China: 10Y Yield Hits Near 3-Week Low.

China’s 10-year government bond yield fell to around 1.85% on Thursday, marking a near three-week low as investors resumed market activity following the country’s “Super Golden Week” holiday. Travel activity surged to record levels, with an estimated 2.43 billion cross-regional passenger trips made over the period, averaging 304 million journeys per day. The extended break underscored resilient consumer demand and sustained economic momentum, reflecting China’s ongoing transition toward high-quality and sustainable growth. On the trade front, China tightened its rare earth export regulations, introducing new restrictions on processing technologies and prohibiting unauthorized international collaboration. The updated policy specifies that export licenses will likely be denied to foreign defense contractors and certain semiconductor manufacturers. Furthermore, Chinese enterprises are now barred from engaging in rare earth-related activities overseas without formal government approval.