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Bonds

Bonds
Bond market action from around the world with a focus on Dim Sum debt and dollar bonds issued by Chinese firms.
Yuan notes are counted at a bank in China’s Jiangsu province. According to a Goldman Sachs analyst, “the current bond-issuance boom is a historic opportunity”. Photo: Reuters
Banking & finance

China’s panda bond market surges as Goldman Sachs flags limits to yuan expansion

Issuance of yuan-denominated debt surges, including in dim sum bond market, but sustained global use of yuan seen requiring broader access and stronger finance links.

Banking & finance

From Hong Kong’s bond futures to SpaceX: the numbers moving markets

Banking & finance

Hong Kong raises Silver Bonds coupon rate to 4.25% for latest batch

Banking & finance

Macroscope | US efforts to prop up the yen risk doing more harm than good

Reversing the yen’s long-term decline ultimately rests on Japan’s ability to take its real interest rates out of negative territory – without triggering market panic.

A person walks past an electronic board showing Japan’s Nikkei index chart in Tokyo on August 6. At a time when the US is the main source of volatility in global markets, Washington’s participation in the Japanese currency intervention adds another layer of uncertainty. Photo: AP
China-Latin America relations

Brazil to become regular borrower in China, treasury official says

Brasilia cannot guarantee debut will happen this year, but wants it repeated to give companies a yuan benchmark to aim for.

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Banking & finance

China’s sovereign bond sale in Hong Kong raises over US$2 billion

Arriving hot on the heels of the city’s landmark China government bond futures rollout, the latest tranche reinforces Hong Kong's role as a ‘superconnector’.

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Electric & new energy vehicles

Chinese EV sales falter at home as growth slows

Big three Chinese premium vehicle makers’ deliveries decline in July and central bank vows steps to foster economic growth as it hits a four-year low.

Chinese-made MG Cyberster electric vehicles await loading onto a ship for export. Photo: AFP
Banking & finance

Opinion | Hong Kong’s Chinese bond futures are a major step for the global yuan

Making Chinese treasury bond futures tradeable on Hong Kong’s stock exchange adds the interest rate hedging component markets have demanded.

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HKEX

Treasury bond futures ‘a milestone’ to boost Hong Kong’s bridgehead role: CSRC

First offshore China government bond futures rose more than 1 per cent on debut on Monday.

HKEX

Investors eager for Hong Kong’s Chinese bond futures, HKEX says

With Chinese government bond futures set for Monday trading debut, exchange reports ‘very positive response’ from ‘wide range’ of investors.

A view of Exchange Square in Central, home to bourse operator Hong Kong Exchanges and Clearing, on July 21. Photo: Jelly Tse
Yuan

China stokes panda bond boom in bid to grow tiny market

Overseas borrowers in China’s onshore yuan debt market will avoid some fees until 2028 as regulators seek to grow international use of the currency.

Photo: Shutterstock
Banking & finance

Shanghai Clearing House targets global growth with expanded offshore yuan push

SHCH will broaden its clearing services across offshore yuan bonds, interest rates and foreign exchange products.

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Banking & finance

Editorial | China’s drive to sidestep weaponised Western finance gains speed

Use of a multilateral central bank digital currency platform and a broader panda bond market will help China and other nations reduce reliance on the West.

Banking & finance

Hong Kong’s Exchange Fund earnings fall 37% on equity slump, softer bond income

HKMA warns of second‑half risks from potential AI asset corrections and uncertainty over the US rate path.

The Exchange Fund’s earnings stood at HK$134.7 billion, down from the record half-year return of HK$214 billion in 2025, on Hong Kong equity losses. Photo: Edmond So
HKEX

Hong Kong’s Asean charm offensive bags US$1.5 billion Malaysian bond listing

Dual listing on Bursa Malaysia and HKEX comes as Hong Kong officials further expand financial ties beyond mainland China.

Bursa Malaysia, a Malaysian stock exchange and one of the largest in Asean, in Bukit Kewangan, Kuala Lumpur. Shutterstock
Banking & finance

Beijing scraps panda bond fees to bolster global market for yuan debt

Analysts say removing some expenses for foreign borrowers will help funnel more yuan overseas and create a large offshore liquidity pool of China’s currency.

Yuan

China vows to improve panda bond ratings to lure more foreign capital

Body overseeing interbank market, where most panda bonds are traded, sets August 1 deadline for rating agencies to comply.

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Banking & finance

China speeds up new overseas quotas to expand global reach of domestic investors

Move to expand QDII quotas signals a deeper opening of China’s markets and growing appetite for global assets.

A large screen shows stock exchange and economy data in Shanghai. Photo: EPA
Banking & finance

Open Questions | Citic Capital CEO on making China a financial powerhouse

Ex-Wall Streeter Zhang Yichen on attracting capital to China, building up its bond market and helping foreign firms better serve Chinese consumers.

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Stocks

Diversify away from US markets to shield savers, ex-World Bank official warns

Oxford’s Ian Goldin says extreme concentration of capital in tech giants exposes global investors to a looming and painful valuation reversal.

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Yuan

China eyes broader global access to yuan assets, as panda bond demand surges

Beijing plans further reforms to make it easier to issue and trade panda bonds, as it focuses on boosting the yuan’s role as a global currency.

A staff member counts stacks of yuan banknotes at a credit cooperative in east China’s Shandong province. Photo: Xinhua
Hong Kong stock market

China’s appeal as portfolio diversifier grows: BlackRock strategist

‘China can provide exposure to different economic drivers,’ says Li Wei, the asset manager’s global chief investment strategist.

People walk on a street beneath a screen showing stock market and economic data in Shanghai on June 15. Photo: EPA
China economy

Opinion | A healthy economy isn’t built on asset bubbles and debt pyramids

A financial system designed to increase market valuations rather than improve people’s quality of life is prone to crisis.

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Banking & finance

China further boosts Hong Kong’s role as offshore yuan hub

Central bank chief Pan Gongsheng unveiled new steps to grow the yuan market in Hong Kong, underscoring the city’s role in boosting global use of China’s currency.

Banking & finance

Hong Kong yuan facility to expand 150% to US$73.6b to meet international demand

The city will also vet a license application for a new electronic fixed income and currency trading system.

HKMA chief executive Eddie Yue and SFC CEO Julia Leung at a media briefing at the Hong Kong FIC & Bond Connect Summit in Admiralty on Tuesday. Photo: Sun Yeung
Banking & finance

Beijing unveils policy enhancements to give ‘vitality’ to Hong Kong markets

The governor of China’s central bank says Beijing is set to increase capital allocation to the city to 800 billion yuan under the Bond Connect scheme.

Pan Gongsheng, governor of the People’s Bank of China gives a keynote speech at Hong Kong FIC & Bond Connect Summit in Admiralty. Photo: Sun Yueng
Banking & finance

Looking East: Europe’s banks look to Hong Kong amid global uncertainty

European banks, facing rising costs and energy instability, are turning to Hong Kong for funding, with Hungary’s OTP Bank leading the shift.

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Banking & finance

Macroscope | Can Andy Burnham fix Britain’s essential services and debt problem?

The favourite to become Britain’s next prime minister is the latest figure promoting greater state control of important national assets.

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