Japan 5-year government bond yield rose 0.5 bps to 2.125%.

China's domestic retail refined-fuel pricing window will open at 24:00 on Aug 14, with market consensus pointing to the year's fifth price cut. Longzhong analyst Liu Bingjuan says that as of Aug 12 the cycle reference crude averaged $82.14/bbl, down 4.90% from the prior period, implying an approximate theoretical reduction of 210 yuan/ton for refined fuels (about 0.15 yuan/liter); a 70‑liter tank fill would save roughly 11 yuan.

On Aug. 12, China Central Depository and Clearing supported Shanghai Electric Group’s offshore unit Shanghai Electric Global Capital Co. in issuing a RMB 1.5 bln China free-trade-zone (FTZ) offshore bond. The three-year note carries a 1.8% coupon. The deal is the world’s first corporate FTZ offshore bond, the first FTZ offshore bond listed on the Hong Kong Stock Exchange and the largest single issuance in the FTZ offshore bond market; it attracted orders from investors across Hong Kong and Macau, Southeast Asia, the Middle East and Europe.