China’s 10-year government bond yield slipped to around 1.76% on Monday, snapping a two-session gain, as stronger-than-expected trade data reinforced confidence in the economy ahead of a closely watched Trump-Xi meeting. Exports jumped 14.1% year-on-year to a record USD 359.44 billion in April 2026, beating market forecasts and markedly rising from March, supported by robust global demand tied to the AI investment boom, which helped offset disruptions from the closure of the Strait of Hormuz. Imports also climbed 25.3% to a new record high of USD 274.62 billion. Meanwhile, annual CPI came in above forecasts at 1.2% in April, while PPI rose for a second straight month to 2.8%. Market attention is now turning to the Trump-Xi meeting in Beijing later this week, where the two leaders are expected to discuss the Middle East conflict, Taiwan, and a potential framework for renewed trade negotiations between the world’s two largest economies.