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People's Republic of China

Market Watch
Close of
December 12, 2018
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 2.688 0.1 7.8 6.5
10 Year 3.286 1.7 3.3 61.6

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
CNY per USD 6.880 ▲ 0.3 0.3 5.7
CNY per JPY 0.061 ▲ 0.2 0.3 5.2

* 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     0.0 15.0 125.0

* 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

More details

  • 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
  • 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 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

Between 31 August and 15 October, the People’s Republic  of China’s (PRC) yield curve shifted slightly downward by an average of 2.3 basis points (bps), largely due to the weakening of the economy as well as reserve requirement ratio reductions by the People's Bank of China (PBOC). The average downward shift in the yield curve was relatively smaller this period due to volatility to events such as a higher liquidity requirements in anticipation of the long holiday in the first week of October. 

Size and Composition

The PRC’s local currency (LCY) bonds outstanding rose 5.7% quarter-on-quarter (q-o-q) and 15.5% year-on-year (y-o-y) to  reach CNY63.2 trillion (USD9.2 trillion). The PRC’s bond market q-o-q growth rate quickened from the previous  quarter’s 3.8% expansion. The PRC’s government bond mark grew 6.3% q-o-q in the third quarter (Q3) of 2018 after expanding 4.4% q-o-q in the second quarter (Q2) of 2018. The faster growth rate was driven by the rapid increase in Treasury bonds and other government bonds which grew 8.7% q-o-q in Q3 2018, up from 5.1% q-o-q  the previous quarter due to increased issuance of local government bonds, which grew 12.5% q-o-q in  Q3 2018 compared with 6.9% q-o-q in Q2 2018. The PRC’s corporate bonds outstanding  grew 4.1% q-o-q in Q3 2018, up from Q2 2018’s growth  of 2.1% q-o-q. 

Policy, Institutional and Regulatory Developments

On 7 October, the PBOC reduced the reserve  requirement ratio of large commercial banks, joint stock  commercial banks, city commercial banks, non-country rural commercial banks, and foreign-funded commercial  banks by 100 bps. In addition, the PBOC announced that maturing funds from its Medium-Term Lending Facility for that day would not be renewed, effectively using some funds freed by the reserve requirement ratio cut to repay the lending facility. The PBOC said that the net effect  would be a release of CNY750 billion of funds into the banking system. 

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