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People's Republic of China

Market Watch
Close of
October 12, 2018
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 3.100 2.0 8.0 68.0
5 Year 3.490 1.0 5.0 43.0
10 Year 3.670 1.0 4.0 35.0

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
CNY per USD 6.922 0.5 0.8 6.4
CNY per JPY 0.062 0.4 2.1 6.8

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
3M SHIBOR 2.580 1.0 16.0 125.0

* 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
  • Foreign Bond Flows
  • 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).

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* Download previous issues PDF
2018 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

The People’s Republic of China’s (PRC) government bond yield curve fell between 1 June and 15 August. The entire yield curve shifted downward by an average of 18 basis points (bps), with the shorter-end declining by a much larger amount. Yields fell due to a combination of weaker economic growth and rising risk aversion due to ongoing trade war making other investments such as equities less attractive to investors.

Size and Composition

The PRC’s local currency bonds outstanding rose 3.8% quarter-on-quarter (q-o-q) and 15.1% y-o-y to reach CNY59.8 trillion (USD 9.0 trillion). The PRC’s bond market q-o-q growth rate quickened from the previous quarter’s 1.3%. The PRC’s government bond market’s growth rate accelerated to 4.4% q-o-q in Q2 2018 from 0.8% q-o-q in Q1 2018. The faster growth rate was largely due to gains in the category of “Treasury Bonds and Other Government Bonds” which expanded 5.1% q-o-q in Q2 2018, up from 0.7% q-o-q in the previous quarter. The PRC’s corporate bonds outstanding grew 2.1% q-o-q in Q2 2018, down from Q1 2018’s growth of 2.4%. 

Policy, Institutional and Regulatory Developments

On 24 June, the PBOC reduced the reserve requirement ratio of some banks by 50 bps. Specifically, the following larger banks, and 12 joint-stock commercial banks, must use freed-up funds to carry out debt–equity swap programs: Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications. In addition, Postal Savings Bank of China, city commercial banks, non-county rural banks, and foreign-funded bank must use funds freed up by the reduction to support lending to small- and micro-sized enterprises.

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