China's 10-year government bond yield plunged to around 1.98%, nearing an all-time low, following the release of the latest PMI data. On Wednesday, a private survey showed China's services PMI fell in November 2024 from a three-month high in October, missing market expectations.
In contrast, earlier this week, the same survey offered a more optimistic outlook, with the manufacturing PMI showing expansion for a second straight month, hitting a five-month high and beating estimates.
The mixed signals underscore the uneven recovery across China's economic sectors. Elsewhere, the Communist Party's top decision-making body opted not to release the minutes of its regular meeting in November, leaving investors eager for clues on possible additional stimulus measures.
Attention now turns to the upcoming Politburo meeting and the annual Central Economic Work Conference, both of which are expected to take place around mid-December.
Source: Trading Economics
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