For all of China’s talk that it won’t keep buying U.S. Treasuries — which it has gone ahead and done anyway — it might want to pay a bit more attention to its own bond market.

The country was unable to auction off $1.7 billion of government bonds recently because many investors have no interest. Such an outcome in the U.S. Treasuries market would be a cause for panic, Bloomberg notes.

China was unable to unload 14 percent of the short-term debt it sought to sell in three auctions this month.

Asian bonds denominated in local currency returned 94 percent from 2001 through 2008, Bloomberg reports. But recent auctions have fared poorly through the continent.

India’s underwriters had to eat $64 million of 25-year bonds that went unsold this month. Vietnam and the Philippines aborted bonds sales when investors demanded higher yields than the governments were willing to pay.

Slim investor interest indicates the bull market for Asian government bonds is done, many experts say.

“Most of the rally in Asian bonds is over,” Nikhil Srinivasan, Allianz’ chief investment officer for Asia, tells Bloomberg.

“Most countries in Asia, including China, are about done in monetary policy easing.”

While Chinese bonds may not be attracting foreign investors, Chinese stocks are.

"Resource-related companies are expected to attract more funds as the global economy has shown some signs of recovery," Zhou Lin, an analyst at Huatai Securities, told Dow Jones.