The PBOC and eleven ministries redirect China's bank funding toward tech bonds as Q3 growth slips to 4.5% and fixed asset investment falls −7.2%.

China's slowdown and its policy answer are the same event: with property development investment down −20.6% and land receipts gone, the state moves the funding burden onto bond markets and central-bank liquidity backstops rather than onto bank balance sheets. The PBOC's redemption tool for non-bank funds and the eleven-ministry push for tech-innovation bond products are two halves of that shift — one builds the buyer base, the other promises to contain the run when it reverses. The BIS reaches the opposite conclusion from the same trend: sovereign curves are now held by leveraged buyers, and its proposed minimum haircuts and central clearing would raise the cost of duration exactly as Beijing asks its banks and funds to carry more of it. The RBI's deletion of its non-option derivative caps points the same way, moving duration limits from rulebooks into internal models on the eve of a large government bond reissue that includes a 2066 line.