People's Republic of China
Market Watch
| Close of October 22, 2020 |
Change From | |||
|---|---|---|---|---|
| Govt. Bond Yields | Latest Yield | Previous Day | Previous Week | YTD |
| 2 Year | 2.817 | ▼ 3.4 | ▼ 7.7 | ▲ 18.7 |
| 5 Year | 3.025 | ▼ 3.0 | ▼ 10.4 | ▲ 11.5 |
| 10 Year | 3.170 | ▼ 1.3 | ▼ 5.8 | ▲ 2.6 |
|
* Government bond yield changes are expressed in basis points. |
||||
| Currencies | Latest Rate | Previous Day | Previous Week | YTD |
| CNY per USD | 6.685 | ▼ 0.5 | ▲ 0.6 | ▲ 4.0 |
| CNY per JPY | 0.064 | ▼ 0.3 | ▲ 0.0 | ▲ 0.6 |
|
* 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
| 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 | ▼ 35.0 | |
|
* Policy rate changes are expressed in basis point change. |
||||
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 | |
NEWS HIGHLIGHTS
- China's Economy Accelerates, Broadening Recovery From Pandemic updated 28 minutes ago
- China's Stock Market Tops $10 Trillion for First Time Since 2015
- Markets Yuan Down on China Rule Change; Stocks Push Higher: Markets Wrap
- Yuan Gain May Be Capped After PBOC Cuts Shorting Costs
- China Acts to Slow Yuan's Rapid Ascent Without Causing Panic
Read full index for News and Commentary
BOND ISSUANCES
- 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
ASEAN+3 Bond Market Guide 2020: The Inter-Bank Bond Market in the People's Republic of China
Published by the ASEAN+3 Bond Market Forum in collaboration with the Asian Development Bank as its secretariat, this edition focuses on the China Inter-Bank Bond Market (CIBM), which is the largest bond market segment in the People's Republic of China. The CIBM is one of only two bond markets in the country that are accessible to foreign investment; the other being the Exchange Bond Market. The legal and regulatory frameworks, features, challenges, and opportunities for the CIBM are discussed in this publication.
Download Report
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).
Download Report
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
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Market Summary
Yield Movements
The People's Republic of China's (PRC) yield curve for local currency (LCY) bonds shifted upward between 15 June and 15 August. Yields rose more at the shorter-end of the curve, with tenors of 1 year or less rising by 56 basis points. Yields largely rose as economic data showed the PRC undergoing an economic recovery. The PRC's gross domestic product grew 3.2% year-on-year (y-o-y) in the second quarter (Q2) of 2020 after a 6.8% y-o-y decline in the first quarter (Q1) of 2020.
Size and Composition
The PRC's outstanding LCY bonds rose 5.6% quarter-on-quarter (q-o-q) in Q2 2020, after rising 4.9% q-o-q in Q1 2020, to reach CNY93.2 trillion (USD13.2 trillion). LCY bonds grew 17.9% y-o-y in Q1 2020. Growth in the LCY government bond market in the PRC accelerated to 5.4% q-o-q in Q2 2020 from 3.5% q-o-q in Q1 2020. The PRC's corporate bond market growth decelerated to 5.9% in Q2 2020 from 7.3% q-o-q in Q1 2020.
Policy, Institutional and Regulatory Developments
In June and August, the People's Bank of China issued renminbi-denominated bills in Hong Kong, China to help manage offshore liquidity and control the renminbi yield curve.
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- China's Economy Accelerates, Broadening Recovery From Pandemic updated 28 minutes ago
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2020-10-19 - China's Stock Market Tops $10 Trillion for First Time Since 2015
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2020-10-13 - China Acts to Slow Yuan's Rapid Ascent Without Causing Panic
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2020-10-12 - Yuan Gain May Be Capped After PBOC Cuts Shorting Costs
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2020-10-12 - Markets Yuan Down on China Rule Change; Stocks Push Higher: Markets Wrap
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2020-10-12 - China establishes countercyclical capital buffer mechanism
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