The two-year UK government bond yield fell more than 11 basis points, opening sharply lower and then trading within a narrow range throughout the day.

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At the close of European trading on Wednesday (April 1), the yield on the UK 10-year government bond fell by 8.1 basis points to 4.835%. Around 15:00 Beijing time, at the start of European equities, it “opened lower” to 4.777%, setting a new daily low, before gradually regaining lost ground. The yield on the UK 2-year government bond fell by 11.3 basis points to 4.295%. After gapping lower, it refreshed the daily low at 4.250% at 15:44, then since 16:00 has continued to trade in a “high-level” range, attempting to recover 4.340%, with an overall long-tail “L”-shaped pattern. The yield on the UK 30-year government bond fell by 6.0 basis points, and the UK 50-year government bond fell by 4.6 basis points. The 2-/10-year gilt spread widened by 2.308 basis points to +53.107 basis points.

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