China’s $2.2 trillion government bond market has been noticeably absent from a global rally this year
Yields on sovereign debt in the U.S.
, major European economies, and regional neighbors such as Australia, Japan, South Korea and Thailand have dropped to multiyear or record lows. Yet those on China’s bonds are roughly where they were at the start of the year. When yields decline, bond prices rise. The contrast marks a reversal from...
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