China’s 10-year government bond yield rose further to 1.88% on Tuesday, reaching its highest level since early April, boosted by optimism over Sino-US trade negotiations. President Trump said talks in Spain were progressing well, though they were overshadowed by Treasury Secretary Scott Bessent’s announcement of a framework deal on TikTok’s divestment, with commercial terms already settled. Trump and President Xi are set to speak on Friday to discuss the agreement. However, China criticized a US proposal for steep tariffs on Chinese goods linked to Russian oil, calling it “unilateral bullying” but reaffirming its preference for dialogue. Meanwhile, Tencent Holdings is launching its first offshore yuan bond sale since 2021, a move that could add potential upward pressure on yields while drawing interest from international investors. Elsewhere, global markets closely monitored a highly anticipated Federal Reserve meeting, which is widely expected to deliver a rate cut this month.
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