China’s 10-year government bond yield rose toward 1.83% on Thursday, staying away from a one-month low hit earlier this week, as the country issued new treasury bonds. The first batch of ultra-long-term special treasury bonds, totaling CNY 93.6 billion ($13.44 billion), is intended to support equipment upgrades across sectors including industry, energy, education, healthcare, and renovations of old residential elevators. This follows December’s CNY 62.5 billion ($8.98 billion) allocation, which funded a consumer-goods trade-in program and expanded equipment upgrades to additional livelihood-related sectors in 2026. The increased supply of long-term government debt put temporary upward pressure on yields, as investors recalibrated risk and return. On the economic front, urban youth unemployment for 16- to 24-year-olds, excluding students, fell to 16.5% in November 2025 from 16.9% in the previous month, the lowest level since June.

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