中国主权信用评级是A+,美国的则是AA+。
中国此次发行的40亿美元主权债认购订单总额为1181亿美元，近30倍超额认购，而美国近一年国债的认购倍数超过3倍的都在少数。
https://x.com/mitchpresnick/status/1986769406563602549
... China just borrowed at the same rate as the US Treasury.
Let that marinate for a second.
For the first time in history, Beijing's dollar bonds priced exactly where Washington's do.
Not 50 basis points higher. Not 20. Zero.
Think about that.
The country that owns $3.3 trillion in US reserves just proved it doesn't need to pay a premium to borrow dollars anymore.
China's Ministry of Finance dropped $4bn in Hong Kong:
↳ 3-year bonds: 3.625% (exactly matching US Treasuries)
↳ 5-year bonds: 0.02% above Treasuries (basically a rounding error)
↳ 30x oversubscribed (central banks couldn't get enough)
Here's what's actually happening:
We're watching the birth of a new risk-free asset ...
