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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.
Bond yields displayed on a pedestrian walkway in Shanghai. Photo: AFP
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

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Banking & finance

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

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.

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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.

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.

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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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.

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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.

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.

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.

Analysts say Beijing’s decision to waive fees associated with panda bonds serves as a sign of leadership’s commitment to the market. Photo: Getty Images
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.

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.

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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Illustration: Henry Wong
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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Ian Goldin, former vice-president of the World Bank, speaks at the Sina Finance Global Capital Summit in Hong Kong on Thursday. Photo: May Tse
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.

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.

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