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People's Republic of China

Market Watch
Close of
April 13, 2021		 Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 2.704 ▼ 4.0 ▼ 3.8 ▼ 0.6
5 Year 2.981 ▼ 4.7 ▼ 6.2 ▲ 4.1
10 Year 3.169 ▼ 2.2 ▼ 3.8 ▲ 2.3

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
CNY per USD 6.544 ▲ 0.1 ▼ 0.1 ▼ 0.3
CNY per JPY 0.060 ▼ 0.2 ▼ 0.7 ▲ 5.1

* 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.

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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

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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
  • 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

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2021 Mar
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



Size and Composition

The People’s Republic of China’s outstanding local currency bonds grew 3.3% quarter-on-quarter to CNY101.4 trillion (USD15.5 trillion) at the end of December 2020, slower than the 5.4% quarter-on-quarter growth in the earlier quarter. The decline was largely due to lower issuance in local government and policy bank bonds. On a year-on-year basis, bonds outstanding grew 20.5%.

Notable Corporate Bond Issuances in Q4 2020

Total corporate bond issuance in the People’s Republic of China declined 4.4% quarter-on-quarter but rose 22.9% year-on-year to CNY4.6 trillion. The quarter saw a number of perpetual bond issues from financial institutions.

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China to issue 60 bln yuan worth of e-saving bondsXinhua2020-10-05
China Development Bank issues bonds for battle against epidemicXinhua2020-02-06
Bank of China issues 30 bln yuan of tier-2 capital bondsXinhua2019-11-24
Title Source Date

Title Source Date
China Pulls Support From Local Funding Vehicles to Cut RiskBloomberg2021-04-14
China’s Trade Surges as Global Economy Recovers from Pandemic - BloombergBloomberg2021-04-13
Red Lights Flashing in Credit Markets as Huarong Concern GrowsBloomberg2021-04-13
China Flags Deeper Clampdown on Debt Growth at Local BanksBloomberg2021-04-09
Global Funds End Two-Year Buying Spree in China Government DebtBloomberg2021-04-08
China Asks Banks to Curtail Credit for Rest of YearBloomberg2021-04-06
China Considers New Bourse to Attract Overseas-Listed Firms: ReutersBloomberg2021-03-31
China FTSE Bond Index Inclusion to Take Much Longer Than PlannedBloomberg2021-03-30
Worst Yuan Selloff in Year Drives Traders Back to Daily FixBloomberg2021-03-29
China’s Shift Toward Consumer-Driven Economy Is Set to SlowBloomberg2021-03-29
China’s Industrial Strength Drives Economic Rebound In MarchBloomberg2021-03-26
China’s Central Bank Estimates Potential Growth of Under 6%Bloomberg2021-03-26
China’s Economic Growth Could Exceed Target, Premier Li SaysBloomberg2021-03-23
China’s CSI 300 Slumps to Breach 5,000 Support Level Yet AgainBloomberg2021-03-23
China's central bank conducts 10 bln yuan of reverse reposXinhua2021-03-22
China Stocks Slump as Alaska Talks With U.S. Show Gap Remains WideBloomberg2021-03-19
State Council distributes work priorities to reinforce economic recoveryXinhua2021-03-16
China’s Economic Activity Data Soars a Year After LockdownBloomberg2021-03-15
China’s Credit Better Than Forecast Despite February HolidayBloomberg2021-03-11
China State Funds Buy Stocks to Stem Worsening RoutBloomberg2021-03-09
China’s Central Bank to Step Up Efforts to Curb Financial RisksBloomberg2021-03-09
Back-to-Back Chinese Defaults Contained as Credit Market MaturesBloomberg2021-03-04
China Seen Cutting Local Government Bond Quota to Curb DebtBloomberg2021-03-01
China’s Recovery Slows Amid HolidayBloomberg2021-03-01
China Stock Traders Sell Favorites After Benchmark Tests RecordBloomberg2021-02-19
Chinese Markets Reopen With Stocks Primed to Hit All-Time HighsBloomberg2021-02-18
China’s Inflation Divergence Shows Unbalanced Economic RecoveryBloomberg2021-02-10
S&P Global Ratings: China Economy to Grow About 7% in 2021Bloomberg2021-02-08
Chinese Offshore Bond Defaults Reach Nearly 33% of 2020’s TotalBloomberg2021-02-04
How China’s Liquidity Squeeze Got Markets All RattledBloomberg2021-02-03
China Drains Funds from Banking System as Cash Crunch EaseBloomberg2021-02-03
China factory activity slows slightly on new COVID-19 waveKhmer Times2021-02-01
China Central Bank Drains Most Short-Term Funds Since OctoberBloomberg2021-01-28
China Won’t Exit From Stimulus Prematurely, PBOC’s Yi SaysBloomberg2021-01-27
China’s Economy Picks Up in January, Building on 2020’s RecoveryBloomberg2021-01-26
China Overtook U.S. in Foreign Direct Investment, UN Agency SaysBloomberg2021-01-25
Chinese banks report net forex purchase in DecemberXinhua2021-01-22
China Stocks Rise Most in a Week as Buyers Shift From Hong KongBloomberg2021-01-21
China’s Big Three State Telcos Seek Review of NYSE DelistingBloomberg2021-01-21
Irresistible? Pension funds plot move on China's $16 trillion sovereigThe Jakarta Post2021-01-20
China Outbound M&A Seen Driving Rebound in Loans This YearBloomberg2021-01-20
China’s Economy Grew 2.3% in 2020, Accelerating Global RiseBloomberg2021-01-18
A Year After Covid Began, China’s Economy Is Beating WorldBloomberg2021-01-15
China’s Trade Surplus Hits Record as Pandemic Fuels ExportsBloomberg2021-01-14
China Nears Approval of Its First Public REITs to Ease DebtBloomberg2021-01-13
Investors Have a New Default Worry in China’s Debt MarketBloomberg2021-01-12
China Stocks Climb the Most Since October to Touch 13-Year HighBloomberg2021-01-12
China’s Record $30 Billion Bond Defaults Seen Rising This YearBloomberg2021-01-12
China’s Consumer Prices Gain in December After Brief DeclineBloomberg2021-01-11
China’s Rapid Recovery Puts Global Dollar Hegemony in DoubtBloomberg2021-01-08
MSCI Cuts China Telcos From Indexes After Trump Ban; Shares FallBloomberg2021-01-08
China's central bank injects liquidity into marketXinhua2021-01-07
China Allows for Strong Yuan While Discouraging Excessive GainsBloomberg2021-01-06
FTSE Russell Removes Three More Chinese Firms After Trump OrderBloomberg2021-01-05
Chinese Stocks Are on the Brink of Exceeding 2015 BubbleBloomberg2021-01-05
China Reaffirms Goal to Bolster Food Security as Imports SwellBloomberg2021-01-04
China’s Three Big Telcos Slide on NYSE’s Move to Delist SharesBloomberg2021-01-04
Chinese Retailers See Rise in Loan Rejections, Beige Book SaysBloomberg2020-12-29
China’s Industrial Profits Grow at Slower Pace in NovemberBloomberg2020-12-27
China Approves Heavier Penalties on Capital Market ViolationsBloomberg2020-12-27
Yuan Reversal Shows 6.5 Per Dollar Is New Line of ResistanceBloomberg2020-12-17
China to Provide Financial Support to Key Foreign CompaniesBloomberg2020-12-17
China’s Central Bank Going It Alone Spurs an Influx of CapitalBloomberg2020-12-17
China Eyes Economic Goals for Next Year as Debt Levels SoarBloomberg2020-12-16
Chinese Clothing Giant Defaults on Second Domestic Yuan BondBloomberg2020-12-16
China’s Economic Recovery Strengthens, Fueled by Export BoomBloomberg2020-12-15
China Offers $145 Billion in Bank Funding as Liquidity TightensBloomberg2020-12-15
China Pledges Better Supervision of Bond Credit Rating IndustryBloomberg2020-12-14
Rapid China Inflows Spur Call for Strongest Yuan Since 1993Bloomberg2020-12-13
China Outgrows Emerging-Market Strategies for Biggest InvestorsBloomberg2020-12-10
China's Consumer Prices Decline for First Time Since 2009Bloomberg2020-12-09
China's Financial Markets Start to Price In DeleveragingBloomberg2020-12-08
This Year Chinese Sovereign Bonds Became a Global Yield PlayBloomberg2020-12-07
China Punctuates Greater Market Freedoms With Tough CrackdownsBloomberg2020-12-03
China Default Fears Curb Year-End Sales of New Dollar BondsBloomberg2020-12-02
50 bln yuan drained from market TuesdayXinhua2020-12-01
China conducts this year's 11th central bank bills swapXinhua2020-11-27
China's Industrial Profits Surge at Fastest Pace in Nine YearsBloomberg2020-11-27
China bond market remains attractive on high returns: expertsXinhua2020-11-26
China Won't Hike Rates Soon as it Exits Stimulus, Says State MediaBloomberg2020-11-26
China's central bank injects liquidity into marketBloomberg2020-11-25
These AAA-Rated Bonds Are Tumbling as China Default Fears SpreadBloomberg2020-11-24
China Bond Big Bang, Bubble Delay, Ultimate Stress Test: Eco DayBloomberg2020-11-23
China Opens Its Bond Market—With Unknown Consequences for WorldBloomberg2020-11-22
China's loan prime rates remain unchangedXinhua2020-11-20
Shanghai's paid-in foreign investment up 6.2 percent in Jan.-Oct.Xinhua2020-11-19
China issues 4 billion euro-denominated bondsXinhua2020-11-19
China's Credit Jitters Deepen a Selloff in Government BondsBloomberg2020-11-18
China Markets Euro Bond Deal After Blowout Demand Last YearBloomberg2020-11-18
China's central bank drains liquidity from marketXinhua2020-11-17
Economic Watch: China's economic recovery gathers steam as major indicators improve furtherXinhua2020-11-16
China's Economic Recovery Strengthens as Consumer Spending GainsBloomberg2020-11-16
Stress in China's Credit Market Spills Over to Financial StocksBloomberg2020-11-13
China's central bank injects liquidity into market via reverse reposXinhua2020-11-13
Alibaba Leads Chinese Internet Selloff Approaching $260 BillionBloomberg2020-11-11
China's Yunnan imports breeding sows to restore hog productionXinhua2020-11-11
China's auto sales rise 12.5 pct in OctoberXinhua2020-11-11
Billionaire Who Invested in Evergrande Faces Bondholder ExodusBloomberg2020-11-10
China's Inflation Weakens to Below 1% as Pork Prices SlumpBloomberg2020-11-10
China Crop Futures Tumble as Biden Election Spurs Import HopesBloomberg2020-11-09
China's food industry posts strong profit growthXinhua2020-11-08
China Starts Thinking About Stimulus Exit as Economy RecoversBloomberg2020-11-06
FDI into China to hit 690 bln USD in 2016-2020Xinhua2020-11-06
China's central bank injects liquidity into market via reverse reposXinhua2020-11-05
China's New Growth Plan May Push Economy Past U.S. Within DecadeBloomberg2020-10-26
China's U.S. Challenge, Expectations Reset, Rates, GDP: Eco DayBloomberg2020-10-25
Foreigners Are Snapping Up China Government Bonds Like Never BeforeBloomberg2020-10-25
China's Economy Accelerates, Broadening Recovery From Pandemic updated 28 minutes agoBloomberg2020-10-19
China's Stock Market Tops $10 Trillion for First Time Since 2015Bloomberg2020-10-13
China Acts to Slow Yuan's Rapid Ascent Without Causing PanicBloomberg2020-10-12
Yuan Gain May Be Capped After PBOC Cuts Shorting CostsBloomberg2020-10-12
Markets Yuan Down on China Rule Change; Stocks Push Higher: Markets WrapBloomberg2020-10-12
China establishes countercyclical capital buffer mechanismXinhua2020-10-01
China's Factory Outlook Brightens on Signs of Solid RecoveryBloomberg2020-09-30
FTSE Russell Says China to Be Included in Global Bond IndexBloomberg2020-09-24
China's Unspent Stimulus Pile Primed to Fuel Economic RecoveryBloomberg2020-09-23
Yuan Chips Away at U.S. Dominance of FX MarketBloomberg2020-09-23
Pullback in China Stocks Has Investors Fearing Deeper SlumpBloomberg2020-09-10
China's Record Dollar-Bond Flood Leaves Buyers Wanting Even MoreBloomberg2020-09-10
China's non-manufacturing PMI rises in AugustXinhua2020-09-02
China's Growth Rate Seen Decelerating to 2.9% in 2050Bloomberg2020-09-01
China's Economic Rebound Continued in August on Strong ServicesBloomberg2020-08-31
Chinese Borrowers Face Fresh Tests as Debt Reprieve Nears EndBloomberg2020-08-31
China Expects Trade Deal Talks With U.S. to Take Place SoonBloomberg2020-08-21
Oil Extends Gains With Weaker Dollar And Declining StockpilesBloomberg2020-08-16
Stocks, Futures Rise Ahead of Fed Meeting; Oil Up: Markets WrapBloomberg2020-08-16
Chinese Consumers Join Industrial Recovery From Covid-19Bloomberg2020-08-15
China's Industry-Led Recovery Continues But Retail is WeakBloomberg2020-08-14
Borrowing to Buy Stocks Pushes Up China's Record Household DebtBloomberg2020-08-14
China's Bond Data Hint Central Bank Is Buying Government DebtBloomberg2020-08-13
China's Recovery Threatened by Surging Prices, Stagnant WagesBloomberg2020-08-12
China's factory gate prices fall for sixth straight month in JulyIntellasia.net2020-08-11
China July Consumer Inflation Picks Up Amid Flood DisruptionBloomberg2020-08-10
China Exempts Foreign Banks From Massive Loan Relief PushBloomberg2020-08-06
PBOC's Attempt to Exit Crisis Mode Faces a $500 Billion TestBloomberg2020-08-05
China Stocks Will Only Get Wilder After July Whipsaws InvestorsBloomberg2020-07-31
China's Economy Sped Up in July as Factory Output RecoveredBloomberg2020-07-31
China's Economy Will Grow 2.5% This Year, UBS SaysBloomberg2020-07-23
BlackRock Shifts Money From China in Wake of Stocks RallyBloomberg2020-07-22
China Stocks' Quickest Reversal Since 2015 Blindsides InvestorsBloomberg2020-07-22
Xi's Radical Stock Market Reforms Shield China Firms From U.S.Bloomberg2020-07-22
Risk Sentiment Worsens Amid Jitters Over China StocksBloomberg2020-07-17
China Economy Returned to Growth Last Quarter as Virus EasedBloomberg2020-07-16
A Spate of Bank Runs Breaks Out in China, Fueled by Social MediaBloomberg2020-07-15
China Set to Post Return to Growth After Easing LockdownsBloomberg2020-07-15
China's Hottest Stocks Sink as Beijing Cools Speculative FervorBloomberg2020-07-14
China's Trade Rose in Yuan Terms in June Amid Worsening VirusBloomberg2020-07-14
China Renews Push for Increased Global Role for the YuanBloomberg2020-07-13
How China's Stock Market Today Compares With 2014 Melt-UpBloomberg2020-07-13
China's Rebound Fuels Emerging Market OptimismBloomberg2020-07-13
Producer Prices for the Industrial Sector for June 2020National Bureau of Statistics of China2020-07-10
Consumer Prices for June 2020National Bureau of Statistics of China2020-07-10
All Eyes on China's Unstoppable Stocks After $460 Billion RallyBloomberg2020-07-07
China Stokes a Stock-Market Mania, Risking Repeat of 2015 BubbleBloomberg2020-07-06
China's Services Activity Jumped in June, Private Gauge ShowsBloomberg2020-07-03
China's Central Bank Is Signaling a Slower Pace of EasingBloomberg2020-07-02
China's June factory activity quickens to three-month high: official PMIThe Jakarta Post2020-06-30
China Weighs Letting Big Banks Broker Deals on Wall Street ThreatBloomberg2020-06-29
China's Economy Continues Slow Recovery, Early Data ShowBloomberg2020-06-25
As China's Economy Slows, Why the World Should CareBloomberg2020-06-24
China's Growing Dollar Bond Defaults Reveal Depth of StressBloomberg2020-06-24
China Asks Banks to Forgo $211 Billion to Help Boost EconomyBloomberg2020-06-18
China's Most Volatile Shares Soon Be Able to Move 20% DailyBloomberg2020-06-18
China's issuance of enterprise bonds top 193 bln yuanXinhua2020-06-16
China to issue 100 bln yuan of special government bonds for COVID-19 controlXinhua2020-06-15
China's central bank injects liquidity into marketXinhua2020-06-15
China central bank continues to inject liquidity via reverse reposXinhua2020-06-11
Chinese yuan strengthens to 7.0711 against USD TuesdayXinhua2020-06-09
China to accelerate issuance, use of local government bondsXinhua2020-06-09
China's Monthly Car Sales Rise for First Time in Almost a YearBloomberg2020-06-08
Record $666 Billion China Local-Debt Wave Sees Foreigners WaryBloomberg2020-06-03
Phase One Trade Deal Pretty Much Dead: EU Chamber of Commerce in ChinaBloomberg2020-06-03
Chinese shares close higher MondayXinhua2020-06-01
China's central bank injects 240 bln yuan into market ThursdayXinhua2020-05-28
China Sets Stronger-Than-Expected Fixing After Yuan's TumbleBloomberg2020-05-28
Shanghai Stock Exchange Mulls First Revamp of Benchmark in 30 YearsBloomberg2020-05-27
China's industrial profits down 27.4 pct in first four monthsXinhua2020-05-27
China's Lower Rates Boost a Trade That it Wants To RestrainBloomberg2020-05-27
China's Economy Is Inching Out of Virus Slump, Early Data ShowBloomberg2020-05-27
Xinhua Headlines: China's production resumption drives Belt and Road cooperation, fuels global growthXinhua2020-05-26
China's central bank injects 10 bln yuan into market TuesdayXinhua2020-05-26
RRR for financial institutions drops to 9.4 pct: central bankXinhua2020-05-26
China Will Maintain Stimulus Even as Economy ImprovesBloomberg2020-05-26
Alibaba Drops After Projecting Slowing Growth in Uncertain TimesBloomberg2020-05-25
Economists See China Holding Stimulus in Check Amid UncertaintyBloomberg2020-05-25
China Sets Yuan Fix at Weakest Since 2008 After Currency DropBloomberg2020-05-25
China Extends Relief for Trillions of Yuan in Bank LoansBloomberg2020-05-22
China Pledges to Implement U.S. Trade Deal Amid Rising TensionsBloomberg2020-05-22
China Abandons Numerical GDP Target on 'Great Uncertainty'Bloomberg2020-05-22
Senate Passes Bill to Delist Chinese Companies From ExchangesBloomberg2020-05-21
China to steadfastly advance opening up: spokespersonXinhua2020-05-20
China Is Days Away From Revealing If It Dumped Its GDP Growth TargetBloomberg2020-05-19
China Considers Further Relief as Deadline Nears on $211 Billion in Bad DebtBloomberg2020-05-19
China's consumer market bounces back from COVID-19 impact during May Day holidayXinhua2020-05-08
China's consumer inflation expected to edge down in AprilXinhua2020-05-08
China's exports up 8.2 pct, imports down 10.2 pct in AprilXinhua2020-05-07
China cuts TMLF interest rate by 20 basis points in latest economy support stepReuters2020-04-24
China Adds Cash to Banking System, Cuts Interest Rate on LoansBloomberg2020-04-15
China's Trade Fell Less Than Expected Even as Virus SpreadBloomberg2020-04-14
China's producer prices down 1.5 pct in MarchXinhua2020-04-14
China's CPI up 4.3 pct in MarchXinhua2020-04-14
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