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Hong Kong, China

Market Watch
Close of
September 19, 2018
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 2.088 ▲ 2.2 ▲ 1.4 ▲ 78.9
5 Year 2.329 ▲ 0.7 ▲ 1.5 ▲ 102.8
10 Year 2.427 ▲ 2.4 ▲ 2.7 ▲ 59.3

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
HKD per USD 7.845 0.0 ▲ 0.1 0.4
HKD per JPY 0.070 0.1 ▲ 1.0 0.8

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D HIBOR 1.712 15.9 ▲ 78.2 ▲ 37.2
3M HIBOR 2.048 ▲ 2.8 ▲ 3.5 ▲ 74.2

* 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 2.250 ▲ 25.0 ▲ 50.0

* 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

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
  • 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.

Download Report

* Download previous issues PDF
2018 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

Hong Kong, China’s local currency (LCY) government bond yield curve shifted upward for all tenors between 1 March and 15 May due to tightening domestic liquidity. Yields for short-term bonds were higher than the yields for long-term bonds resulting in the curve climbing more steeply at the short-end and flattening at the long-end of the curve. Hong Kong, China’s government bond yield movements largely tracked rate movements in the United States.

Size and Composition

Local currency bonds outstanding in Hong Kong, China reached HKD1,890 billion (USD241 billion) at the end of March, down 0.9% quarter-on-quarter, but up 2.1% year-on-year. The quarter-on-quarter decline was due to contractions in both government and corporate bonds. On a year-on-year basis, the contraction in corporate bonds dampened the expansion in government bonds.

Policy, Institutional and Regulatory Developments

In May, the Hong Kong Monetary Authority (HKMA) issued a circular on the eligibility criteria for the 3-year Pilot Bond Grant Scheme which seeks to attract local, mainland, and overseas enterprises to issue bonds in Hong Kong, China. The said scheme is set to be launched upon the completion of the legislative process for the 2018/19 budget. 

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