Bond Market & Instruments

Central-government securities issued by the Ministry of Finance and a core benchmark for China’s renminbi yield curve.

Provincial-level government bonds generally associated with public expenditure supported by general fiscal resources.

Local-government securities tied to eligible projects and dedicated revenue arrangements, important to infrastructure financing and fiscal transmission.

Bonds issued by China’s policy banks, forming a large quasi-sovereign segment with its own liquidity and yield relationships.

Policy-bank securities issued by China Development Bank and widely traded in the domestic fixed-income market.

Policy-bank securities issued to support the funding activities of the Export-Import Bank of China.

Policy-bank securities funding a state-owned policy lender focused on agriculture and rural development.

Tradable bank funding instruments that connect commercial-bank liabilities with money-market and bond-market conditions.

Debt securities issued by financial institutions and other eligible financial entities within China’s domestic bond-market framework.

A historically important corporate-sector debt category associated with enterprise issuers and a distinct regulatory lineage.

Exchange-market corporate debt issued under China’s securities regulatory framework.

Debt financing instruments issued in the interbank market, commonly used by non-financial enterprises for medium-term funding.

Short-term debt financing instruments used by eligible issuers in China’s interbank market.

Very short-dated debt financing instruments that provide flexible funding in the interbank market.

Interbank-market securitisation instruments backed by specified assets or cash-flow claims.

The onshore renminbi bond channel used by eligible non-Chinese issuers; this page focuses on market structure rather than duplicating the existing Panda Bond definition.

The offshore renminbi bond market centred historically on Hong Kong; this page focuses on plumbing and onshore/offshore segmentation rather than the existing definition page.