“The trade uncertainty has prompted the central bank to maintain an accommodative bias,” said Raymond Yeung, chief greater China economist for Australia & New Zealand Banking Group Ltd.

Furthermore, about 90% of Bloomberg’s survey respondents forecasted that China’s central bank will inject more liquidity into the market over the course of the fourth quarter to help prop up its economy.

The PBOC will “try and maintain sufficient liquidity in the system”, said Jeremy Stevens, a Beijing-based economist at Standard Bank Group Ltd.

For more trends in fixed income, visit the Rising Rates Channel.