China's central bank on Monday rolled out a one-time credit repair policy on its official website to support efficient and convenient credit restoration for individuals who, despite past credit impairments, are demonstrating positive repayment behavior.
According to the policy made by the People's Bank of China (PBOC), the central bank, for personal overdue information with a single amount not exceeding 10,000 yuan (about 1,420.26 U.S. dollars) during the period from January 1, 2020 to December 31, 2025, the financial credit information database will not display the overdue information if the individual repays the overdue debt in full before March 31, 2026.
The policy does not differentiate between financial institutions or business types, nor does it limit the number of transactions. The policy also requires no application or action from individuals, and no supporting documentation is needed. The credit information system automatically identifies and processes eligible overdue information.
"Credit has long been integrated into all aspects of daily life, and this policy clearly draws a rigid bottom line: those with outstanding debts will not be included in the repair scope. Through precise measures, the credit system will have both 'teeth' and 'warmth'," said Zhang Jun, chief economist at China Galaxy Securities.
China's central bank rolls out one-time credit repair policy
China's central bank rolls out one-time credit repair policy
Japan's 10-year government bond yield rose above three percent on Tuesday for the first time in about 30 years, reflecting growing market concern over the country's fiscal sustainability, according to economists.
Japan's benchmark 10-year government bond yield surged to 3.015 percent on Wednesday, marking its highest level since September 1996. Bond yields move inversely to their prices, meaning the sharp rise in yields reflects intensified selling pressure across Japan's government bond market.
"Since Prime Minister Sanae Takaichi took office [on October 21, 2025], Japan's long-term interest rate has risen by about 80 percent. The pace of increase is 3.8 times that of the United States and 2.6 times that of Germany. The situation is already very critical," said Hidetoshi Tashiro, chief economist of Japan's Infinity LLC.
A key consequence of the rising long-term interest rate will be higher borrowing costs for businesses, said an expert.
"Once the government bond yield reaches three percent, some companies may see their financing costs rise to about five or six percent, which could curb corporate equipment investment. The Japanese government's current plans to promote equipment investment will also become difficult to achieve," said Hideo Kumano, head economist at the ABC Economic Research Institute in Japan.
The yen's continued depreciation is another worry. Despite recent joint intervention by Japan and the United States to stabilize the exchange rate, the impact has been limited, experts said.
"It's obvious that the effects of intervention are diminishing. An intervention in September 2022 moved the yen down or up by about two yen per one trillion yen spent. In the intervention in late July this year, however, the same amount moved the currency down or up by only about 0.5 yen, suggesting the effectiveness of such measures has declined to one-quarter in just four years," said Tashiro.
Bank of Japan (BOJ) Governor Kazuo Ueda has voiced readiness to raise interest rates in consideration of economic and price conditions and to curb the yen's depreciation.
However, economists expressed doubts about the long-term impact.
"Market insiders now almost unanimously expect the Bank of Japan to raise interest rates in September. But even that is unlikely to halt the yen's decline. The policy gap between the central bank and the government will probably persist. With long-term rates rising and the yen weakening, I believe Japan's economic policy is stuck in a difficult quagmire," said Kumano.
Japan's long-term interest rate tops 3 percent, fueling fiscal concerns
