China’s benchmark 10-year government bond yield traded near historical lows at around 1.59%, as robust foreign demand highlighted the economy’s heavy reliance on external trade to drive growth. October exports expanded by 35.2% year-over-year to $412.33 billion, lifted by relentless global demand for AI-related technology equipment. Imports registered an even sharper gain, jumping 41.6% to $307.05 billion, marking the strongest rise in more than five years. China’s year-to-date trade surplus surpassed $1 trillion for just the second time in history, positioning the nation to exceed last year’s record $1.2 trillion surplus. Still, the divergence between surging exports and subdued consumer spending remains a concern, keeping economic growth disproportionately dependent on external demand. Separately, the latest inflation data also point to persistent upstream cost pressures and subdued domestic demand, as higher input costs have yet to fully feed through to consumers.