随着离岸收益率跟随境内债市的上涨行情，中国在香港发售了多数期限收益率创历史新低的政府债券。
China sold government bonds in Hong Kong at record-low yields for most maturities, as offshore yields tracked a rally in the onshore debt market.
彭博社汇编的数据显示，中国财政部于周五发售了155亿元（合23亿美元）的票据，其中2年期、5年期和10年期证券的收益率跌至历史最低水平。3年期债务收益率跌至2011年以来的最低点。
The finance ministry sold 15.5 billion yuan ($2.3 billion) of notes Friday, with yields on the two-, five- and 10-year securities falling to all-time lows, data compiled by Bloomberg show. The yield on the three-year debt slipped to the lowest since 2011.
这些发行结果凸显出，随着中国债券收益率因货币宽松预期而下降且投资者需求依然强劲，北京以更低成本筹集离岸人民币资金的能力。此次发售还扩大了离岸主权债务规模，支持了北京深化海外人民币市场并推动该货币全球使用的努力。
The results underscore Beijing’s ability to raise offshore yuan funding at lower costs as Chinese bond yields decline on expectations for monetary easing and investor demand remains resilient. The sales also expand the pool of sovereign debt offshore, supporting Beijing’s push to deepen the overseas yuan market and promote the currency’s global use.
华侨银行外汇与利率策略主管张淑娴表示：“由于投资组合多元化，对人民币债券的需求强劲，同时一些投资者可能也更青睐外汇敞口。”
“Demand for RMB bonds is strong, for portfolio diversification, while some investors may also prefer the foreign-exchange exposure,” said Frances Cheung, head of foreign exchange and rates strategy at Oversea-Chinese Banking Corp.
离岸2年期、5年期和10年期债券的发行收益率分别为1.24%、1.38%和1.67%。3年期票据的定价为1.28%。整体投标倍数降至3.43，为2025年5月以来的最低水平。
Auction yields of the two-year, five-year and 10-year offshore bonds were 1.24%, 1.38% and 1.67%, respectively. The three-year notes were priced at 1.28%. The overall bid-to-cover ratio fell to 3.43, the lowest since May 2025.
中国还在周五于境内市场发售了长期债券。数据显示，在计入较小的发行规模后，30年期票据的投标倍数升至2007年有记录以来的最高水平。
China also sold long-dated bond in the onshore market on Friday. The bid-to-cover ratio of the 30-year notes rose to the highest level in data going back to 2007, the data showed, after accounting for the smaller offering amount.
在充裕的流动性和宽松政策预期的助推下，中国政府债券本月迎来上涨。彭博社汇编的数据显示，10年期收益率在10月份迄今已下跌约5个基点，有望创下4月以来的最大月度跌幅。
Chinese government bonds have rallied this month, aided by ample liquidity and hopes for easing policy. The 10-year yield has fallen around five basis points so far in October, set for the biggest monthly drop since April, data compiled by Bloomberg show.
由于中国人民银行于周五连续第三天在净基础上向市场注入资金，低融资成本支撑了这轮上涨。作为银行间市场融资成本关键指标的隔夜回购利率接近1.27%的多月低点。
The rally has been underpinned by low funding costs, as the People’s Bank of China injected cash into the market on a net basis for the third straight day on Friday. The overnight repurchase rate, a key gauge of funding costs in the interbank market, is near a multi-month low at 1.27%.
*瑞穗证券高级中国经济学家周雪表示：“鉴于近期金融市场的波动，这很可能是由避险需求驱动的。自中东冲突爆发以来，市场一直将人民币资产视为避险资产。最新拍卖再次印证了这一点。”
“This is most likely driven by safe-haven demand, given the recent volatility in financial markets,” said Serena Zhou, senior China economist at Mizuho Securities. “The market has been treating renminbi assets as a safe haven since the Middle East conflicts. The latest auction reaffirms this.”