Bond trading in the People’s Republic of China (PRC) occurs either in the interbank market or through the Shanghai and Shenzhen exchanges. The interbank market is an over-the-counter (OTC) market whose primary participants are accredited market dealers; financial institutions; and the People’s Bank of China (PBC), which conducts its open-market operations in the OTC market.

The Shenzhen and Shanghai exchanges facilitate the issuance of debt instruments and the secondary trading of these instruments.