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Hong Kong, China

Market Watch
Close of
October 22, 2020
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 0.144 0.5 ▲ 4.4 160.5
5 Year 0.243 2.1 ▲ 3.1 149.7
10 Year 0.537 2.0 ▲ 5.5 125.5

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
HKD per USD 7.750     0.0     0.0 ▲ 0.5
HKD per JPY 0.074 ▲ 0.3 0.6 3.0

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D HIBOR 0.056 0.5 0.7 450.7
3M HIBOR 0.541 0.8 0.1 188.7

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
Previous Rate
No data available for this market
Sovereign Ratings
Agency Rating Outlook Date
Regional Rating Institutions
R&I AA+ stable 2019-04-15
Non-Regional Rating Institutions
Fitch AA- stable 2020-04-20
S&P AA+ stable 2020-09-30

More details

  • 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
  • Bid-Ask Spreads (Survey data)
  • Government Bond Market Structural Issues
  • Corporate Bond Market Structural Issues

ASEAN+3 Bond Market Guide

ASEAN+3 the Bond Market in Hong Kong, China: An ASEAN+3 Bond Market Guide Update

This report provides updates on the bond market in Hong Kong, China since the publication of the ASEAN+3 Bond Market Guide 2016: Hong Kong, China. It also highlights those changes and developments that have a connection to the bond market of the People's Republic of China. The ASEAN+3 Bond Market Guide series provides member-specific information on the investment climate, rules, laws, opportunities, and characteristics of local bond markets in Asia and the Pacific. It aims to help bond market issuers, investors, and financial intermediaries understand the local context and to encourage greater participation in the region's rapidly developing bond markets.

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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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ASEAN+3 Multi-Currency Bond Issuance Framework

Implementation Guidelines for Hong Kong, China
August 2015

The ASEAN+3 Multi-Currency Bond Issuance Framework (AMBIF) Implementation Guidelines for Hong Kong, China are provided to review the AMBIF Elements and detail the corresponding featur​es of Hong Kong, China market in relation to each element.

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* Download previous issues PDF
2020 Sep Jun Mar
2019 Nov Sep 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

Between 15 June and 15 August, local currency (LCY) bond market yields in Hong Kong, China fell across all tenors, shifting the yield curve downward. Hong Kong, China's government bond yields tracked United States (US) Treasury yields during the review period. Declining yields also reflected the continuing contraction in Hong Kong, China's economy. Based on advanced estimates, Hong Kong, China's gross domestic product plunged 9.0% year-on-year (y-o-y) in the second quarter (Q2) of 2020. Heightened downside risks, brought about by the combined effects of political unrest, the coronavirus disease, and worsening trade and political tensions between the People's Republic of China and the US, was exacerbated by the new security law that came into effect in Q2 2020.

Size and Composition

Hong Kong, China's LCY bond outstanding reached HKD2,267.6 billion at the end of June, up from HKD2,255.5 billion at the end of March. The 0.5% quarter-on-quarter (q-o-q) growth in Q2 2020 reversed the 0.5% q-o-q decline in Q1 2020. The q-o-q growth was primarily driven by a 2.3% q-o-q rise in the corporate bond segment as the government bond segment contracted 1.1% q-o-q in Q2 2020. Government bonds accounted for a 51.0% share of total LCY bonds outstanding at the end of June.

Policy, Institutional and Regulatory Developments

On 7 July, the Hong Kong Monetary Authority (HKMA) decided to hold the countercyclical capital buffer (CCyB) at 1.0%. The HKMA noted that the latest data based on Q1 2020 indicators signal a higher CCyB at 2.25%. However, the HKMA gauged that the economic recovery will be protracted given the high level of uncertainty. The HKMA decided to hold the CCyB steady at 1.0% and to continue monitoring the economic situation.

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