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  1. Sinabonds

    10Y CGB Auction Clears at 2.04%, Bid-to-Cover 3.8x

    Ministry of Finance awards CNY 28 billion 10-year CGB at 2.04%; tail 1.5 bps.

  2. Wallstreet CNbonds

    US 10Y Auction Stops Through at 4.18%, Bid-to-Cover 2.5x

    Indirect bidders take 71%; primary dealer takedown 17%, indicating strong offshore demand.