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People's Republic of China

Market Watch
Close of
May 24, 2019
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 2.867 5.8 ▲ 0.1 ▲ 10.5
5 Year 3.122 1.0 7.1 ▲ 8.4
10 Year 3.309 0.3 ▲ 4.3 0.1

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
CNY per USD 6.899 ▲ 0.2 ▲ 0.3 0.3
CNY per JPY 0.063 0.1 0.4 0.6

* Exchange rate changes are expressed as a percentage change.

More details

Interest Rates Latest Rate Previous Day Previous Week YTD
No data available for this market
Policy Rates
Change From
Policy Rates Latest Rate
(23-Oct-2015)
Previous Rate
(25-Aug-2015)
YTD
Rate
1-Year Deposit Rate 1.500 25.0     0.0
1-Year Lending Rate 4.350 25.0     0.0

* Policy rate changes are expressed in basis point change.

More details

Sovereign Ratings
Agency Rating Outlook Date
Regional Rating Institutions
R&I A+ stable 2013-01-23
RAM AA3 stable 2018-07-23
Non-Regional Rating Institutions
Fitch A+ stable 2013-10-15
S&P A+ stable 2017-09-21

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
  • Investor Profile - Government Bonds
  • Foreign Holdings in LCY Government Bonds
  • Trading Volume
  • Bonds Turnover Ratio
  • Interest Rate Spread - 2yrs vs 10yrs - LCY Bond
  • Yield Volatility - 10yr LCY Bonds
  • Credit Spread - LCY Corp. Bonds vs Govt. 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 2012: People's Republic of China


Published by the ASEAN+3 Bond Market Forum (ABMF) in collaboration with the ADB as its secretariat, the two-volume guide contains detailed information on bond market infrastructure; transaction flows, including information on matching, settlement cycles, and numbering; and the regulatory framework and market practices in the Peoples's Republic of China (PRC).

Download Report

* Download previous issues PDF
2019 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



Size and Composition

Local currency bonds outstanding in the People’s Republic of China grew 2.9% quarter-on-quarter (q-o-q) and 14.3% year-on-year (y-o-y) to reach CNY65.0 trillion (USD9.5 trillion) at the end of December. Growth mostly came from a rise in corporate bonds, which grew 5.3% q-o-q and 14.6% y-o-y. In contrast, government bond growth in the fourth quarter of 2018 slowed to 2.1% q-o-q from  6.3% q-o-q in the previous quarter as local governments substantially met their issuance targets for special bonds by the end of September. 

Corporate Bond Issuance

Total corporate bond issuance in the fourth quarter of 2018 reached CNY2.2 trillion, up 11.9% q-o-q as market sentiment improved over expectations that the United States Federal Reserve would become more dovish.

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