Asia Insights Global Markets Research Rates - Asia ex-Japan China rates: Implications of the PBoC resuming bond trading A signal of bond market support but rates need not return to H2 2024 lows On 27 October, Governor Pan Gongsheng announced that the PBoC will resume government bond trading (source: Xinhua News). After the news came out, China swap rates rallied 3-5bp, with the curve marginally flattening, and 5-30y CGBs saw an even larger move of 5-6bp. While we believe there had been some expectation of t ...