Issue: March 2011Emerging East Asia's local currency bond markets expanded by 13.6% year-on-year (y-o-y) to USD5.2 trillion in 2010, driven by strong growth in corporate bonds that helped to offset a decline in issuance by central banks and some governments in the last quarter of 2010. Furthermore, this growth has come to be more broadly based. The region's local currency bond markets, excluding the People's Republic of China (PRC), expanded by 11.6% y-o-y in 2010. Meanwhile, total bonds outstanding in the PRC, the region's largest market, grew 15.1% y-o-y to reach USD3.1 trillion. Total corporate bonds outstanding grew by 20.3% to reach USD1.6 trillion in 2010.