July 19, 2018
|Govt. Bond Yields||Latest Yield||Previous Day||Previous Week||YTD|
|2 Year||3.140||▼ 1.0||▼ 4.0||▼ 64.0|
|5 Year||3.380||▼ 1.0||▼ 6.0||▼ 54.0|
|10 Year||3.530||▼ 1.0||▼ 6.0||▼ 49.0|
* Government bond yield changes are expressed in basis points.
|Currencies||Latest Rate||Previous Day||Previous Week||YTD|
|CNY per USD||6.775||▼ 0.8||▼ 1.6||▼ 4.1|
|CNY per JPY||0.060||▼ 1.2||▼ 1.7||▼ 4.3|
* Exchange rate changes are expressed as a percentage change.
|Interest Rates||Latest Rate||Previous Day||Previous Week||YTD|
|3M SHIBOR||2.800||▼ 2.0||▼ 6.0||▼ 103.0|
* Interest rate changes are expressed in basis point change.
|Policy Rates||Latest 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.
|Regional Rating Institutions|
|Non-Regional Rating Institutions|
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 previous issues PDF|
The Peopleís Republic of Chinaís (PRC) entire government bond yield curve shifted downward between 1 March and 15 May. The yield curve fell an average of 28 basis points, with the largest declines at the shorter-end. Yields for the PRC government bonds followed a general downward trend beginning in March, stemming largely from expectations that the domestic economy would slow down this year.
The PRCís local currency bonds outstanding rose 0.7% quarter-on-quarter (q-o-q) and 14.8% year-on-year in the first quarter of 2018 to reach CNY57.2 trillion (USD9.1 trillion) at the end of March. The slower q-o-q expansion was due to declines in the growth rates of both government and corporate bonds. The slowdown of the government bond market reflected the approaching end of the PRCís local government debt swap program and other efforts to limit the debt risk of local governments. On the other hand, the decline in the growth rate of the corporate bond market was due to q-o-q declines in all other major categories of corporate bonds, with the exception of medium-term notes.
On 16 April, the Peopleís Bank of China (PBOC) reduced the reserve requirement ratio of banks by 100 basis points, effective 25 April. The PBOC placed restrictions on the funds freed by the reduction, stipulating that they must be used to repay loans from the PBOCís Medium-Term Lending Facility. Leftover funds must be used for lending to small and micro enterprises.
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