China has suspended trading in its bond market for at least one Ministry of Finance-issued bond suffered "abnormal fluctuations" in the last two trading days.

The MOF 2021s dumped and pumped by almost 10 points in the last two days (and at the same time 5Y China bond futures rallied and fell notably...

The Shanghai Stock Exchange has suspended trading of the bond (Number 019535):

[The bond] is trading this morning with abnormal fluctuations. According to the relevant provisions of the "Shanghai Stock Exchange Trading Rules" and the "Shanghai Stock Exchange Securities Exception Trading Real-time Monitoring Rules", the firm decided to suspend treasury bonds from 11:00 on May 16, 2017 (019535). From 20:17 on May 16, 2017 to resume trading. We remind investors to pay attention to transaction risk, rational investment. After the resumption of trading, if the bond transaction again abnormal fluctuations, the implementation of the second interim suspension of trading, suspension time lasted to 14:55 today.

One wonders if the delveraging is killing liquidity in the Treasury market now (as we have already seen the impact in the corporate bond market)