PBOC released May 2026 financial market data. At end‑May the 10‑year government bond yield was 1.71%; the 10‑year minus 1‑year yield spread was 55bps, narrowing 3bps MoM. May net financing: government bonds 1,223.6 bln yuan, down 235.0 bln YoY; corporate bonds 168.0 bln yuan, up 18.4 bln YoY. Bond market custody balance stood at 202.6 tln yuan at end‑May. Spot bond market turnover in May was 36.7 tln yuan, +8.8% YoY; interbank spot turnover rate 18.0%, down 3.9 percentage points MoM. Active 10‑y

PBOC released May 2026 financial market data. At end‑May the 10‑year government bond yield was 1.71%; the 10‑year minus 1‑year yield spread was 55bps, narrowing 3bps MoM. May net financing: government bonds 1,223.6 bln yuan, down 235.0 bln YoY; corporate bonds 168.0 bln yuan, up 18.4 bln YoY. Bond market custody balance stood at 202.6 tln yuan at end‑May. Spot bond market turnover in May was 36.7 tln yuan, +8.8% YoY; interbank spot turnover rate 18.0%, down 3.9 percentage points MoM. Active 10‑year government bond bid‑ask spread 0.27bps.