SHANGHAI—China’s bond market showed little reaction as Beijing and Hong Kong opened a trading link giving global investors additional access to the world’s third-largest debt market.

Despite fanfare at the opening ceremony in Hong Kong for the so-called Bond Connect link, Chinese bond prices were mostly steady throughout the trading day. The yield on China’s benchmark 10-year government bond dipped 0.04 percentage point to 3.53%, while on the one-year it was down 0.005 percentage point at 3.46%.

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