People's Republic of China: Market Summary
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Market Summary
Yield Movements
The yield curve for local currency government debt securities in the People's Republic of China was mostly unchanged between 1 June and 31 August as easing Middle East tensions helped offset the previous rise in yields.
Local Currency Bond Market Size and Issuance
Local currency debt securities outstanding rose 2.4% quarter-on-quarter (q-o-q) to CNY183.5 trillion at the end of the second quarter of 2026, of which CNY173.5 trillion comprised bonds (i.e., debt securities with a maturity exceeding 1 year. Expansion was driven by corporate bonds amid a resurgence in issuance following delayed approvals.
Sustainable Bond Market
The sustainable bond market in the People's Republic of China contracted 1.9% q-o-q to USD396.5 billion at the end of June as green bonds outstanding fell 2.5% q-o-q on increased maturities. Meanwhile, financial institutions accounted for 46.5% of corporate bonds outstanding.