December 12, 2018
|Govt. Bond Yields||Latest Yield||Previous Day||Previous Week||YTD|
|2 Year||2.688||▼ 0.1||▼ 7.8||▼ 6.5|
|10 Year||3.286||▼ 1.7||▼ 3.3||▼ 61.6|
* Government bond yield changes are expressed in basis points.
|Currencies||Latest Rate||Previous Day||Previous Week||YTD|
|CNY per USD||6.880||▲ 0.3||▼ 0.3||▼ 5.7|
|CNY per JPY||0.061||▲ 0.2||▼ 0.3||▼ 5.2|
* Exchange rate changes are expressed as a percentage change.
|Interest Rates||Latest Rate||Previous Day||Previous Week||YTD|
|3M SHIBOR||2.580||0.0||▼ 15.0||▼ 125.0|
* Interest rate changes are expressed in basis point change.
|Policy Rates||Latest Rate
|1-Year Deposit Rate||1.500||▼ 25.0||0.0|
|1-Year Lending Rate||4.350||▼ 25.0||0.0|
* Policy rate changes are expressed in basis point change.
|Regional Rating Institutions|
|Non-Regional Rating Institutions|
Published by the ASEAN+3 Bond Market Forum (ABMF) in collaboration with the ADB as its secretariat, the two-volume guide contains detailed information on bond market infrastructure; transaction flows, including information on matching, settlement cycles, and numbering; and the regulatory framework and market practices in the Peoples's Republic of China (PRC).
|* Download previous issues PDF|
Between 31 August and 15 October, the People’s Republic of China’s (PRC) yield curve shifted slightly downward by an average of 2.3 basis points (bps), largely due to the weakening of the economy as well as reserve requirement ratio reductions by the People's Bank of China (PBOC). The average downward shift in the yield curve was relatively smaller this period due to volatility to events such as a higher liquidity requirements in anticipation of the long holiday in the first week of October.
The PRC’s local currency (LCY) bonds outstanding rose 5.7% quarter-on-quarter (q-o-q) and 15.5% year-on-year (y-o-y) to reach CNY63.2 trillion (USD9.2 trillion). The PRC’s bond market q-o-q growth rate quickened from the previous quarter’s 3.8% expansion. The PRC’s government bond mark grew 6.3% q-o-q in the third quarter (Q3) of 2018 after expanding 4.4% q-o-q in the second quarter (Q2) of 2018. The faster growth rate was driven by the rapid increase in Treasury bonds and other government bonds which grew 8.7% q-o-q in Q3 2018, up from 5.1% q-o-q the previous quarter due to increased issuance of local government bonds, which grew 12.5% q-o-q in Q3 2018 compared with 6.9% q-o-q in Q2 2018. The PRC’s corporate bonds outstanding grew 4.1% q-o-q in Q3 2018, up from Q2 2018’s growth of 2.1% q-o-q.
On 7 October, the PBOC reduced the reserve requirement ratio of large commercial banks, joint stock commercial banks, city commercial banks, non-country rural commercial banks, and foreign-funded commercial banks by 100 bps. In addition, the PBOC announced that maturing funds from its Medium-Term Lending Facility for that day would not be renewed, effectively using some funds freed by the reserve requirement ratio cut to repay the lending facility. The PBOC said that the net effect would be a release of CNY750 billion of funds into the banking system.
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