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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.
China’s bond market is drawing attention as investors assess the outlook for long-term yields. Photo: dpa
Banking & finance

Why Citi is betting on China’s 30-year bonds as US Treasury yields climb

Weak credit demand, policy support and easing supply pressures are expected to sustain demand for ultra-long Chinese debt, analysts say.

China’s economic stimulus

China moves towards stimulus as economic concerns grow

Banking & finance

Macroscope | Who has the upper hand in financial markets, the US or China?

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Banking & finance

Opinion | Bad money decisions are coming home to roost for the US and Japan

For major economies that have relied on debt to maintain living standards since 2007, high inflation might be one way out.

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US Treasury Secretary Scott Bessent speaks during a press conference as finance ministers and central bank governors from G20 countries meet in Asheville, North Carolina, on September 1. Photo: Reuters
Banking & finance

Hong Kong maps out gold, bond and liquidity push to deepen offshore yuan use

HKEX to launch yuan gold futures as HKMA eyes new products and platforms to expand offshore market activity.

Banking & finance

Hong Kong regulators to unveil next steps in new offshore yuan push

HKMA, SFC officials expected to outline new measures to deepen yuan usage and cross-border market links following meetings in Beijing.

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Japan

How will Japan’s rate increase affect capital flow in global financial markets?

Tokyo’s bond yields are seeing multi-decade highs as Bank of Japan boosts borrowing cost to three-decade high.

A woman walks past an electronic board displaying stock prices in Tokyo on Monday. Photo: AFP
Gold in Hong Kong

Exchange Fund may buy more gold to support Hong Kong’s trading hub ambitions

A larger allocation to precious metals could improve diversification and align with the city’s gold hub strategy, says HKMA’s Eddie Yue.

China economy

In Focus | Is China’s new local surtax a game-changer, or a bureaucratic tweak?

Analysts say the proposed surtax – a reworking of three local revenue sources into one semi-autonomous levy – should help streamline finances.

Yuan

Open Questions | Private equity’s Fang Fenglei on investing in China

Veteran investor considers China’s economic strengths, assets that appeal, future yuan appreciation and policymakers’ ability to solve problems.

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Illustration: Brian Wang
Hong Kong stock market

Treasury yield hits 19-year high, ECB raises rates: the numbers moving markets

Hong Kong’s MPF assets reaching HK$1.67 trillion and European Central Bank increasing rates by 25 basis points are in spotlight this week.

US Treasury Secretary Scott Bessent in Texas on Wednesday. Photo: AFP
Banking & finance

Record China-US gap in bond yields unlikely to trigger capital flight: Marsh

Executives say dollar dominance remains intact as borrowers diversify funding and use offshore yuan bonds to help manage elevated US financing costs.

Stocks

Macroscope | Why the global economy and markets continue to defy doomsayers

Despite rising energy prices and bond yields, economic growth has been resilient and equity markets have been performing strongly.

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Tencent

What Tencent’s Bilibili bond swap tells us about its AI playbook

The deal allows Tencent to release capital from a legacy asset to support AI projects while retaining downside protection as a debt holder.

A woman uses her phone in front of a video wall in Tencent headquarters in Shenzhen on April 17, 2026. Photo: EPA
United States

Macroscope | Trump’s Treasury threat will only accelerate the dollar’s decline

While loose talk over bond market interventions may not trigger an immediate sell-off, it will convince foreign creditors to keep trimming their Treasury exposure.

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US President Donald Trump speaks during an American Mining Industry Roundtable at the State Department in Washington on August 7. Photo: EPA
Banking & finance

Hong Kong’s Silver Bonds draw record 480,000 bids with higher interest rate

Hong Kong is expected to raise the final issuance to the upper limit of HK$55 billion, as applications from elderly investors have surged.

US sanctions on China

Opinion | Why US sanctions threats against China aren’t credible

Weaponising global payments against Beijing risks triggering a major shock at home – one America’s fragile debt and stock markets cannot afford.

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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.

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

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

Strong momentum is predicted to drive the yield on China’s 10-year government bonds to a low of 1.65 per cent, according to analysts.

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Banking & finance

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

Bond markets are in revolt in response to rising government debt, meaning urgent change is needed in how national priorities are financed.

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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 Treasury Secretary Scott Bessent outside the White House in Washington on August 20. Photo: EPA
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.

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.

Bond yields displayed on a pedestrian walkway in Shanghai. Photo: AFP
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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An electronic board at the Hong Kong exchange displaying news of the launch of China government bond futures at Exchange Square, Central, on August 3. Photo: Jonathan Wong
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.

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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