美國至3月25日4個月國債競拍-投標倍數 2.82，前值3.05。

China’s precious and base metal futures advanced further, led by Shanghai silver up over 9%. Platinum and palladium rose more than 7%, lithium carbonate gained over 5%, and Shanghai gold climbed more than 4%. Shanghai tin and polysilicon added over 3%, while Shanghai copper, international copper and aluminum alloy rose more than 1%. Shanghai aluminum and nickel were up nearly 1%.

Chinese government bonds are emerging as a viable reserve asset, having remained resilient through geopolitical shocks like the Iran conflict, according to Gavekal Research. Analysts note China’s long-term bonds outperformed US Treasuries after Covid-19 and stayed stable post-Ukraine war, benefiting from low-cost electricity and industrial strength. The report suggests China’s sovereign debt, supported by its economic and trading dominance, could attract reserve flows in an inflationary world, shifting interest from gold and US Treasuries to renminbi- and Asian-currency-denominated assets with yields.