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People's Republic of China

Market Watch
Close of
September 19, 2018
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 3.160 ▲ 1.0     0.0 62.0
5 Year 3.550     0.0 1.0 37.0
10 Year 3.740 ▲ 1.0 1.0 28.0

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
CNY per USD 6.848 ▲ 0.2 ▲ 0.1 5.2
CNY per JPY 0.061 ▲ 0.1 ▲ 1.0 5.6

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
3M SHIBOR 2.730 ▲ 3.0 ▲ 2.0 110.0

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
(23-Oct-2015)
Previous Rate
(25-Aug-2015)
YTD
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.

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Sovereign Ratings
Agency Rating Outlook Date
Regional Rating Institutions
R&I A+ stable 2013-01-23
RAM AA3 stable 2017-03-31
Non-Regional Rating Institutions
Fitch A+ stable 2013-10-15
S&P A+ stable 2017-09-21

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  • Size of LCY Bond Market
  • Size of LCY Bond Market in % of GDP
  • Monthly Bonds Outstanding in USD
  • FCY Bonds Outstanding
  • Issuance Volume of LCY Bond Market
  • Breakdown of LCY Government 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
  • iBoxx ABF Index Family
  • Bid-Ask Spreads (Survey data)
  • Government Bond Market Structural Issues
  • Corporate Bond Market Structural Issues

ASEAN+3 Bond Market Guide

ASEAN+3 Bond Market Guide 2012: 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).

Download Report

* Download previous issues PDF
2018 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

The Peopleís Republic of Chinaís (PRC) entire government bond yield curve shifted downward between 1 March and 15 May. The yield curve fell an average of 28 basis points, with the largest declines at the shorter-end. Yields for the PRC government bonds followed a general downward trend beginning in March, stemming largely from expectations that the domestic economy would slow down this year.

Size and Composition

The PRCís local currency bonds outstanding rose 0.7% quarter-on-quarter (q-o-q) and 14.8% year-on-year in the first quarter of 2018 to reach CNY57.2 trillion (USD9.1 trillion) at the end of March. The slower q-o-q expansion was due to declines in the growth rates of both government and corporate bonds. The slowdown of the government bond market reflected the approaching end of the PRCís local government debt swap program and other efforts to limit the debt risk of local governments. On the other hand, the decline in the growth rate of the corporate bond market was due to q-o-q declines in all other major categories of corporate bonds, with the exception of medium-term notes.

Policy, Institutional and Regulatory Developments

On 16 April, the Peopleís Bank of China (PBOC) reduced the reserve requirement ratio of banks by 100 basis points, effective 25 April. The PBOC placed restrictions on the funds freed by the reduction, stipulating that they must be used to repay loans from the PBOCís Medium-Term Lending Facility. Leftover funds must be used for lending to small and micro enterprises.

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