China’s 10-year government bond yield fell to around 1.58%, hitting an all-time low as safe-haven demand strengthened amid a sharp selloff in equities and a recent shift in the policy rate. Chinese stocks came under renewed pressure, led by a significant technology-sector selloff, as growing concerns over potential regulatory headwinds for the AI and data center industries weighed on sentiment. Meanwhile, the PBOC has accelerated its interest rate reform, placing greater emphasis on the overnight policy rate from early November and setting it at 1.25%, below the previous seven-day benchmark of 1.4%. The 30-year government bond yield also fell by around 1 basis point to 2.03%. Looking ahead, analysts expect yields to face further downward pressure, supported by lower funding costs and persistently weak domestic demand.