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TREASURIES-U.S. 10-year yields set for biggest weekly drop since 2012

NEW YORK, Aug 2 (Reuters) - U.S. benchmark 10-year Treasury yields fell on Friday, putting them on track for their steepest weekly decline in over seven years as investors piled into U.S. government debt due to fears about escalating U.S.-China trade tensions and record low yields in Europe.

At 3:08 p.m. EDT (1908 GMT), 10-year Treasury yields were at 1.8571%, down over 22 basis points. They were on pace their biggest weekly fall since a near 29 basis-point drop in the week ended June 1, 2012 amid worries about the European debt crisis and a disappointing U.S. payrolls report.

Ten-year yields touched 1.8320% earlier Friday, which was their lowest since Nov. 9, 2016 - the day after Donald Trump's surprise presidential win. (Reporting by Richard Leong Editing by Tom Brown)