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Hong Kong, China

Market Watch
Close of
August 15, 2019
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 1.779     0.0     0.0 4.0
5 Year 1.481     0.0     0.0 78.3
10 Year 1.558     0.0     0.0 44.9

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
HKD per USD 7.841 ▲ 0.1 0.0 0.1
HKD per JPY 0.074 ▲ 0.3 ▲ 0.0 3.5

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D HIBOR 1.200 ▲ 78.6 ▲ 41.3 340.4
3M HIBOR 2.350 ▲ 7.1 ▲ 5.3 ▲ 2.3

* 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 2.500 25.0 25.0

* 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
  • Breakdown of LCY 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 regionís 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
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

Hong Kong, China's local currency (LCY) government bond yield curve exhibited mixed movements between 1 March and 8 May. Yields rose an average of 43 basis points (bps) for bonds with maturities of 2 years or less. For bonds with maturities of 10 years or more, yields fell an average of 14 bps. Yields barely moved between the 3-year and 7-year tenor, falling an average of 4 bps for 3-year and 5-year tenors, and rising less than 1 bp for 7-year bonds.

Size and Composition

Hong Kong, China's LCY bonds outstanding reached HKD1,960 billion at the end of March, up 0.5% q-o-q in Q1 2019 from 1.2% q-o-q in Q4 2018 due to a decline in the government bond segment coupled with marginal growth in the corporate bond segment. On a year-on-year basis, Growth climbed to 3.7% in Q1 2019 from 2.3% in Q4 2018, driven mainly by the corporate bond segment.

Policy, Institutional and Regulatory Developments

In May, the Hong Kong Monetary Authority launched three sets of measures to support and promote Hong Kong, Chinaís green finance development at the HKMA Green Finance Forum. These measures include (i) green and sustainable banking, (ii) responsible investment and, and (III) a Centre for Green Finance. Green and sustainable banking involves developing a common framework to assess the "greenness baseline" of banks, engaging relevant stakeholders in consultations, and monitoring and evaluating banks' progress in meeting targets.

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