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Hong Kong, China

Market Watch
Close of
February 17, 2020
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 1.525     0.0 8.1 27.0
5 Year 1.335 ▲ 2.2 ▲ 3.9 40.5
10 Year 1.449 ▲ 0.1 ▲ 2.8 34.3

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
HKD per USD 7.768 ▲ 0.0 0.0 ▲ 0.3
HKD per JPY 0.071 ▲ 0.1 ▲ 0.1 ▲ 1.5

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D HIBOR 1.374 ▲ 17.7 ▲ 20.7 318.9
3M HIBOR 1.995 1.9 20.2 43.3

* 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 2.000 25.0     0.0

* 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
  • 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 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 31 August and 15 October, local currency (LCY) government bond yields in Hong Kong, China fell slightly for shorter-dated tenors and jumped for medium- to longer-dated tenors. Yield movements tracked the movements of United States (US) Treasury yields as the Hong Kong dollar is pegged to the US dollar. Hong Kong, China's yield curve has been inverted since the second quarter (Q2) of the year. The inverted yield curve reflected expectations of an economic downturn in Hong Kong, China. Hong Kong, China's gross domestic product growth contracted 2.9% year-on-year (y-o-y) in the third quarter (Q3) of 2019 amid months of political unrest. In quarter-on-quarter (q-o-q) seasonally adjusted terms, Hong Kong, China's GDP contracted 3.2% q-o-q in Q3 2019 following a 0.5% q-o-q drop in Q2 2019, indicating that the economy has fallen into a technical recession.

Size and Composition

Hong Kong, China's LCY bonds outstanding dropped slightly to HKD1,954.7 (USD249.4) in Q3 2019 from HKD1,955.5 billion (USD250.4) in Q2 2019. The 0.04% q-o-q dip in Q3 2019 was smaller than the 0.2% q-o-q drop in the prior quarter. Annual growth rose to 2.1% y-o-y in Q3 2019 from 1.4% y-o-y in Q2 2019 due to stronger growth in both government and corporate bonds. Government bonds accounted for 59.9% of LCY bonds outstanding in Q3 2019.

Policy, Institutional and Regulatory Developments

In August, the government announced fiscal support measures worth HKD19.1 billion to aid citizens and businesses affected by the economic downturn. In September, the government-owned Hong Kong Mortgage Corporation introduced a relief measure targeted to small and medium-sized enterprises facing cash flow pressure. On 14 October, the Hong Kong Monetary Authority lowered the countercyclical capital buffer from 2.5% to 2.0%, releasing capital that had previously built up in the banking sector. The move injected an estimated HKD200 billion-HKD300 billion into the economy.

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