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Hong Kong, China

Market Watch
Close of
August 13, 2020
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 0.132 ▲ 1.6 ▲ 3.7 161.7
5 Year 0.221 1.1 ▲ 4.8 151.9
10 Year 0.470 2.2 ▲ 3.8 132.2

* 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 0.072 ▲ 0.0 ▲ 1.3 1.0

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D HIBOR 0.053 0.5 1.4 451.0
3M HIBOR 0.445 ▲ 0.4 1.5 198.3

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
(1-Jan-1970)
Previous Rate
(1-Jan-1970)
YTD
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 2019-10-08

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 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 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 28 February and 15 May, local currency (LCY) government bond yields in Hong Kong, China fell across all tenors, shifting the yield curve downward. Hong Kong, China's yield curve was inverted at the beginning of the review period with the spread between the 2-year and 10-year yields at -4 basis points. The yield curve had normalized by the end of the review period, with the spread between 2-year and 10-year bonds back in positive territory at 24 basis points. Hong Kong, China's government bond yields tracked United States Treasury yields during the review period. Falling yields also reflected the contraction of Hong Kong, China's economy. The economic recession deepened in the first quarter (Q1) of 2020 as the onset of the coronavirus disease (COVID-19) disrupted the economy already battered by the combined impacts of trade tensions between the People's Republic of China and the United States as well as prolonged political unrest.

Size and Composition

Hong Kong, China's LCY bonds outstanding amounted to HKD2,255.4 billion (USD291.0 billion) at the end of March after a 0.5% quarter-on-quarter (q-o-q) contraction in Q1 2020. The drop in LCY bonds outstanding stemmed from a contraction in the government bond segment combined with tepid growth in the corporate bond segment. On a year-on-year basis, growth slowed to 0.3% in Q1 2020 from 1.8% in the fourth quarter of 2019. Government bonds accounted for a 51.9% share of the total LCY bonds outstanding at the end of March.

Policy, Institutional and Regulatory Developments

On 16 March, the Hong Kong Monetary Authority reduced its countercyclical buffer to 1.0% from 2.0% amid worsening economic conditions brought about by the COVID-19 outbreak. The move was intended to release additional funds that would allow banks to extend credit to support financing needs in the domestic economy, particularly for sectors and individuals affected by the downturn.

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