Domestic News - The Ministry of Finance issued the first 50-year special government bond this year with a weighted average bid rate of 2.1%, which is 19 basis points higher than the low point in February for the same maturity [2] - The People's Bank of China and the State Administration of Foreign Exchange announced revisions to foreign currency management policies to better support domestic enterprises in efficient financing in international financial markets [2] - The Financial Regulatory Bureau proposed to strengthen the information disclosure management of asset management products in banking and insurance institutions, aiming to create a unified regulatory framework [3] International News - The U.S. Senate is set to review the Trump tax reform bill, with increasing risks of a debt default as the issue of raising the debt ceiling remains unresolved [4] - Japan's core consumer price index (CPI) rose by 3.5% year-on-year in April, the highest since January 2023, indicating persistent inflationary pressures [5][6] Market Dynamics - The bond market continued its volatile trend, with the 10-year government bond yield rising by 0.30 basis points to 1.6890% and the 10-year policy bank bond yield falling by 0.40 basis points to 1.7360% [10] - The convertible bond market saw a collective decline, with major indices down by 0.31% to 0.36% on May 23, reflecting a broader downturn in the equity market [17] Credit Bonds - Several industrial bonds experienced significant price deviations, with "H1 Yangcheng 01" dropping over 96% and "18 Chuying Agriculture SCP002" falling over 95% [11] - Country Garden announced an extension of the deadline for its major overseas debt restructuring support agreement, with over 70% of bondholders participating [12] Overseas Bond Market - U.S. Treasury yields generally declined, with the 10-year yield down by 3 basis points to 4.51% [19] - Major European economies also saw a decrease in 10-year government bond yields, with Germany's yield down by 7 basis points to 2.57% [22]