China Suspends Bond Flow Data Amid Sovereign Debt Selloff

Gerik

Summary:

China’s Shanghai Tiantian Fund Sales Corp. has halted the release of daily bond flow data as a selloff in government debt intensifies, driven by a surging stock market and policy changes affecting bond investments...

Data Provider Halts Releases

Shanghai Tiantian Fund Sales Corp., a key provider of financial data for China’s asset management industry, did not publish its daily figures on Thursday, including investor redemptions from fixed-income funds. Clients who follow the platform closely reported the omission, citing the private nature of the matter. The company did not immediately comment when contacted.

These flow data are widely monitored by traders to gauge sentiment in China’s bond market, the world’s second-largest. Their sudden absence is unusual and recalls prior instances when data feed suspensions caused market jitters.

Bond Market Under Pressure

The suspension coincides with a deepening selloff in Chinese government bonds, pushing 30-year yields to levels not seen since November. Contributing factors include the ongoing bull run in China’s stock market, the reinstatement of a value-added tax on certain bond investments, and proposed changes to mutual fund fees.

The bond market has been highly volatile over the past year. Earlier in 2025, yields fell to record lows amid expectations of aggressive monetary easing to combat deflation. However, with equity prices climbing, investors are shifting away from debt, pressuring yields upward.

Regulatory Context

Historically, Chinese regulators have intervened to manage market swings that could disrupt economic stability. Tools have included verbal warnings, liquidity injections, and other measures aimed at moderating volatility in both stock and bond markets. The suspension of flow data signals potential concern about excessive price swings and market instability.

The halt of bond flow information reduces transparency for market participants, complicating risk assessment and portfolio management decisions. Investors will likely watch closely for guidance from the People’s Bank of China and other authorities on future market interventions.

This episode highlights the fragile balance between China’s stock and bond markets, and the challenges regulators face in maintaining orderly financial conditions amid rapid market movements.

Source: Bloomberg

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