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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.
Women in Beijing’s central business district. Photo: EPA
China’s economic stimulus

China to speed up bond issuance after national meeting on investment: analysts

The fixed-income securities are to be used to fund national infrastructure and construction ventures to boost the economy.

Mainland China

China, US bond markets diverge as Warsh strikes hawkish tone at Jackson Hole

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Banking & finance

Macroscope | Global debt crisis will mean higher taxes – or worse

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United States

Macroscope | US markets are paying the price for Trump’s reckless policies

From surging debt to trade wars with Canada, self-harm has been the main consequence of Trump’s reckless policy decisions.

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A utilities box covered in Canadian flags sits in front of a steel plant in Hamilton, Ontario, Canada, on August 20. Although Canada’s economy will bear the brunt of a full-blown trade war, the US will suffer, too. Photo: The Canadian Press via AP
US Federal Reserve

US Treasury bond buy-back reinforces gold debasement trade ahead of Jackson Hole

Treasury buy-backs bolster gold’s rally as investors await US Federal Reserve’s annual meeting at Jackson Hole.

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US debt ceiling

America’s US$40 trillion debt gamble is getting harder to ignore: economists

Analysts warn that high spending, rising interest costs and tax cuts could impede Washington’s efforts to ‘grow our way out of’ record-high national debt.

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Banking & finance

Yuan, Hong Kong dollar bonds surge as issuers seek cheaper funding

Issuance of dim sum, panda and wonton bonds accelerates as Beijing promotes the yuan’s global use and deeper cross-border access broadens demand.

Beijing has been striving to internationalise China’s yuan in recent years. Photo: Shutterstock
Banking & finance

China and US bond markets head in opposite directions

The US Treasury tried to cool rising borrowing costs in the dollar debt market with a surprise intervention, while yields in China are near the lowest in a year.

Banking & finance

Opinion | Chinese treasury futures launch cements Hong Kong as premier yuan hub

It marks Hong Kong’s transformation from a yuan payment channel and funding pool into a comprehensive centre for yuan assets.

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Banking & finance

Dim sum bond boom: record State Grid deal fuels Hong Kong offshore yuan surge

Lower yuan borrowing costs and longer maturities lure issuers, marking a fresh phase in the city’s expanding offshore market.

Nearly 500 billion yuan of offshore yuan bonds were sold in the first seven months of the year, according to Bank of China. Photo: AFP
Banking & finance

Opinion | Just like with the yen, America cannot save the AI bubble

The Japanese currency and US tech stocks share the same fatal problem: momentum can’t survive broken fundamentals.

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An electronic board showing the US dollar and Japanese yen exchange rate at a securities firm in Tokyo on August 3. Photo: AP
Green bonds

Hong Kong to list first Shanghai free-trade zone bond to defend yuan hub status

HKEX announces that a Shanghai Electric subsidiary is set to list a 1.5 billion yuan green bond later this month.

Hong Kong economy

In Focus | What comes next for Hong Kong as a global financial hub?

Hong Kong needs more yuan products, commodity trading infrastructure and fintech innovation, market participants say.

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.

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

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

Hong Kong’s sovereign debt debut, SpaceX’s first public earnings and shifting energy markets are all in the spotlight.

Hong Kong Exchanges and Clearing electronic boards show news of the China government bond futures launch at Exchange Square in Central, Hong Kong, on August 3. Photo: SCMP/Jonathan Wong
Banking & finance

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

The city plans to issue up to HK$50 billion of Silver Bonds next month, with the higher rate intended to pre-empt a rise in US interest rates.

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.

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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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Brazil intends to sell yuan bonds in China every year, a senior Brazilian treasury official said on Wednesday. Photo: Getty Images
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.

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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A staff member of a bank in Haian, Jiangsu province, counts 100 yuan notes in March 2024. Foreign institutions held around 2 trillion yuan of Chinese government bonds as of the end of June 2026. Photo: Getty Images
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.

The HKEX China government bond futures launch ceremony on Monday. Photo: Jonathan Wong
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.

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.

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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China is taking steps to expand the offshore yuan pool by pushing a new model to boost international sales of its domestic bonds. Photo: CFOTO/Future Publishing via Getty Images
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.

By late June, total cumulative transactions on mBridge passed 600 billion yuan (US$88.6 billion). Photo: dpa
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.

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.

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