{"schemaVersion":"1.1","name":"BondStats China Financial System Knowledge Graph","generatedFrom":"BondStats structural reference objects","nodes":[{"id":"CN-MON-001","slug":"seven-day-reverse-repo-rate","category":"monetary-policy","type":"mechanism","title":"7-Day Reverse Repo Rate","shortTitle":"7-Day Reverse Repo","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"A core PBoC open-market rate used to influence short-term funding conditions and the interbank liquidity environment.","url":"/china-financial-system/monetary-policy/seven-day-reverse-repo-rate/"},{"id":"CN-MON-002","slug":"loan-prime-rate-lpr","category":"monetary-policy","type":"mechanism","title":"Loan Prime Rate (LPR)","shortTitle":"Loan Prime Rate","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"A bank lending reference rate quoted by designated banks and linked to the transmission of monetary policy into loan pricing.","url":"/china-financial-system/monetary-policy/loan-prime-rate-lpr/"},{"id":"CN-MON-003","slug":"medium-term-lending-facility-mlf","category":"monetary-policy","type":"mechanism","title":"Medium-term Lending Facility (MLF)","shortTitle":"MLF","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"A PBoC liquidity facility that provides medium-term funding to eligible financial institutions and has played an important role in China’s policy transmission framework.","url":"/china-financial-system/monetary-policy/medium-term-lending-facility-mlf/"},{"id":"CN-MON-004","slug":"reserve-requirement-ratio-rrr","category":"monetary-policy","type":"mechanism","title":"Reserve Requirement Ratio (RRR)","shortTitle":"RRR","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"The share of eligible deposits banks must hold as required reserves, making changes in the ratio an important structural liquidity tool.","url":"/china-financial-system/monetary-policy/reserve-requirement-ratio-rrr/"},{"id":"CN-MON-005","slug":"standing-lending-facility-slf","category":"monetary-policy","type":"mechanism","title":"Standing Lending Facility (SLF)","shortTitle":"SLF","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"A PBoC facility designed to provide liquidity support to eligible financial institutions and help form the upper side of the interest-rate corridor.","url":"/china-financial-system/monetary-policy/standing-lending-facility-slf/"},{"id":"CN-MON-006","slug":"pledged-supplementary-lending-psl","category":"monetary-policy","type":"mechanism","title":"Pledged Supplementary Lending (PSL)","shortTitle":"PSL","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"A targeted central-bank funding facility historically associated with policy-bank financing and selected policy objectives.","url":"/china-financial-system/monetary-policy/pledged-supplementary-lending-psl/"},{"id":"CN-MON-007","slug":"dr007","category":"monetary-policy","type":"mechanism","title":"DR007: China’s 7-Day Depository-Institution Repo Rate","shortTitle":"DR007","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"A widely watched seven-day pledged repo rate for transactions involving depository institutions, often used to read interbank funding conditions.","url":"/china-financial-system/monetary-policy/dr007/"},{"id":"CN-MON-008","slug":"dr001","category":"monetary-policy","type":"mechanism","title":"DR001: China’s Overnight Depository-Institution Repo Rate","shortTitle":"DR001","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"An overnight repo reference that captures very short-term funding conditions among depository institutions.","url":"/china-financial-system/monetary-policy/dr001/"},{"id":"CN-MON-009","slug":"r007","category":"monetary-policy","type":"mechanism","title":"R007: China’s 7-Day Interbank Repo Rate","shortTitle":"R007","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"A seven-day repo-market rate with a broader participant set than DR007, useful for understanding funding conditions beyond depository institutions.","url":"/china-financial-system/monetary-policy/r007/"},{"id":"CN-MON-010","slug":"shibor","category":"monetary-policy","type":"mechanism","title":"SHIBOR: Shanghai Interbank Offered Rate","shortTitle":"SHIBOR","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"A family of unsecured interbank offered rates published across maturities and used as a reference within China’s money markets.","url":"/china-financial-system/monetary-policy/shibor/"},{"id":"CN-MON-011","slug":"open-market-operations","category":"monetary-policy","type":"mechanism","title":"PBoC Open Market Operations","shortTitle":"Open Market Operations","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"The operational framework through which the PBoC injects or withdraws liquidity using instruments including reverse repos and other transactions.","url":"/china-financial-system/monetary-policy/open-market-operations/"},{"id":"CN-MON-012","slug":"interest-rate-corridor","category":"monetary-policy","type":"mechanism","title":"China’s Interest-Rate Corridor","shortTitle":"Interest-Rate Corridor","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"The set of policy and market rates that helps anchor short-term money-market pricing around the PBoC’s desired operating conditions.","url":"/china-financial-system/monetary-policy/interest-rate-corridor/"},{"id":"CN-MON-013","slug":"relending-facilities","category":"monetary-policy","type":"mechanism","title":"PBoC Relending Facilities","shortTitle":"Relending Facilities","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"Central-bank funding programmes that channel liquidity toward designated sectors or policy objectives through financial institutions.","url":"/china-financial-system/monetary-policy/relending-facilities/"},{"id":"CN-MON-014","slug":"rediscount-policy","category":"monetary-policy","type":"mechanism","title":"PBoC Rediscount Policy","shortTitle":"Rediscount Policy","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"A central-bank instrument connected to eligible bills and targeted liquidity provision within China’s credit system.","url":"/china-financial-system/monetary-policy/rediscount-policy/"},{"id":"CN-MON-015","slug":"monetary-policy-transmission","category":"monetary-policy","type":"mechanism","title":"How Monetary Policy Transmits in China","shortTitle":"Policy Transmission","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"A reference map linking PBoC operating tools, interbank rates, bank funding, loan pricing, bond yields, credit creation and the exchange rate.","url":"/china-financial-system/monetary-policy/monetary-policy-transmission/"},{"id":"CN-BND-016","slug":"china-government-bonds-cgb","category":"bond-market","type":"instrument","title":"China Government Bonds (CGBs)","shortTitle":"China Government Bonds","authority":"Ministry of Finance of the People’s Republic of China","sourceUrl":"https://www.mof.gov.cn/en/","summary":"Central-government securities issued by the Ministry of Finance and a core benchmark for China’s renminbi yield curve.","url":"/china-financial-system/bond-market/china-government-bonds-cgb/"},{"id":"CN-BND-017","slug":"local-government-general-bonds","category":"bond-market","type":"instrument","title":"Local Government General Bonds","shortTitle":"General Bonds","authority":"Ministry of Finance of the People’s Republic of China","sourceUrl":"https://www.mof.gov.cn/en/","summary":"Provincial-level government bonds generally associated with public expenditure supported by general fiscal resources.","url":"/china-financial-system/bond-market/local-government-general-bonds/"},{"id":"CN-BND-018","slug":"local-government-special-bonds","category":"bond-market","type":"instrument","title":"Local Government Special Bonds","shortTitle":"Special Bonds","authority":"Ministry of Finance of the People’s Republic of China","sourceUrl":"https://www.mof.gov.cn/en/","summary":"Local-government securities tied to eligible projects and dedicated revenue arrangements, important to infrastructure financing and fiscal transmission.","url":"/china-financial-system/bond-market/local-government-special-bonds/"},{"id":"CN-BND-019","slug":"policy-bank-bonds","category":"bond-market","type":"instrument","title":"China Policy-Bank Bonds","shortTitle":"Policy-Bank Bonds","authority":"National Interbank Funding Center","sourceUrl":"https://www.chinamoney.com.cn/english/","summary":"Bonds issued by China’s policy banks, forming a large quasi-sovereign segment with its own liquidity and yield relationships.","url":"/china-financial-system/bond-market/policy-bank-bonds/"},{"id":"CN-BND-020","slug":"china-development-bank-bonds","category":"bond-market","type":"instrument","title":"China Development Bank Bonds","shortTitle":"CDB Bonds","authority":"China Development Bank","sourceUrl":"https://www.cdb.com.cn/English/","summary":"Policy-bank securities issued by China Development Bank and widely traded in the domestic fixed-income market.","url":"/china-financial-system/bond-market/china-development-bank-bonds/"},{"id":"CN-BND-021","slug":"exim-bank-of-china-bonds","category":"bond-market","type":"instrument","title":"Export-Import Bank of China Bonds","shortTitle":"CEXIM Bonds","authority":"Export-Import Bank of China","sourceUrl":"https://english.eximbank.gov.cn/","summary":"Policy-bank securities issued to support the funding activities of the Export-Import Bank of China.","url":"/china-financial-system/bond-market/exim-bank-of-china-bonds/"},{"id":"CN-BND-022","slug":"agricultural-development-bank-bonds","category":"bond-market","type":"instrument","title":"Agricultural Development Bank of China Bonds","shortTitle":"ADBC Bonds","authority":"Agricultural Development Bank of China","sourceUrl":"https://www.adbc.com.cn/en/","summary":"Policy-bank securities funding a state-owned policy lender focused on agriculture and rural development.","url":"/china-financial-system/bond-market/agricultural-development-bank-bonds/"},{"id":"CN-BND-023","slug":"negotiable-certificates-of-deposit","category":"bond-market","type":"instrument","title":"Negotiable Certificates of Deposit in China","shortTitle":"NCDs","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"Tradable bank funding instruments that connect commercial-bank liabilities with money-market and bond-market conditions.","url":"/china-financial-system/bond-market/negotiable-certificates-of-deposit/"},{"id":"CN-BND-024","slug":"financial-bonds","category":"bond-market","type":"instrument","title":"Financial Bonds in China","shortTitle":"Financial Bonds","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"Debt securities issued by financial institutions and other eligible financial entities within China’s domestic bond-market framework.","url":"/china-financial-system/bond-market/financial-bonds/"},{"id":"CN-BND-025","slug":"enterprise-bonds","category":"bond-market","type":"instrument","title":"Enterprise Bonds in China","shortTitle":"Enterprise Bonds","authority":"National Development and Reform Commission","sourceUrl":"https://en.ndrc.gov.cn/","summary":"A historically important corporate-sector debt category associated with enterprise issuers and a distinct regulatory lineage.","url":"/china-financial-system/bond-market/enterprise-bonds/"},{"id":"CN-BND-026","slug":"corporate-bonds","category":"bond-market","type":"instrument","title":"Corporate Bonds in China","shortTitle":"Corporate Bonds","authority":"China Securities Regulatory Commission","sourceUrl":"https://www.csrc.gov.cn/csrc_en/index.shtml","summary":"Exchange-market corporate debt issued under China’s securities regulatory framework.","url":"/china-financial-system/bond-market/corporate-bonds/"},{"id":"CN-BND-027","slug":"medium-term-notes","category":"bond-market","type":"instrument","title":"Medium-Term Notes in China","shortTitle":"MTNs","authority":"National Association of Financial Market Institutional Investors","sourceUrl":"https://www.nafmii.org.cn/english/","summary":"Debt financing instruments issued in the interbank market, commonly used by non-financial enterprises for medium-term funding.","url":"/china-financial-system/bond-market/medium-term-notes/"},{"id":"CN-BND-028","slug":"commercial-paper","category":"bond-market","type":"instrument","title":"Commercial Paper in China","shortTitle":"Commercial Paper","authority":"National Association of Financial Market Institutional Investors","sourceUrl":"https://www.nafmii.org.cn/english/","summary":"Short-term debt financing instruments used by eligible issuers in China’s interbank market.","url":"/china-financial-system/bond-market/commercial-paper/"},{"id":"CN-BND-029","slug":"super-short-term-commercial-paper","category":"bond-market","type":"instrument","title":"Super & Short-Term Commercial Paper in China","shortTitle":"SCP","authority":"National Association of Financial Market Institutional Investors","sourceUrl":"https://www.nafmii.org.cn/english/","summary":"Very short-dated debt financing instruments that provide flexible funding in the interbank market.","url":"/china-financial-system/bond-market/super-short-term-commercial-paper/"},{"id":"CN-BND-030","slug":"asset-backed-notes","category":"bond-market","type":"instrument","title":"Asset-Backed Notes in China","shortTitle":"ABNs","authority":"National Association of Financial Market Institutional Investors","sourceUrl":"https://www.nafmii.org.cn/english/","summary":"Interbank-market securitisation instruments backed by specified assets or cash-flow claims.","url":"/china-financial-system/bond-market/asset-backed-notes/"},{"id":"CN-BND-031","slug":"panda-bond-market-structure","category":"bond-market","type":"instrument","title":"Panda Bond Market Structure","shortTitle":"Panda Bond Structure","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"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.","url":"/china-financial-system/bond-market/panda-bond-market-structure/"},{"id":"CN-BND-032","slug":"dim-sum-bond-market-structure","category":"bond-market","type":"instrument","title":"Dim Sum Bond Market Structure","shortTitle":"Dim Sum Bond Structure","authority":"Hong Kong Monetary Authority","sourceUrl":"https://www.hkma.gov.hk/eng/","summary":"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.","url":"/china-financial-system/bond-market/dim-sum-bond-market-structure/"},{"id":"CN-INF-033","slug":"china-interbank-bond-market","category":"infrastructure","type":"infrastructure","title":"China Interbank Bond Market (CIBM)","shortTitle":"CIBM","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"China’s dominant institutional bond-trading venue, linking banks, securities firms, funds, insurers and other eligible investors.","url":"/china-financial-system/infrastructure/china-interbank-bond-market/"},{"id":"CN-INF-034","slug":"exchange-bond-market","category":"infrastructure","type":"infrastructure","title":"China Exchange Bond Market","shortTitle":"Exchange Bond Market","authority":"China Securities Regulatory Commission","sourceUrl":"https://www.csrc.gov.cn/csrc_en/index.shtml","summary":"The exchange-based segment of China’s bond market, distinct from the interbank market in venue, participants and regulatory architecture.","url":"/china-financial-system/infrastructure/exchange-bond-market/"},{"id":"CN-INF-035","slug":"ccdc","category":"infrastructure","type":"infrastructure","title":"China Central Depository & Clearing (CCDC)","shortTitle":"CCDC","authority":"China Central Depository & Clearing Co.","sourceUrl":"https://www.chinabond.com.cn/","summary":"A central piece of China’s government and policy-bank bond custody, registration and settlement infrastructure.","url":"/china-financial-system/infrastructure/ccdc/"},{"id":"CN-INF-036","slug":"shanghai-clearing-house","category":"infrastructure","type":"infrastructure","title":"Shanghai Clearing House","shortTitle":"Shanghai Clearing House","authority":"Shanghai Clearing House","sourceUrl":"https://www.shclearing.com.cn/english/","summary":"A major clearing and registration institution serving money-market, bond and derivatives-related instruments.","url":"/china-financial-system/infrastructure/shanghai-clearing-house/"},{"id":"CN-INF-037","slug":"cfets","category":"infrastructure","type":"infrastructure","title":"China Foreign Exchange Trade System (CFETS)","shortTitle":"CFETS","authority":"China Foreign Exchange Trade System","sourceUrl":"https://www.chinamoney.com.cn/english/","summary":"A core trading and information infrastructure for China’s interbank foreign-exchange and money markets.","url":"/china-financial-system/infrastructure/cfets/"},{"id":"CN-INF-038","slug":"china-bond-repo-market","category":"infrastructure","type":"infrastructure","title":"China Bond Repo Market","shortTitle":"Bond Repo Market","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"The secured funding market in which bonds are used to obtain short-term liquidity, central to reading China’s money-market conditions.","url":"/china-financial-system/infrastructure/china-bond-repo-market/"},{"id":"CN-INF-039","slug":"pledged-repo","category":"infrastructure","type":"infrastructure","title":"Pledged Repo in China","shortTitle":"Pledged Repo","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"A repo structure in which securities serve as collateral while ownership treatment differs from outright repo conventions.","url":"/china-financial-system/infrastructure/pledged-repo/"},{"id":"CN-INF-040","slug":"outright-repo","category":"infrastructure","type":"infrastructure","title":"Outright Repo in China","shortTitle":"Outright Repo","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"A repo structure involving transfer and repurchase of securities, analytically distinct from the dominant pledged-repo format.","url":"/china-financial-system/infrastructure/outright-repo/"},{"id":"CN-INF-041","slug":"bond-custody-system","category":"infrastructure","type":"infrastructure","title":"China Bond Custody System","shortTitle":"Bond Custody","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"The institutional arrangement through which domestic bonds are registered, held and transferred across market infrastructures.","url":"/china-financial-system/infrastructure/bond-custody-system/"},{"id":"CN-INF-042","slug":"bond-settlement-system","category":"infrastructure","type":"infrastructure","title":"China Bond Settlement System","shortTitle":"Bond Settlement","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"The settlement architecture connecting bond trades, securities delivery and cash payment in China’s fixed-income markets.","url":"/china-financial-system/infrastructure/bond-settlement-system/"},{"id":"CN-INF-043","slug":"interbank-market-makers","category":"infrastructure","type":"infrastructure","title":"Market Makers in China’s Interbank Bond Market","shortTitle":"Interbank Market Makers","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"The role of designated and active dealers in supporting quotations, liquidity and price discovery in the interbank bond market.","url":"/china-financial-system/infrastructure/interbank-market-makers/"},{"id":"CN-RMB-044","slug":"cny-vs-cnh","category":"rmb-capital-flows","type":"mechanism","title":"CNY vs CNH: Onshore and Offshore Renminbi","shortTitle":"CNY vs CNH","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"The structural distinction between onshore renminbi trading and offshore renminbi markets, including liquidity, pricing and policy transmission.","url":"/china-financial-system/rmb-capital-flows/cny-vs-cnh/"},{"id":"CN-RMB-045","slug":"rmb-central-parity-rate","category":"rmb-capital-flows","type":"mechanism","title":"Renminbi Central Parity Rate","shortTitle":"Central Parity Rate","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"The daily reference fixing around which the onshore renminbi trading framework operates.","url":"/china-financial-system/rmb-capital-flows/rmb-central-parity-rate/"},{"id":"CN-RMB-046","slug":"rmb-trading-band","category":"rmb-capital-flows","type":"mechanism","title":"China’s Renminbi Trading Band","shortTitle":"RMB Trading Band","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"The permitted onshore trading range around the central parity reference and its role in the managed exchange-rate framework.","url":"/china-financial-system/rmb-capital-flows/rmb-trading-band/"},{"id":"CN-RMB-047","slug":"cfets-rmb-index","category":"rmb-capital-flows","type":"mechanism","title":"CFETS RMB Index","shortTitle":"CFETS RMB Index","authority":"China Foreign Exchange Trade System","sourceUrl":"https://www.chinamoney.com.cn/english/","summary":"A trade-weighted reference for viewing the renminbi against a basket rather than only against the U.S. dollar.","url":"/china-financial-system/rmb-capital-flows/cfets-rmb-index/"},{"id":"CN-RMB-048","slug":"offshore-rmb-liquidity","category":"rmb-capital-flows","type":"mechanism","title":"Offshore Renminbi Liquidity","shortTitle":"Offshore RMB Liquidity","authority":"Hong Kong Monetary Authority","sourceUrl":"https://www.hkma.gov.hk/eng/","summary":"The funding and settlement conditions that shape CNH markets outside mainland China.","url":"/china-financial-system/rmb-capital-flows/offshore-rmb-liquidity/"},{"id":"CN-RMB-049","slug":"fx-settlement-and-sales","category":"rmb-capital-flows","type":"mechanism","title":"China’s FX Settlement and Sales System","shortTitle":"FX Settlement & Sales","authority":"State Administration of Foreign Exchange","sourceUrl":"https://www.safe.gov.cn/en/","summary":"The banking and regulatory framework through which foreign-exchange receipts and payments interact with China’s domestic financial system.","url":"/china-financial-system/rmb-capital-flows/fx-settlement-and-sales/"},{"id":"CN-RMB-050","slug":"foreign-exchange-reserves","category":"rmb-capital-flows","type":"mechanism","title":"China’s Foreign-Exchange Reserve System","shortTitle":"FX Reserve System","authority":"State Administration of Foreign Exchange","sourceUrl":"https://www.safe.gov.cn/en/","summary":"The institutional framework surrounding China’s official foreign-exchange reserves, intervention capacity and external liquidity buffer.","url":"/china-financial-system/rmb-capital-flows/foreign-exchange-reserves/"},{"id":"CN-RMB-051","slug":"rmb-internationalisation","category":"rmb-capital-flows","type":"mechanism","title":"Renminbi Internationalisation","shortTitle":"RMB Internationalisation","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"The gradual expansion of renminbi use in trade, payments, reserves, offshore markets and cross-border securities activity.","url":"/china-financial-system/rmb-capital-flows/rmb-internationalisation/"},{"id":"CN-RMB-052","slug":"cross-border-rmb-settlement","category":"rmb-capital-flows","type":"mechanism","title":"Cross-Border RMB Settlement","shortTitle":"Cross-Border RMB","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"The infrastructure and policy framework enabling renminbi settlement for eligible cross-border trade and financial transactions.","url":"/china-financial-system/rmb-capital-flows/cross-border-rmb-settlement/"},{"id":"CN-RMB-053","slug":"macroprudential-cross-border-financing","category":"rmb-capital-flows","type":"mechanism","title":"Macroprudential Cross-Border Financing in China","shortTitle":"Cross-Border Financing","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"A framework governing aspects of cross-border financing capacity through macroprudential parameters rather than unrestricted capital mobility.","url":"/china-financial-system/rmb-capital-flows/macroprudential-cross-border-financing/"},{"id":"CN-ACC-054","slug":"cibm-direct","category":"market-access","type":"access-channel","title":"CIBM Direct","shortTitle":"CIBM Direct","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"A direct-access route allowing eligible overseas institutional investors to participate in the China Interbank Bond Market.","url":"/china-financial-system/market-access/cibm-direct/"},{"id":"CN-ACC-055","slug":"northbound-bond-connect","category":"market-access","type":"access-channel","title":"Northbound Bond Connect","shortTitle":"Northbound Bond Connect","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"The northbound channel linking overseas investors to mainland interbank bonds through Hong Kong connectivity; this technical page complements rather than duplicates the existing China–Hong Kong bridge.","url":"/china-financial-system/market-access/northbound-bond-connect/"},{"id":"CN-ACC-056","slug":"southbound-bond-connect","category":"market-access","type":"access-channel","title":"Southbound Bond Connect","shortTitle":"Southbound Bond Connect","authority":"Hong Kong Monetary Authority","sourceUrl":"https://www.hkma.gov.hk/eng/","summary":"The southbound channel allowing eligible mainland institutional investors to access offshore bond markets through Hong Kong.","url":"/china-financial-system/market-access/southbound-bond-connect/"},{"id":"CN-ACC-057","slug":"swap-connect","category":"market-access","type":"access-channel","title":"Swap Connect","shortTitle":"Swap Connect","authority":"Hong Kong Monetary Authority","sourceUrl":"https://www.hkma.gov.hk/eng/","summary":"The mutual-access arrangement for eligible interest-rate swap activity between Hong Kong and mainland China; this page focuses on mechanics and risk management.","url":"/china-financial-system/market-access/swap-connect/"},{"id":"CN-ACC-058","slug":"qfii-rqfii","category":"market-access","type":"access-channel","title":"QFII and RQFII: China’s Institutional Access Framework","shortTitle":"QFII / RQFII","authority":"China Securities Regulatory Commission","sourceUrl":"https://www.csrc.gov.cn/csrc_en/index.shtml","summary":"The historical and regulatory framework through which qualified foreign institutional investors gained access to mainland securities markets.","url":"/china-financial-system/market-access/qfii-rqfii/"},{"id":"CN-ACC-059","slug":"foreign-investor-bond-custody","category":"market-access","type":"access-channel","title":"Foreign Investor Custody in China’s Bond Market","shortTitle":"Foreign Bond Custody","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"How overseas investors hold and settle mainland bonds through recognised access routes and custody arrangements.","url":"/china-financial-system/market-access/foreign-investor-bond-custody/"},{"id":"CN-ACC-060","slug":"china-bond-index-inclusion","category":"market-access","type":"access-channel","title":"China Bond Index Inclusion","shortTitle":"Index Inclusion","authority":"People’s Bank of China","sourceUrl":"https://www.pbc.gov.cn/en/3688006/index.html","summary":"The market-structure implications of Chinese renminbi bonds entering major global fixed-income benchmarks, without reproducing proprietary index data.","url":"/china-financial-system/market-access/china-bond-index-inclusion/"},{"id":"CN-LOC-061","slug":"local-government-debt-swap","category":"local-debt","type":"mechanism","title":"China Local-Government Debt Swaps","shortTitle":"Debt Swaps","authority":"Ministry of Finance of the People’s Republic of China","sourceUrl":"https://www.mof.gov.cn/en/","summary":"Programmes that refinance or restructure local-government obligations into more transparent or longer-dated forms.","url":"/china-financial-system/local-debt/local-government-debt-swap/"},{"id":"CN-LOC-062","slug":"local-government-refinancing-bonds","category":"local-debt","type":"mechanism","title":"Local-Government Refinancing Bonds","shortTitle":"Refinancing Bonds","authority":"Ministry of Finance of the People’s Republic of China","sourceUrl":"https://www.mof.gov.cn/en/","summary":"Local-government bond issuance used to refinance eligible outstanding obligations and manage maturity pressure.","url":"/china-financial-system/local-debt/local-government-refinancing-bonds/"},{"id":"CN-LOC-063","slug":"hidden-debt","category":"local-debt","type":"mechanism","title":"What “Hidden Debt” Means in China","shortTitle":"Hidden Debt","authority":"Ministry of Finance of the People’s Republic of China","sourceUrl":"https://www.mof.gov.cn/en/","summary":"A reference page defining the fiscal and institutional concept of liabilities associated with local governments but not always captured as ordinary explicit budget debt.","url":"/china-financial-system/local-debt/hidden-debt/"},{"id":"CN-LOC-064","slug":"land-finance","category":"local-debt","type":"mechanism","title":"China’s Land-Finance Mechanism","shortTitle":"Land Finance","authority":"Ministry of Finance of the People’s Republic of China","sourceUrl":"https://www.mof.gov.cn/en/","summary":"The link between land-use-right revenues, local fiscal resources, property conditions and financing capacity.","url":"/china-financial-system/local-debt/land-finance/"},{"id":"CN-LOC-065","slug":"lgfv-funding-chain","category":"local-debt","type":"mechanism","title":"The LGFV Funding Chain","shortTitle":"LGFV Funding Chain","authority":"Ministry of Finance of the People’s Republic of China","sourceUrl":"https://www.mof.gov.cn/en/","summary":"A structural map of how local-government financing vehicles interact with banks, bonds, land-related revenues and local public investment, without duplicating the existing general LGFV explainer.","url":"/china-financial-system/local-debt/lgfv-funding-chain/"},{"id":"CN-LOC-066","slug":"special-bond-project-financing","category":"local-debt","type":"mechanism","title":"How Local-Government Special Bonds Finance Projects","shortTitle":"Special-Bond Financing","authority":"Ministry of Finance of the People’s Republic of China","sourceUrl":"https://www.mof.gov.cn/en/","summary":"The project-financing mechanics behind local-government special bonds and the relationship between issuance, eligible investment and project revenues.","url":"/china-financial-system/local-debt/special-bond-project-financing/"},{"id":"CN-LOC-067","slug":"local-fiscal-risk-transmission","category":"local-debt","type":"mechanism","title":"How Local Fiscal Risk Reaches China’s Bond Market","shortTitle":"Fiscal Risk Transmission","authority":"Ministry of Finance of the People’s Republic of China","sourceUrl":"https://www.mof.gov.cn/en/","summary":"A transmission map connecting local fiscal stress with LGFVs, banks, credit spreads, bond issuance and policy responses.","url":"/china-financial-system/local-debt/local-fiscal-risk-transmission/"},{"id":"CN-ORG-068","slug":"safe","category":"institutions","type":"institution","title":"State Administration of Foreign Exchange (SAFE)","shortTitle":"SAFE","authority":"State Administration of Foreign Exchange","sourceUrl":"https://www.safe.gov.cn/en/","summary":"China’s foreign-exchange regulator and a key institution in the administration of cross-border currency flows and reserve-related reporting.","url":"/china-financial-system/institutions/safe/"},{"id":"CN-ORG-069","slug":"nafmii","category":"institutions","type":"institution","title":"NAFMII","shortTitle":"NAFMII","authority":"National Association of Financial Market Institutional Investors","sourceUrl":"https://www.nafmii.org.cn/english/","summary":"A self-regulatory organisation central to registration and standards for debt financing instruments in the interbank market.","url":"/china-financial-system/institutions/nafmii/"},{"id":"CN-ORG-070","slug":"china-development-bank","category":"institutions","type":"institution","title":"China Development Bank","shortTitle":"China Development Bank","authority":"China Development Bank","sourceUrl":"https://www.cdb.com.cn/English/","summary":"A state-owned policy bank with a major role in development financing and one of China’s largest bond issuers.","url":"/china-financial-system/institutions/china-development-bank/"},{"id":"CN-ORG-071","slug":"export-import-bank-of-china","category":"institutions","type":"institution","title":"Export-Import Bank of China","shortTitle":"China Exim Bank","authority":"Export-Import Bank of China","sourceUrl":"https://english.eximbank.gov.cn/","summary":"A policy bank supporting trade, investment and international economic cooperation through lending and market funding.","url":"/china-financial-system/institutions/export-import-bank-of-china/"},{"id":"CN-ORG-072","slug":"agricultural-development-bank-of-china","category":"institutions","type":"institution","title":"Agricultural Development Bank of China","shortTitle":"ADBC","authority":"Agricultural Development Bank of China","sourceUrl":"https://www.adbc.com.cn/en/","summary":"A policy bank focused on agriculture, rural development and related policy financing.","url":"/china-financial-system/institutions/agricultural-development-bank-of-china/"},{"id":"CN-ORG-073","slug":"china-central-depository-clearing","category":"institutions","type":"institution","title":"China Central Depository & Clearing Co.","shortTitle":"CCDC Institution","authority":"China Central Depository & Clearing Co.","sourceUrl":"https://www.chinabond.com.cn/","summary":"A core fixed-income market infrastructure institution responsible for registration, custody, settlement and information services.","url":"/china-financial-system/institutions/china-central-depository-clearing/"},{"id":"CN-ORG-074","slug":"shanghai-clearing-house-institution","category":"institutions","type":"institution","title":"Shanghai Clearing House as a Financial Institution","shortTitle":"SHCH Institution","authority":"Shanghai Clearing House","sourceUrl":"https://www.shclearing.com.cn/english/","summary":"A financial market infrastructure institution providing clearing, registration, custody and related services across multiple markets.","url":"/china-financial-system/institutions/shanghai-clearing-house-institution/"}],"relations":[{"from":"CN-MON-011","type":"uses","to":"CN-MON-001","audit":"PBoC","source":"https://www.pbc.gov.cn/en/3688229/3688353/3688356/4271098/2025080817510444937/2021062909553974320.pdf"},{"from":"CN-MON-011","type":"uses","to":"CN-MON-003","audit":"PBoC","source":"https://www.pbc.gov.cn/en/3688110/3688175/2025080817533447505/2019011416430551874.pdf"},{"from":"CN-MON-011","type":"uses","to":"CN-MON-004","audit":"PBoC","source":"https://www.pbc.gov.cn/en/3688110/3688175/2025080817533447505/2019011416430551874.pdf"},{"from":"CN-MON-011","type":"uses","to":"CN-MON-005","audit":"PBoC","source":"https://www.pbc.gov.cn/en/3688110/3688175/2025080817533447505/2019011416430551874.pdf"},{"from":"CN-MON-001","type":"policy-signal-for","to":"CN-MON-007","audit":"PBoC","source":"https://www.pbc.gov.cn/en/3688229/3688353/3688356/4271098/2025080817510444937/2021062909553974320.pdf"},{"from":"CN-MON-003","type":"policy-signal-for","to":"CN-MON-015","audit":"PBoC","source":"https://www.pbc.gov.cn/en/3688229/3688353/3688356/4271098/2025080817510444937/2021062909553974320.pdf"},{"from":"CN-INF-036","type":"represented-by","to":"CN-ORG-074","audit":"SHCH","source":"https://www.shclearing.com.cn/en/aboutus/companyProfile/"},{"from":"CN-ORG-074","type":"operates","to":"CN-INF-036","audit":"SHCH","source":"https://www.shclearing.com.cn/en/aboutus/companyProfile/"},{"from":"CN-INF-036","type":"supports","to":"CN-INF-042","audit":"SHCH","source":"https://www.shclearing.com.cn/en/aboutus/companyProfile/"},{"from":"CN-INF-036","type":"supports","to":"CN-INF-041","audit":"SHCH","source":"https://www.shclearing.com.cn/en/aboutus/companyProfile/"},{"from":"CN-INF-038","type":"cleared-via","to":"CN-INF-036","audit":"SHCH","source":"https://www.shclearing.com.cn/en/ccpservices/bondmarket/"},{"from":"CN-INF-039","type":"cleared-via","to":"CN-INF-036","audit":"SHCH","source":"https://www.shclearing.com.cn/en/ccpservices/rules/"},{"from":"CN-ACC-055","type":"provides-access-to","to":"CN-INF-033","audit":"SHCH Bond Connect","source":"https://www.shclearing.com.cn/en/csd/investorservice/202605/t20260531_1797836.html"},{"from":"CN-ACC-055","type":"uses","to":"CN-INF-036","audit":"SHCH Bond Connect","source":"https://www.shclearing.com.cn/en/csd/investorservice/202605/t20260531_1797836.html"},{"from":"CN-ACC-056","type":"uses","to":"CN-INF-036","audit":"SHCH Bond Connect","source":"https://www.shclearing.com.cn/en/csd/investorservice/202605/t20260531_1797836.html"},{"from":"CN-RMB-049","type":"administered-by","to":"CN-ORG-068","audit":"SAFE","source":"https://www.safe.gov.cn/en/2026/0717/2435.html"},{"from":"CN-RMB-050","type":"administered-by","to":"CN-ORG-068","audit":"SAFE","source":"https://www.safe.gov.cn/en/2026/0717/2441.html"},{"from":"CN-RMB-052","type":"observed-through","to":"CN-RMB-049","audit":"SAFE","source":"https://www.safe.gov.cn/en/2026/0717/2441.html"},{"from":"CN-RMB-053","type":"administered-by","to":"CN-ORG-068","audit":"SAFE","source":"https://www.safe.gov.cn/en/2023/1208/2263.html"},{"from":"CN-BND-022","type":"issued-by","to":"CN-ORG-072","audit":"SHCH/ADBC","source":"https://www.shclearing.com.cn/en/news/202608/t20260811_1842923.html"},{"from":"CN-ORG-072","type":"issues","to":"CN-BND-022","audit":"SHCH/ADBC","source":"https://www.shclearing.com.cn/en/news/202608/t20260811_1842923.html"},{"from":"CN-BND-022","type":"registered-at","to":"CN-INF-036","audit":"SHCH/ADBC","source":"https://www.shclearing.com.cn/en/news/202607/t20260707_1821163.html"},{"from":"CN-BND-022","type":"traded-in","to":"CN-INF-033","audit":"SHCH/ADBC","source":"https://www.shclearing.com.cn/en/news/202608/t20260811_1842923.html"}],"categories":[{"slug":"monetary-policy","title":"Monetary Policy & Money Markets","description":"How the PBoC steers liquidity, funding rates and credit transmission."},{"slug":"bond-market","title":"Bond Market & Instruments","description":"The instruments and issuer segments that make up China’s domestic fixed-income market."},{"slug":"infrastructure","title":"Market Infrastructure","description":"The trading, repo, custody, clearing and settlement rails beneath Chinese fixed income."},{"slug":"rmb-capital-flows","title":"RMB & Capital Flows","description":"The onshore/offshore currency architecture, FX framework and cross-border renminbi system."},{"slug":"market-access","title":"International Market Access","description":"The channels through which overseas and mainland investors cross the boundary between markets."},{"slug":"local-debt","title":"Local Government Finance","description":"The mechanics beneath local borrowing, refinancing, land finance and LGFV transmission."},{"slug":"institutions","title":"Financial Institutions","description":"The specialised institutions that operate and fund key parts of China’s financial system."}]}