Global bonds caught in "selling wave" as safe-haven properties of Chinese bonds become prominent.

The geopolitical conflicts in the Middle East continue, pushing the global bond market into the "eye of the storm." The yield on the 10-year US Treasury bond has risen to its highest level in nearly 8 months, while the yield on the 10-year Australian government bond has climbed to its highest level since 2011, and the New Zealand government bond yield has reached a new high since May 2024... In recent days, the global bond market has experienced severe volatility, with many countries' bonds being heavily sold off. In contrast, the yield on Chinese government bonds has fluctuated moderately, highlighting their safe-haven properties even further.