Chinese government bond yields are approaching their highest level since September 2015, after authorities overnight tightened a key rate on loans to financial institutions. The yield on China’s benchmark 10-year government bond climbed to 3.336% on Wednesday compared with 3.296% late Tuesday, approaching a recent peak in mid-December when yields hit 3.387%. Late Tuesday, China raised rates on an important tool that the central bank uses to manage liquidity, called the medium-term lending facility. Some analysts are interpreting the move as an effective interest-rate increase, which would be the first such step since 2011. According to The Wall Street Journal, the decision is the latest evidence of Beijing fiddling with the dials of monetary policy to tamp down rampant credit growth, while simultaneously keeping enough liquidity in the financial system for banks to meet funding needs and prevent market panic.