The short end of the Chinese bond curve is the latest to break higher:

The 5/10 year curve remains inverted as well. All rates are now approaching highs associated with economic tops. Needless to say, this time is no different:

Via, Bloomberg, China Corporate Bond Investors’ Luck May Be About to Run Out:
“It’s very likely we will see a significant increase in corporate yields in the coming year,” said David Qu, a market economist at Australia & New Zealand Banking Group Ltd. in Shanghai. “The trigger could be tougher regulations or a default. A majority of non-bank financial institutions’ debt holdings are corporate bonds, so their selloff can lead to severe consequences. Banks are underestimating authorities’ intentions to tighten regulations.”