The yield on major interbank interest rate bonds declined rapidly. The yield on the 30-year treasury bond “26 ultra-long special treasury bond 04” fell 1.3 bp to 2.0370%, a new low since August 26, 2025; the 10-year treasury bond “26 interest-bearing treasury bond 16” yield fell 0.85 bp to 1.58%, a record low compared to the Chinese bond valuation.

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