China’s MOF issues 40B yuan 91-day and 60B yuan 182-day bonds

The marginal rates diverged in opposite directions from expectations — the 91-day came in slightly above, the 182-day notably below — which suggests demand was not uniform across the curve. Strong bid-to-cover on both lines indicates the auctions cleared comfortably, but the marginal ratios point to a thinner tail on the shorter tenor. For RWA and crypto markets, the read-through is indirect: the short end of the Chinese government curve is a benchmark for yuan funding costs, and its pricing informs how domestic liquidity conditions are evolving. Whether that divergence persists at the next auction is the open question.