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Hong Kong, China

Market Watch
Close of
October 17, 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 1.384 2.2 ▲ 8.8 50.2
10 Year 1.415 1.2 ▲ 10.9 61.9

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
HKD per USD 7.844 ▲ 0.0 0.0 0.2
HKD per JPY 0.072 0.1 ▲ 0.6 1.1

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D HIBOR 1.000 ▲ 19.4 ▲ 2.8 360.4
3M HIBOR 2.133 1.4 11.6 19.4

* 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 negative 2019-09-06
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
  • 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 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 1 June and 15 August, Hong Kong, China's local currency (LCY) government bond yield curve rose at the shorter-end but dropped for tenors with maturities of 2 years and longer. The yield curve has been inverted since the middle of April, when the 10-year yield fell below the 2-year rate by 2 bps. By the end of the review period, the gap had widened, with the 2-year yield outpacing that of the 10-year yield by 14 bps. The yield curve's inversion reflected heightened uncertainties brought about by political unrest and expectations of an economic slowdown. In August, the Hong Kong Monetary Authority (HKMA) lowered its base rate by 25 bps to 2.5% after the US Federal Reserve cut its key benchmark rate by 25 bps.

Size and Composition

Hong Kong, China's LCY bonds outstanding declined to HKD1,955.5 billion in the second quarter (Q2) of 2019 from HKD1,959.9 in the previous quarter. The 0.2% quarter-on-quarter drop in Q2 2019 reversed the 0.5% quarter-on-quarter growth in the previous quarter, driven largely by a contraction in corporate bonds outstanding. Annual growth weakened to 1.4% year-on-year in Q2 2019 from 3.7% in the first quarter due to slower growth of both government and corporate bonds. The bond market remains dominated by government bonds, which accounted for 59.5% of LCY bonds outstanding in Q2 2019.

Policy, Institutional and Regulatory Developments

On 9 July, the HKMA decided to maintain the countercyclical capital buffer (CCyB) at 2.5%. In its press statement, the HKMA noted that the latest data signals a lower CCyB at 1.75% due to the narrowing of the credit-to-GDP gap, which indicated a slowdown in loan growth. However, after considering other factors, including the recovery of residential property prices and banking sector and economy-wide risks, the HKMA decided that holding the CCyB steady at 2.5% was more appropriate to provide an additional buffer should the systemic risks crystallize in the future.

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