According to The Kobeissi Letter, since the beginning of 2022, China's 10-year government bond has returned +20.9%, while the US 10-year Treasury note has experienced a decline of -13.4%. This divergence is attributed to a significant drop of 122 basis points in China's bond yield, indicating a potential shift in investor preference and confidence in the Chinese market over the US. Such differences in bond performance are crucial for traders focusing on international bond markets and currency pairs involving USD and CNY.