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People's Republic of China

Market Watch
Close of
September 20, 2019
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 2.685 1.3 0.5 7.7
5 Year 2.945     0.0 ▲ 1.1 9.3
10 Year 3.099 0.6 ▲ 1.0 21.1

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
CNY per USD 7.091 ▲ 0.1 0.2 3.1
CNY per JPY 0.066 0.3 0.7 5.1

* Exchange rate changes are expressed as a percentage change.

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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.

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Sovereign Ratings
Agency Rating Outlook Date
Regional Rating Institutions
R&I A+ stable 2013-01-23
RAM AA3 stable 2019-07-18
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).

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* Download previous issues PDF
2019 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

The People's Republic of China's (PRC) yield curve for local currency (LCY) bonds shifted downward for all tenors except short-dated maturities between 1 June and 15 August. Yields for longer-dated tenors declined largely due to ongoing economic challenges facing the PRC. On the domestic front, the PRC's economy continued to show signs of weakening. The external environment has also proved to be challenging to the PRC amid the ongoing trade dispute with the United States. On the other hand, shorter-term interest rates in the PRC follow funding conditions as demand increased in June before easing toward the end of the month due to corporate cash needs driven by end-of-period balance sheet reporting, before spiking again in July due to corporate tax payments. In addition, funding difficulties were noted for smaller lenders due to heightened risk aversion following the government takeover of Baoshang Bank on 24 May to control credit risks.

Size and Composition

LCY bonds outstanding in the PRC rose 4.0% quarter-on-quarter (q-o-q) in the second quarter (Q2) of 2019, an acceleration from 3.0% q-o-q growth in the first quarter of 2019. On a year-on-year basis, LCY bonds grew 16.7%. The government bond market continued to expand in Q2 2019, with growth accelerating to 4.2% q-o-q from 2.5% q-o-q in the first quarter of 2019. A rapid increase in government bonds outstanding was largely due to government efforts to mitigate the headwinds facing the PRC economy. The corporate bond market grew 3.6% q-o-q in Q2 2019, down from 4.1% q-o-q growth in the previous quarter. Growth in corporate bonds slowed over concerns about the PRC's economy as well as corporate bond defaults.

Policy, Institutional and Regulatory Developments

On 20 August, the People's Bank of China (PBOC) announced that it would make changes to how the benchmark loan prime rate is used. The PBOC said that banks are encouraged to use the loan prime rate as the benchmark for loan pricing instead of the existing 1-year benchmark lending rate. In addition, banks will need to link loan prime rate pricing to the rates used for the PBOC's existing medium-term lending facility. The goal of the PBOC is to reduce interest rate costs charged to borrowers.

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