China’s 10-year government bond yield fell to around 1.79% on Wednesday, its lowest level in nearly three weeks, as investors assessed a mixed batch of PMI data while closely monitoring key political meetings in Beijing. Official figures showed the composite PMI slipped to a more than three-year low of 49.5 in February 2026, dragged down by both manufacturing (49 vs 49.3) and services (49.5 vs 49.4) activity. In contrast, a private survey showed the composite PMI climbed to a near three-year high of 55.4, mainly due to continued growth in both manufacturing (52.1 vs 50.3) and services (56.7 vs 52.3). Meanwhile, investors are also focused on the annual “Two Sessions” meetings taking place this week in Beijing. The gatherings, formally the National People’s Congress and the Chinese People’s Political Consultative Conference, run in parallel and typically set the tone for economic, technology, and defense policy, while also releasing the 15th Five-Year Plan for 2026–2030.