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People's Republic of China

Market Watch
Close of
September 12, 2019
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 2.690 2.6 1.5 7.2
5 Year 2.934 ▲ 1.6 ▲ 3.0 10.4
10 Year 3.089 ▲ 3.2 ▲ 7.1 22.1

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
CNY per USD 7.079 ▲ 0.5 ▲ 1.0 2.9
CNY per JPY 0.065 ▲ 0.8 ▲ 2.0 4.4

* 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
Previous 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

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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
  • 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
2019 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 1 March and 8 May with the exception of the 6-month and 4-year tenors . The PRC's yield curve shifted upward by an average of 19 basis points (bps) with the largest gain seen for the 3-year tenor, which rose 35 bps. The 2-year versus 10-year yield spread fell from 59 bps on 1 March to 49 bps on 8 May. The PRC's yields trended upward in April as an anticipated reserve requirement ratio cut failed to materialize. In addition, economic indicators showed better-than-expected economic growth for the first quarter.

Size and Composition

LCY bonds outstanding in the PRC rose 3.0% quarter-on-quarter (q-o-q) in Q1 2019, a deceleration from 3.4% q-o-q growth in Q4 2018. On a y-o-y basis, LCY bonds outstanding grew 16.7%.The PRC's government bonds outstanding grew 2.5% q-o-q in Q1 2019, up from 2.2% q-o-q in Q4 2018. The slightly higher q-o-q growth rate was largely due to increases in local government bonds, which expanded 5.2% q-o-q in Q1 2019 after growth of less than 1.0% in Q4 2018. The PRC's corporate bonds outstanding grew 4.1% q-o-q in Q1 2019, down from 5.9% q-o-q growth in Q4 2018. The slower corporate bond growth was largely due to uncertainties over the PRC's economy.

Policy, Institutional and Regulatory Developments

On 5 May, the PBOC announced that it would reduce the reserve requirement ratios for certain small and medium-sized banks that meet specified criteria. The PBOC said that rural commercial banks with a presence in rural counties and total assets of less than CNY10 billion will have their reserve requirement ratios set at 8%, the same level as credit cooperatives.

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