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China’s 10-year government bond yield dropped to around 1.76% on Wednesday, extending losses from the previous session and hitting a one-week low, as investors sought safer assets amid escalating geopolitical tensions. During the "Victory Day" parade, President Xi Jinping stated that the world stands at a crossroads between "peace and war" and "dialogue and confrontation." His remarks came after a statement by US President Donald Trump, who urged Xi to acknowledge America’s role in securing China’s wartime freedom and accused Beijing of orchestrating actions against Washington—further intensifying already strained US-China relations. On the domestic economic front, a private survey showed that China’s Composite PMI jumped to a nine-month high of 51.9 in August 2025, primarily driven by an improvement in manufacturing activity, which rose to a five-month high (50.5 vs 49.5), while the services sector accelerated to its strongest level in over a year (53 vs 52.6).