The yields of 3Y, 5Y government bonds and policy bank bonds have all declined to a historical low, collectively reported below 2%.

On July 3rd, Jin Shi Data reported that the yield of 5Y Treasury Bond 240001 fell by 2.5 basis points to 1.9425%; the yield of 3Y Treasury Bond 240010 fell by 1.25 basis points to 1.7625%; the yield of 5Y National Development Bond 240203 fell by 2.5 basis points to 1.9925%; the yield of 3Y National Development Bond 230208 fell by 3 basis points to 1.9700%.