issues 2-Year and 7-Year Bonds Totaling 230 Billion Yuan

The standout here is the demand skew: the 7-year drew a bid-to-cover more than half again that of the 2-year, even as its marginal rate came in above expectations while the 2-year matched. That suggests the long end is where allocation appetite is concentrated, not the front end. For RWA and tokenized-treasury watchers, the relevant signal is the shape of sovereign demand rather than the absolute yield levels. Whether that long-end bid persists at subsequent auctions is the open question.