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People's Republic of China

Market Watch
Close of
January 22, 2021
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 2.640 0.5 1.7 7.0
5 Year 2.914 0.6 3.4 2.6
10 Year 3.126 1.8 2.2 2.0

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
CNY per USD 6.482 0.3 0.0 ▲ 0.7
CNY per JPY 0.062 0.0 0.1 ▲ 1.2

* 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
(2-Sep-2020)
Previous Rate
(1-Sep-2020)
YTD
Rate
1-year Medium-term
Lending Facility Rate
2.950     0.0     0.0

* 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

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
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

The People's Republic of China's (PRC) yield curve for local currency (LCY) bonds shifted upward between 31 August and 30 October. The largest shift in yields was seen in the 3-month tenor, which rose 43 basis points (bps). The 2-year tenor rose 33 bps, while the 1-year tenor rose 22 bps. The 2-year versus 10-year yield spread narrowed from 50 bps to 34 bps between 31 August and 30 October. The PRC's yields rose as its economy continued to grow, following the successful containment of its coronavirus disease outbreak.

Size and Composition

LCY bonds outstanding in the PRC rose 5.4% quarter-on quarter (q-o-q) in Q3 2020, after expanding 5.6% q-o-q in Q2 2020, to reach CNY98.2 trillion (USD14.5 trillion) at the end of September. On a y-o-y basis, LCY bonds outstanding grew 19.9% y-o-y. The PRC's government bond market's growth accelerated in Q3 2020 to 6.6% q-o-q from 5.4% q-o-q in Q2 2020 as the central government continued to fund its fiscal stimulus programs. The PRC's corporate bond market's growth slowed to 3.2% q-o-q in Q3 2020 from 5.9% q-o-q in Q2 2020.

Policy, Institutional and Regulatory Developments

In September, the PRC streamlined the existing regulations for the Renminbi Qualified Foreign Institutional Investor program and the Qualified Foreign Institutional Investor program. The new rules combined the two existing regulations into one and also made application requirements easier and simplified procedures.

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