China’s 10-year government bond yield fell to 1.73% on Wednesday, hitting a fresh one-week low as investors assessed signals that the People’s Bank of China could adjust its monetary policy framework. Speaking at the Lujiazui Forum, PBOC Governor Pan Gongsheng said the central bank would optimize its management of short-term interest rates and expand its overnight reverse repo operations at an appropriate time. The remarks reinforced expectations that the PBOC may gradually transition away from relying on the seven-day reverse repo rate as its main policy anchor, aligning its operating framework more closely with those of major global central banks while enhancing its control over short-term funding conditions. Separately, at the same forum, Chinese Vice Premier He Lifeng said Beijing plans to incorporate anti-sanctions provisions into its financial legislation, aiming to strengthen the country’s ability to counter what he described as “unreasonable” external restrictions.

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