While US Treasuries remain at the centre of a global bond sell-off despite efforts by US Treasury Secretary Scott Bessent to calm the market, investors in China are rushing to buy domestic government debt.
After China’s Ministry of Finance issued a fresh batch of savings bonds worth up to 55 billion yuan (US$8.2 billion) on Thursday, domestic buyers took to social media to share tips on how to secure them and voice frustration at how quickly the allocations had run out.
“Those government bonds went so fast,” one user wrote on China’s popular lifestyle social media platform RedNote on Thursday.
“I even set an alarm specifically to get them, but they were completely sold out within two minutes. The speed caught me by surprise.”
Another user shared a screenshot showing the bonds had sold out within just five minutes of their launch, commenting: “The savings bonds were gone in seconds. Who am I competing with to get them?”
The buying frenzy also spilled over into bank branches. The state-run Shanghai Securities News reported on Thursday that a Bank of China outlet had sold out of its three- and five-year savings bonds by about 10am amid long queues.