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People's Republic of China

Market Watch
Close of
November 19, 2019
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 2.726 2.3 0.9 3.6
5 Year 3.001 2.2 6.7 3.7
10 Year 3.176 1.2 7.7 13.4

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
CNY per USD 7.028 0.0 0.3 2.2
CNY per JPY 0.065 0.2 0.7 3.3

* 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
(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 2019-07-18
Non-Regional Rating Institutions
Fitch A+ stable 2013-10-15
S&P A+ stable 2017-09-21

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
  • 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 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

* Download previous issues PDF
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 steepened between 31 August and 15 October, driven by a rise in yields at the longer end of the curve and a decline in yields for shorter-dated tenors. Yields rose for tenors of 5 years or longer by an average of 10 basis points (bps), excluding the 9-year tenor, which fell 1 bps. For tenors of 3 years or shorter, yields fell an average of 8 bps. The steepening of the yield curve led to a rise in the 2-year versus 10-year spread to 49 bps on 15 October from 35 bps in 31 August. Yields at the longer end of the curve rose on investor optimism that the PRC's economy would benefit from news that trade tensions between the PRC and the United States were abating.

Size and Composition

LCY bonds outstanding in the PRC rose 3.6% quarter-on-quarter (q-o-q) in Q3 2019 after gaining 4.0% q-o-q in the second quarter (Q2) of 2019. On a y-o-y basis, LCY bonds grew 14.9% y-o-y. The PRC's government bond market continued to grow; however, growth moderated to 3.5% q-o-q from 4.2% q-o-q in Q2 2019. The slowing growth was due to a decline in government bond issuance during Q3 2019. In contrast to the PRC's government bonds, corporate bonds outstanding grew 3.9% q-o-q in Q3 2019, accelerating from Q2 2019's 3.6% q-o-q growth. The growth was largely driven by an in increase in financial bonds (9.2% q-o-q), medium-term notes (3.8% q-o-q), and listed corporate bonds (3.2% q-o-q).

Policy, Institutional and Regulatory Developments

On 6 September, the People's Bank of China announced that it would reduce by 50 bps the reserve requirement ratio of financial institutions, effective 16 September. In addition, rural commercial banks operating solely within provincial administrative regions would be entitled to an additional 100 bps cut, with the reduction to be phased in on 15 October and 15 November. On 15 October, the China Securities Regulatory Commission announced that the total amount of outstanding corporate bonds sold privately would be limited to 40% of a company's net assets. Additional bonds issued exceeding this ratio may only be used to repay existing debt.

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