Chinese government bonds were down on Monday after central bank Governor Pan Gongsheng signaled no immediate rate cuts, Reuters reported on the same day.

The 10-year yields hit 1.8%, their highest since Dec. 12, 2024, according to the report. The yield, up nearly 20 basis points this year, last traded at 1.7925%.

Pan has said China's monetary policy is already accommodative after years of rate and reserve requirement ratio (RRR) cuts, though further easing could come "at an appropriate time," Reuters wrote.

Analysts at Kaiyuan Securities said the market is reassessing expectations of "moderately loose" policy, with some now doubting 2025 rate cuts, according to the report.

Ju Wang, head of Greater China currency and rates strategy at BNP Paribas, expects either cuts in policy rates or the RRR in the second quarter, if not in March, Reuters wrote. Meanwhile, Goldman Sachs predicts two rate cuts and two RRR reductions this year, likely later than initially thought.

Ten-year bond futures were flat after March 7's sharp decline, while 30-year yields rose 1.25 basis points to 1.9875%, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)