After ending the previous session nearly unchanged, treasuries moved modestly higher during the trading day on Friday.
Bond prices gave back some ground after an initial jump but managed to remain in positive territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, dipped 2 basis points to 0.657 percent.
The uptick by treasuries came amid concerns about rising tensions between the U.S. and China, as Beijing moved to strengthen control over Hong Kong with new security laws.
U.S. President Donald Trump warned that Washington would react "very strongly" if China follows through on its plans.
The latest developments come after the Senate passed a bill on Wednesday that would potentially delist Chinese stocks from U.S. exchanges.
In other China-related news, the Chinese government abandoned setting an economic growth target for the first time amid uncertainties posed by the coronavirus pandemic.
Trading activity was relatively subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines.
The upcoming Memorial Day holiday also contributed to the light trading, with some traders looking to get a head start on the long weekend.
Following the holiday weekend, next week's trading may be impacted by reaction to reports on new home sales, consumer confidence, durable goods orders, pending home sales, and personal income and spending.
Bond traders are also likely to keep an eye on the results of the Treasury Department's auctions of two-year, five-year, and seven-year notes.