Forget the bond market, every government intervenes there. I wonder how much the CPC intervenes in their equity markets.

Stock trading turnover has soared, margin debt has grown at the fastest pace since 2015 and online trading platforms have struggled to keep up. Bullish articles in state-run media spurred the mood.

The recent advance has made it even harder for the People’s Bank of China to ease -- lower funding costs also make it cheaper for investors to load up on debt and buy stocks. Loose monetary policy was one driver behind the 2015 bubble, the bursting of which wiped out $5 trillion of equity value.

“The rally in equities has disrupted China’s monetary policy. Now Beijing can’t send out a strong easing signal as that will create a stock bubble,” said Xing Zhaopeng, a markets economist at ANZ. “We won’t likely see any major easing measures over the next month, and that will be bad news for bonds.”
https://www.bloomberg.com/news/artic...of-stock-rally