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Hong Kong, China

Market Watch
Close of
January 22, 2021
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 0.132 ▲ 2.2 ▲ 2.2 ▲ 1.6
5 Year 0.344 ▲ 0.6 1.2 0.7
10 Year 0.788 ▲ 1.8 ▲ 0.5 ▲ 4.8

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
HKD per USD 7.752 0.0 ▲ 0.0 ▲ 0.0
HKD per JPY 0.075 ▲ 0.3 0.0 ▲ 0.5

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D HIBOR 0.040 0.0 0.2 0.1
3M HIBOR 0.240 0.1 2.9 11.1

* 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 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 Nov 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

Movements in Hong Kong, China's local currency (LCY) bond market yields were mixed between 31 August and 30 October. Yields fell at the shorter-end of the yield curve as bonds with maturities of 3 years or less shed an average of 6 basis points (bps). Yields rose at the longer-end of the curve, with the yield for the 10-year tenor inching up 1 basis point, while the 15-year tenor gained 12 bps. The spread between the 2-year and 10-year tenors widened from 32 bps to 45 bps during the review period. Hong Kong, China's gross domestic product fell 3.5% year-on-year in the third quarter of 2020. Uncertainties stemming from the prolonged global pandemic, frictions between the PRC and the United States, and political risks continued to affect Hong Kong, China's economy and bond market.

Size and Composition

Hong Kong, China's LCY bonds outstanding amounted to HKD2,287.0 (USD295.1 billion) at the end of September, up from HKD2,267.6 billion at the end of June. The LCY bond market's quarter-on-quarter growth rose to 0.9% in the third quarter of 2020 from 0.5% in the second quarter, driven mostly by a rebound in the government bond segment. Government bonds accounted for a 50.6% share of total LCY bonds outstanding at the end of September.

Policy, Institutional and Regulatory Developments

On 12 October, 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 the latest economic indicators signal a higher CCyB at 2.5%. However, the HKMA deemed that considering the high level of uncertainty facing the economy, holding the CCyB steady at 1.0% was more appropriate. A lower CCyB releases additional liquidity into the banking system by raising banks' lending capacity to support the economy.

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