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Hong Kong, China

Market Watch
Close of
February 14, 2019
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 1.483 1.9 2.1 26.6
5 Year 1.708 2.1 ▲ 0.1 55.6
10 Year 1.851 1.9 0.2 15.6

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
HKD per USD 7.847 ▲ 0.0 ▲ 0.0 0.2
HKD per JPY 0.071 0.5 ▲ 0.6 ▲ 0.5

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D HIBOR 0.591 5.9 55.5 401.3
3M HIBOR 1.717     0.0 ▲ 0.4 61.0

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
Previous Rate
Discount Window Base Rate 2.750 ▲ 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 AA+ stable 2010-09-27
Non-Regional Rating Institutions
Fitch AA+ stable 2010-11-25
S&P AAA negative 2016-03-31

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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
  • 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
  • Trading Volume
  • Bonds Turnover Ratio
  • Interest Rate Spread - 2yrs vs 10yrs - LCY Bond
  • Yield Volatility - 10yr LCY 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 2016: Hong Kong, China

ASEAN+3 Bond Market Guide is a comprehensive explanation of the region’s bond markets. It provides various information such as the history, legal and regulatory framework, specific characteristics of the market, trading and transaction, and other relevant information. The Hong Kong, China Bond Market Guide is an outcome of the strong support and kind contributions of ASEAN+3 Bond Market Forum members and experts, particularly from Hong Kong, China. The report should be recognized as a collective good to support bond market development among ASEAN+3 members.

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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, Hong Kong, China’s local currency (LCY) government bond yield curve shifted upward as yields rose for all tenors. Excluding the 1-month tenor, yields for shorter-dated bonds (2 years or less) rose an average of 16 basis points (bps), while excluding the 3-year tenor, yields for longer-dated bonds (5 years or more) rose an average of 33 bps. The movements in Hong Kong, China’s bond yields closely track the movements of United States (US) Treasury yields as the Hong Kong dollar is pegged to the US dollar. 

Size and Composition

Hong Kong, China’s LCY bond market continued to expand through the third quarter of 2018 to reach a size of HKD1,955 billion (USD250 billion) at the end of September. Growth moderated to 1.4% quarter-on-quarter (q-o-q) from 2.1% q-o-q in the second quarter. Growth was driven by the rise in stock of corporate bonds. Year-on-year (y-o-y) growth was 3.6%, maintaining the previous quarter’s y-o-y growth and driven by expansion in both the government and corporate bond segments. 

Policy, Institutional and Regulatory Developments

In August, delivery-versus-payment settlement was fully implemented under the Bond Connect program. This mechanism allows for the payment and delivery of securities in real time, reduces settlement risks, and facilitates settlement efficiency, providing more convenience to international investors through Bond Connect.

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