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People's Republic of China

Market Watch
Close of
September 22, 2022
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 2.032 1.1     0.0 32.6
5 Year 2.430 ▲ 1.3 0.9 15.3
10 Year 2.650 ▲ 0.6 1.3 12.9

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
CNY per USD 7.078 0.4 1.2 11.4
CNY per JPY 0.050 1.6 2.0 ▲ 10.0

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
No data available for this market
Policy Rates
Change From
Policy Rates Latest Rate
(17-Jan-2022)
Previous Rate
(15-Dec-2021)
YTD
Rate
1-year Medium-term
Lending Facility Rate
2.950     0.0 ▲ 10.0

* Policy rate changes are expressed in basis point change.

More details

Sovereign Ratings
Agency Rating Outlook Date
Regional Rating Institutions
R&I AA- stable 2019-12-25
RAM AA3 stable 2019-07-18
Non-Regional Rating Institutions
Fitch A+ stable 2019-11-19
S&P A+ stable 2019-09-30

More details

  • Size of LCY Bond Market
  • Size of LCY Bond Market in % of GDP
  • Monthly Bonds Outstanding in USD
  • FCY Bonds Outstanding
  • Breakdown of LCY Bond Market Issuance
  • G3 Currency Bond Issuance
  • Government Securities Maturity Profile - LCY
  • Corporate Securities Maturity Profile - LCY
  • Investor Profile - Government Bonds
  • Foreign Holdings in LCY Government Bonds
  • Trading Volume
  • Bonds Turnover Ratio
  • Interest Rate Spread - 2yrs vs 10yrs - LCY Bond
  • Yield Volatility - 10yr LCY Bonds
  • Credit Spread - LCY Corp. Bonds vs Govt. Bonds
  • Bid-Ask Spreads (Survey data)
  • Government Bond Market Structural Issues
  • Corporate Bond Market Structural Issues
  • Green Bonds Issuance
  • Green Bonds Outstanding
  • Social Bonds Issuance
  • Social Bonds Outstanding
  • Sustainability Bonds Issuance
  • Sustainability Bonds Outstanding
  • Sustainability-linked Bonds Issuance
  • Sustainability-linked Bonds Outstanding
  • Transition Bonds Issuance
  • Transition Bonds Outstanding
  • Consolidated Sustainable Bonds Issuance
  • Consolidated Sustainable Bonds Outstanding

ASEAN+3 Bond Market Guide 2019: People's Republic of China


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). View Report

* Download previous issues PDF
2022 Sep Jun Mar
2021 Nov Sep Jun Mar
2020 Nov Sep Jun Mar
2019 Nov Sep Jun Mar
2018 Nov Sep Jun Mar
2017 Nov Sep Jun Mar
2016 Nov Sep Jun Mar
2015 Nov Sep Jun Mar
2014 Nov Sep Jun Mar
2013 Nov Sep Jun Mar
2012 Nov Sep Apr
2011 Nov Sep Mar
2010 Nov Oct Jul Mar
2009 Nov Sep

Market Summary



Yield Movements

Between 15 June and 15 August, local currency government bond yields in the People’s Republic of China (PRC)  fell for all tenors. Bond yields fell the most for the 1-year through the 7-year tenors, declining an average of 20 basis points and for the 10-year tenor, which fell 16 basis points.   The PRC was the sole market in the region whose entire yield curve declined, driven by economic weakness in the domestic economy.

Size and Composition

The local currency bond market grew to a size of CNY123.1 trillion (USD18.4 trillion) at the end of June. Overall growth slightly rose to 3.5% quarter-on-quarter (q-o-q) in the second quarter of 2022 from 3.3% q-o-q in the first quarter (Q1) of 2022. Total government bonds outstanding reached CNY79.7 trillion, following an acceleration in growth to 4.3% q-o-q in the second quarter of 2022 from 2.7% q-o-q in Q1 2022 on increased local government bond issuance following the need to completely utilize the special bond quotas  Corporate bonds outstanding reached CNY43.3 trillion at the end of June, with growth slowing to 2.0% q-o-q from 4.2% q-o-q in Q1 2022.

Policy, Institutional and Regulatory Developments

In May, the Government of the PRC announced a package of 33 stimulus measures meant to shore up the domestic economy and provide support to companies in the wake of quarantine measures meant to contain the coronavirus disease (COVID-19). The measures include an expansion of companies covered by a value-added tax rebate, deferral on payments of social security premiums, an expansion of tax relief measures, a deferral of contributions to the housing provident fund, and boosted infrastructure spending, among others.

Title Source Date
Yuan Losses Deepen Highlighting Limits of PBOC Currency DefenseBloomberg2022-09-22
China’s Interest Rates Leave Room for Future Action, PBOC SaysBloomberg2022-09-21
Chinese Banks Keep Lending Rates Unchanged After PBOC PausesBloomberg2022-09-20
Global Investors Cut Exposure to China on Mounting RisksBloomberg2022-09-20
Chinese Banks Likely to Push Lending Rate Cuts to Later in YearBloomberg2022-09-19
China Struggles to Stem Yuan Slide With Fixing, Verbal WarningsBloomberg2022-09-19
China Sets Yuan Fix at Strongest Bias on Record to Lift CurrencyBloomberg2022-09-14
China's CPI up 2.5 pct in AugustXinhua2022-09-14
China's PPI up 2.3 pct in AugustXinhua2022-09-14
PBOC’s Strong Fix Fails to Prop Up Yuan as Bearishness ExtendsBloomberg2022-09-08
China Overtakes US With $306 Billion Corporate Credit BoomBloomberg2022-09-08
China Sets Yuan Fix at Strongest Bias on Record as Losses MountBloomberg2022-09-07
China’s Economy Takes Hit From Global Slowdown as Exports WeakenBloomberg2022-09-07
China Is Taking More Visible Measures to Slow Currency’s DescentBloomberg2022-09-06
Analysts Say PBOC Will Let Yuan Slide Past Key Threshold of 7 Per DollarBloomberg2022-09-02
PBOC Still Has Policy Room With Mild Inflation, Official SaysBloomberg2022-09-02
Yuan Appeal Fades in Hong Kong as Local Rates Hit 14-Year HighBloomberg2022-09-02
Worst China Property Earnings Since 2008 Signal More Stock AngstBloomberg2022-09-02
China Keeps Asia IPO Scene Booming With $15 Billion August HaulBloomberg2022-08-31
China Escalates Currency Defense as Yuan Nears 7 Per DollarBloomberg2022-08-31
China’s Premier Li Says Stimulus Now ‘More Forceful’ Than 2020Bloomberg2022-08-30
China to Require Approvals for Companies to Issue Offshore DebtBloomberg2022-08-30
China Gets More Aggressive in Pushing Back Against Weaker YuanBloomberg2022-08-30
PBOC Sets Stronger-Than-Expected Fix as Yuan Hits Two-Year LowBloomberg2022-08-29
China’s Growth Prospects Weaken as Economists Cut 2023 ForecastsBloomberg2022-08-29
China trims lending rates one week after surprise cuts in key rates (cnbc.com)CNBC2022-08-22
China Set to Sell More Local Debt as Fiscal Income SlumpsBloomberg2022-08-18
China’s Policy Easing Risks Upending Tentative Return of InflowsBloomberg2022-08-16
China’s Economic Recovery Weakens Amid Fresh Covid FlareupsBloomberg2022-08-15
China Rate Cut Seen Kicking Off Bull Run in Sovereign BondsBloomberg2022-08-15
China’s Growth Seen Weakening in Months Ahead, Economists SayBloomberg2022-08-15
China Shocks With Rate Cut as Data Show ‘Alarming’ SlowdownBloomberg2022-08-15
China’s Third-Biggest IPO of the Year Surges in Trading DebutBloomberg2022-08-12
China’s Provinces Vow to Meet GDP Targets Despite Growth SlumpBloomberg2022-08-11
China Consumer Inflation Reaches 2-Year High as Pork SurgesBloomberg2022-08-10
China State-Backed Builder’s Dollar Bonds Slump as Worries MountBloomberg2022-08-04
China Services Activity Sees Big Pick Up in July, Survey ShowsBloomberg2022-08-03
China in Longest Streak of Liquidity Withdrawals Since FebruaryBloomberg2022-08-02
Oil Declines as China Slowdown Spurs Concern Over Demand OutlookBloomberg2022-08-01
China ‘Groundbreaking’ Derivatives Law Is Bid to Open MarketBloomberg2022-08-01
Excess Cash Piles Up in China Havens Instead of Flowing Into Real EconomyBloomberg2022-07-29
Chinese Property Shares Rise as Investors Bet on State SupportBloomberg2022-07-28
Capital Outflows From China Sovereign Bonds Just Hit $30 BillionBloomberg2022-07-22
China Covid Cases Elevated as Officials Warn About Rising RisksBloomberg2022-07-21
China’s Premier Signals Flexible Growth Target, Stimulus CautionBloomberg2022-07-20
Chinese Banks Hold Lending Rates as PBOC Remains CautiousBloomberg2022-07-20
China Yield Curve Is Steepest in Two Years as Liquidity SwellsBloomberg2022-07-19
China Growth Slows Sharply, Putting GDP Target Out of ReachBloomberg2022-07-15
China Traders Pile Into Carry Trades While Easy Money LastsBloomberg2022-07-15
China Considers $220 Billion Stimulus With Unprecedented Bond SalesBloomberg2022-07-08
China Starts to Pull Cash in Pivot From Crisis Policy EasingBloomberg2022-07-07
China to Start Swap Connect With Hong Kong in Six MonthsBloomberg2022-07-04
Chinese Developer Shimao Defaults on $1 Billion Dollar BondBloomberg2022-07-04
China Adds $45 Billion to Stimulus to Pay for InfrastructureBloomberg2022-07-01
Economic Watch: China's PMI bounces back to expansion territory in JuneXinhua2022-06-30
JPMorgan Sees China as Equity ‘Safe Haven’ Due to Policy EasingBloomberg2022-06-29
China Said to Ask Banks to Prepare for Longer Yuan Trading HoursBloomberg2022-06-27
China Budget Dilemma Is Whether to Boost Debt or Slow GrowthBloomberg2022-06-17
China Rally Stands Out as Global Stocks Fret Over Fed HikesBloomberg2022-06-15
China Home Sales Post First Month-on-Month Gain Since DecemberBloomberg2022-06-15
China's CPI up 2.1 pct in May-Xinhua (news.cn)Xinhua2022-06-10
China Trade Data to Show If Easing Virus Is Boosting CommoditiesBloomberg2022-06-08
China Stocks See Record Foreign Outflows This YearBloomberg2022-05-31
China’s Reopening Plans Spark Rally in Consumer Stocks, YuanBloomberg2022-05-30
Commodities Turn Higher as China Loosens Its Virus RestrictionsBloomberg2022-05-30
Covid Lockdown Costs Shanghai Its China Currency Trading CrownBloomberg2022-05-26
How China Is Seeking to Revive a $2.4 Trillion Property MarketBloomberg2022-05-26
China Stimulus Fails to Impress Stock Traders Fixated on CovidBloomberg2022-05-24
China Stops Reporting Bond Trades by Foreigners After SelloffBloomberg2022-05-18
China Inflation Exceeds Forecasts as Lockdowns Roil SuppliesBloomberg2022-05-11
China Stocks Drop Again as Li’s Warning on Jobs Adds to ConcernsBloomberg2022-05-09
China Bond Connect market reports active trading in April-Xinhua (news.cn)Xinhua2022-05-09
Developers Rally on Politburo Support Pledge: Evergrande UpdateBloomberg2022-04-29
China Stocks Rise for Second Day as Shanghai Covid Cases DeclineBloomberg2022-04-28
Yuan Losses Have Room to Run as Covid Puts Economy Under SiegeBloomberg2022-04-27
Chinese Investment in Europe Up By a Third Last Year: ReportBloomberg2022-04-27
Skepticism Lingers in China’s Stock Market Amid Lockdown RisksBloomberg2022-04-26
China Lockdown Angst Rips Through Markets as Stocks, Yuan PlungeBloomberg2022-04-25
PBOC Adviser Calls for Growth-Boosting Policy Amid Yuan RiskBloomberg2022-04-25
China’s Plunging Markets Trigger Capital Flight, State SupportBloomberg2022-04-22
China’s Central Bank PBOC Unexpectedly Keeps Policy Rate Unchanged - BloombergBloomberg2022-04-20
China to ramp up financial support for real economyXinhua2022-04-20
China Jitters Mount as Easing Calls Echo Across Trading FloorsBloomberg2022-04-18
Economic Watch: China's inflation remains stable despite headwindsBloomberg2022-04-12
China’s $2.3 Trillion Infrastructure Plan Puts America’s to ShameBloomberg2022-04-07
China Tech Stocks Slide on Hawkish Fed, Lingering Delisting RiskBloomberg2022-04-06
China’s Stocks, Yuan Trading Dwindles Amid Shanghai LockdownBloomberg2022-03-30
China Lockdowns Cost at Least $46 Billion a Month, Academic SaysBloomberg2022-03-29
China’s Economy Faces New Blow From Shanghai LockdownBloomberg2022-03-28
Yuan at a Crossroads as Covid Outbreak Threatens GrowthBloomberg2022-03-23
China Stockpiles Record Cash In Sign of Slow Fiscal StimulusBloomberg2022-03-22
China Stocks Extend Stunning Surge as Traders Cheer Support VowsBloomberg2022-03-17
Tencent, Alibaba, Meituan Rebound on Dip Buying After Historic Rout - BloombergBloomberg2022-03-16
China's industrial output up 7.5 pct in first two monthsXinhua2022-03-16
China's fixed-asset investment up 12.2 pct in first two monthsXinhua2022-03-16
China’s Market Meltdown Has Traders Rushing to Buy ProtectionBloomberg2022-03-15
China's overnight Shibor interbank rate increases MondayXinhua2022-03-14
China to increase gov't spending for stable growth: premierXinhua2022-03-11
China's CPI up 0.9 pct in FebruaryXinhua2022-03-11
China's PPI up 8.8 pct in FebruaryXinhua2022-03-11
China Growth Faces Dual Shocks from Oil Spike and Virus SpreadBloomberg2022-03-09
China’s Export Growth Moderates as Global Demand StabilizesBloomberg2022-03-07
China Reopening Stocks Jump on Report of Covid Policy EasingBloomberg2022-03-03
China’s Yuan Becomes Unlikely Haven as Geopolitics Roil MarketsBloomberg2022-02-24
China Convertible Bonds Plunge as Valuation Hits SentimentBloomberg2022-02-15
China Market Watchers See PBOC Cutting Rates in Coming MonthsBloomberg2022-02-15
Global Demand for China Bonds Cools as Yield Premium ShrinksBloomberg2022-02-15
Rapid Plunge in Developer’s Bonds Shows Transparency Risk in Chinese PropertyBloomberg2022-02-14
PBOC’s Rate Decision Sparks Debate With Economy Under StrainBloomberg2022-02-14
China's new yuan loans beat expectations to hit record high-Xinhua (news.cn)Xinhua2022-02-11
China's outstanding local gov't debts over 30 trln yuan by end-December-Xinhua (news.cn)Xinhua2022-02-10
China State Funds’ Support Gives Hope for Wounded Stock MarketBloomberg2022-02-09
China Manufacturing Slips in Latest Sign of Slowing EconomyBloomberg2022-01-31
Yuan to Contend With Resurgent Dollar as China Stands BackBloomberg2022-01-28
IMF Says China’s Government Should Spend More to Support EconomyBloomberg2022-01-28
China’s World-Beating Bond Rally May Have Run Its CourseBloomberg2022-01-28
China Stocks Enter Bear Market as Yuan Tumbles Most in 7 MonthsBloomberg2022-01-27
China’s Local Government Bond Sales Fall Short of ExpectationsBloomberg2022-01-27
Yuan Advances to Record Against Peers as PBOC Seen Relaxing GripBloomberg2022-01-25
China’s Massive Current Account, Capital Surpluses Underpin YuanBloomberg2022-01-24
China Rate Cuts Not Enough to Stabilize Economy: Ex-PBOC AdviserBloomberg2022-01-24
China Shows Signs of Loosening Yuan Grip as It Starts EasingBloomberg2022-01-20
China Stocks Rally With Tech, Property in Lead Amid Easing BetsBloomberg2022-01-20
China’s Spreading Property Debt Crisis Pressures Xi to EaseBloomberg2022-01-18
China Sounds Alarm on Slowing Economy as Key Political RiskBloomberg2022-01-18
PBOC Says Market Forces, Policy Will Help Correct Any Yuan MovesBloomberg2022-01-18
China’s Economic Growth Slows, Prompting Interest Rate CutBloomberg2022-01-17
China Cuts Policy Interest Rate for First Time Since April 2020Bloomberg2022-01-17
China Stocks Drop to Five-Month Low on Property Rout, Virus WoesBloomberg2022-01-13
China’s Inflation Pressures Ease, Adding to Rate Cut CallsBloomberg2022-01-12
China Regulator Vows Stability After Stock Market’s Rocky StartBloomberg2022-01-07
PBOC Seen Front-Loading Policy Action Amid Economic ThreatsBloomberg2022-01-07
China Urges Banks to Boost Property Lending on Default FearsBloomberg2022-01-07
China’s Manufacturing Expands While Employment Remains WeakBloomberg2022-01-04
China's interbank bond market cash bond trading rises in NovemberXinhua2021-12-27
China's retail sales up 3.9 pct in NovemberXinhua2021-12-15
China’s Property Crisis Likely Dragged Economy Down in NovemberBloomberg2021-12-14
Producer Prices in the Industrial Sector for November 2021National Bureau of Statistics of China2021-12-10
Consumer Prices for November 2021National Bureau of Statistics of China2021-12-10
China Battles Against Hot Money With Swift Yuan Intervention - BloombergBloomberg2021-12-10
China Tries to Manage Global Message on Evergrande CollapseBloomberg2021-12-10
China’s Factory Inflation Seen Easing From Peak in NovemberBloomberg2021-12-08
List of Chinese Developers Warning on Debt Grows With AoyuanBloomberg2021-12-08
China’s Policy Pivot Has Traders Wondering How Far It Will GoBloomberg2021-12-07
China's central bank announces reserve requirement ratio cutBloomberg2021-12-07
China CSRC Downplays Overseas Delisting Fear After Stock PlungeBloomberg2021-12-06
China Bonds Rally, Broker Shares Jump on Bets PBOC May Ease SoonBloomberg2021-12-06
China’s Special Bonds Can’t Halt Property-Led Investment Slump - BloombergBloomberg2021-12-06
Chinese Banks Boost Short-Term Debt in Sign Lending to Pick UpBloomberg2021-12-01
China's manufacturing PMI rises to 50.1 in NovemberXinhua2021-12-01
China's non-manufacturing PMI eases to 52.3 in NovemberXinhua2021-12-01
China’s Inflation Risks Build as Producers Pass on Higher CostsBloomberg2021-11-10
China Stocks Set for Worst Day in Two Months as Inflation ClimbsBloomberg2021-11-10
Bulls Return to China’s Markets Just as Risks Start to MultiplyBloomberg2021-10-28
China’s Overnight Repo Rate Slides After PBOC’s Liquidity BoostBloomberg2021-10-26
China's Mystery 'Authoritative Person' Resurfaces to Explain CrackdownsBloomberg2021-10-26
PBOC Keeps Status Quo on Liquidity With Policy Loan RolloverBloomberg2021-10-15
China's PPI up 10.7 pct in SeptemberXinhua2021-10-14
China's CPI up 0.7 pct in SeptemberXinhua2021-10-14
China's new yuan loans rise to 1.66 tln yuan in SeptemberXinhua2021-10-14
China Tech Stock Gauge Set for New Low on Yields, Crackdown - BloombergBloomberg2021-10-05
China sees booming development in green financeXinhua2021-10-03
China's service trade up 9.4 pct in Jan.-Aug.Xinhua2021-10-03
China’s Growth Risks Multiply as Manufacturing Activity ShrinksBloomberg2021-09-30
China's non-manufacturing PMI up in SeptemberXinhua2021-09-30
China's manufacturing PMI edges down to 49.6 in SeptemberXinhua2021-09-30
China Hidden Local Government Debt Is Half of GDP, Goldman SaysBloomberg2021-09-29
China's central bank injects liquidity into marketXinhua2021-09-29
China conducts central bank bills swapXinhua2021-09-29
China's central bank injects liquidity into marketXinhua2021-09-28
China's industrial profits sustain stable growth in first eight monthsXinhua2021-09-28
Goldman Cuts China’s GDP Growth Forecast Amid Energy ConstraintsBloomberg2021-09-28
China's benchmark interbank gold prices lower MondayXinhua2021-09-27
China's central bank injects liquidity into marketXinhua2021-09-27
China's interbank treasury bond index opens lower MondayXinhua2021-09-27
China’s Recovery Is Coming Under Pressure From Weak DemandBloomberg2021-09-27
China's central SOEs profit up 91 pct in Jan-AugXinhua2021-09-24
China's first forest carbon sink bonds issuedXinhua2021-09-24
Fitch Cuts China’s Growth Forecast to 8.1% on Property CurbsBloomberg2021-09-23
China's central bank injects liquidity into marketXinhua2021-09-23
China Banks Downplay Risks After Evergrande Missed Loan PaymentsBloomberg2021-09-23
China's strong exports to bolster economic recovery: ADBXinhua2021-09-23
China's loan prime rates remain unchangedXinhua2021-09-22
China's central bank injects liquidity into marketXinhua2021-09-22
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