December 3, 2021
|Govt. Bond Yields||Latest Yield||Previous Day||Previous Week||YTD|
|2 Year||2.513||▲ 1.8||▲ 4.4||▼ 19.7|
|5 Year||2.745||▲ 1.7||▲ 8.3||▼ 19.5|
|10 Year||2.903||▲ 0.8||▲ 4.5||▼ 24.3|
* Government bond yield changes are expressed in basis points.
|Currencies||Latest Rate||Previous Day||Previous Week||YTD|
|CNY per USD||6.376||▲ 0.0||▲ 0.3||▲ 2.3|
|CNY per JPY||0.057||▼ 0.3||▼ 0.2||▲ 10.6|
* Exchange rate changes are expressed as a percentage change.
|Interest Rates||Latest Rate||Previous Day||Previous Week||YTD|
|No data available for this market|
|Policy Rates||Latest Rate
Lending Facility Rate
* 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). View Report
|* Download previous issues PDF|
The People’s Republic of China’s (PRC) yield curve shifted upward for all tenors except the 3-month tenor, which fell 8 basis points (bps) between 31 August and 15 October. Yields rose despite the PRC's economic growth slowing. Several reasons abound for the rise in yields despite softening growth. Following the reserve requirement rate reduction by the People’s Bank of China in July, markets expected either a reduction in its loan prime rate or additional reserve requirement rate cuts. However, the People's Bank of China so far has done neither, disappointing market expectations. Inflationary concerns also manifest. While consumer price inflation has been tame, with the inflation rate trending downward from 1.3% year-on-year in May
Growth in the PRC’s local currency bond market accelerated to 3.8% quarter-on-quarter (q-o-q) in the third quarter of 2021 from 3.0% q-o-q in the second quarter of 2021, with bonds outstanding at the end of September reaching CNY110.6 trillion (USD17.2 trillion). However, the growth rate fell on a year-on-year basis to 12.6% in the third quarter of 2021 from 14.4% in the preceding quarter. Government bonds outstanding in the PRC grew 4.0% q-o-q to CNY71.1 trillion, accelerating from a 3.3% q-o-q gain in the previous quarter. The PRC’s corporate bonds outstanding rose 3.3% q-o-q to CNY39.5 trillion after gaining 2.3% q-o-q in the previous quarter.
In October, the PRC extended tax exemptions for foreign investors in the PRC’s domestic bond market which was set to expire in November. The incentives exempt foreign investors from corporate income taxes and value-added taxes on bond investments. Exemptions were extended until the end of 2025.
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