September 12, 2019
|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.
|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.
|Interest Rates||Latest Rate||Previous Day||Previous Week||YTD|
|No data available for this market|
|Policy Rates||Latest 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.
|Regional Rating Institutions|
|Non-Regional Rating Institutions|
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 previous issues PDF|
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.
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.
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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