ISHARESCGB

I.CENTURY HLDG

RIVERINE CHINA

KOS TALENT GP

CHINA CBS INTL

NATURE ENERGY T

DIGIT HOLLYWOOD

REDCO HEALTHY

ZXZN QI-HOUSE

ASIA PIONEER

HUISHENG INTL

02829

CBON

159816

CNYA

China is tightening approvals for overseas borrowings, causing companies to seek cash as US$100 billion in bonds are due this year. The National Development and Reform Commission (NDRC) is taking four to six months for approvals, double the previous time, with some cases extending to nine months. This delay is due to increased scrutiny on repayment details. Companies are turning to short-term bonds to avoid defaults, complicating their cash flow management. The NDRC's stricter measures aim to control rising debt from weaker enterprises and local government financing vehicles (LGFVs).

Businesstimes News

VanEck China Bond ETF

Penghua CSI 0-4 Year Local Government Bond ETF

ISHRS MSCI China

JPMorgan Chase

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

China delays foreign debt sales with US$100 billion of bonds due

02817

511130

03199

Treasury futures closed with the 30-year main contract down 0.50%, the 10-year main contract down 0.04%, and both the 5-year and 2-year main contracts up 0.01%

Wallstreetcn

PP CGBOND

Bosera SSE 30-Year China Treasury Bond ETF

ICBCCSOP CGPB

511090

09829

China's 30-year treasury bond futures main contract continued to decline in the afternoon, falling approximately 0.4%

Pengyang Chinabond 30-year Treasury Bond ETF

ISHARESCGB-U

511020

09177

82817

09817

511010

511520

511580

03041

China Development Bank issued a 3-year bond with a size of 5 billion yuan at an interest rate of 1.4900%, compared to an expected rate of 1.4800% and a bid multiple of 4.08 times; it also issued a 7-year bond with a size of 2 billion yuan at an interest rate of 1.6945%, compared to an expected rate of 1.7100% and a bid multiple of 6.02 times

Ping An CSI 5-10Y CGB ETF

PP CGBOND HDG-U

PP CGBOND-R

PP CGBOND-U

Guotai SSE 5-Year China Treasury Note ETF

Fullgoal Chinabond 7-10 Year Policy Bank Bond ETF

China Merchants CSI Treasury and Policy Bank Bond 0-3 Years ETF

GX CN PB BOND

ICBCCSOP CGPB-R

399001

000001

000300

03188

As of the end of March 2026, China's total mutual fund scale reached 37.53 trillion yuan, a 2.78% decline from the end of February, ending an 11-month consecutive growth streak. This marks the first contraction in scale since April 2025

Shenzhen Index

SSE Index

CSI 300

CAM CSI300

Mutual Fund Total Scale Ends 11-Month Growth Streak: Equity and Hybrid Funds See Outflows as Bond Funds Attract Capital

SPIB

IGSB

The 10-year treasury yield has decisively broken below 1.75%, while extremely loose liquidity conditions combined with a shortage of assets have driven the bond market to rise for three consecutive weeks. However, Huatai Securities and Zhongyou Securities have issued joint warnings: a structure dominated by mutual fund trading desks 'lifting each other up' hides underlying fragility; the central bank's stance remains a sword of Damocles overhead; the 'smoothest phase' may be nearing its end; those who missed the rally chasing the uptrend can only prolong the duration but cannot alter the medium-term risk landscape

- The 10-year government bond yield has dropped below 1.75%, while the 30-year yield nears 2.25%, reflecting strong market conditions driven by excess liquidity and the demand for assets.  
- Recent reports from Huatai Securities and Zhongyou Securities warn that although risks remain controllable in the short term, the market's most favorable phase is nearing an end, with emerging mid-term risks.  
- Key drivers of the current market include sustained liquidity conditions, net inflows into bond funds, the clarity of ultra-long-term treasury bond issuance, and a downward adjustment in bill rates, indicating overall weak credit demand.

SPDR Intermed Term

iShares Trust iShares 1-5 Year Invest Grade Corp Bond ETF

iShares barclays 20+ Yr Treasury Bd

Vanguard Intermediate Term Bd

ISHRS Us Trsry Bd

State Street Corp.

iShares iBoxx  Invt

iShares Barclays Short Treasury

Vanguard Short Term Bd

Vanguard Long Term Bd

iShares 7-10 Year Treasury Bond ETF

Schwab 5-10 Year Corp Bond ETF

SPDR Bloomberg 1-3 Month T-Bill ETF

After Breaking Key Levels, Where is the Bond Market Heading

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83161

03420

03192

83192

The Monetary Authority announced the reopening of 5-year and 10-year Renminbi bonds issued by the Hong Kong Special Administrative Region government, with the bidding date set for April 23 and the settlement date on April 27. The 5-year bond has an issuance number of 05GB2912002, an interest rate of 2.37%, a maturity date of December 10, 2029, and a semi-annual yield of 1.62%. The 10-year bond has an issuance number of 10GB3505001, an interest rate of 2.29%, a maturity date of May 15, 2035, and a semi-annual yield of 1.929%

AASTOCKS

A CAM RMB MM

A CAM RMB MM-R

A VP RMB MM

A BOS RMB MM

A BOS RMB MM-R

The government reopens 5-year (acting as 3-year) and 10-year RMB Special Administrative Region government institutional bonds

The People's Bank of China expects that by the end of March 2026, the custodial balance of foreign institutions in China's bond market will reach RMB 3.2 trillion, accounting for 1.6% of the total market custodial balance. In the first quarter of 2026, the total issuance of panda bonds was RMB 842.4 billion, and 10 new foreign institutions entered the interbank bond market

China's Central Bank: As of end-March 2026, foreign institutions' custodial balance in China's bond market reached RMB 3.2 trillion

Against the backdrop of the restructuring of the global economic and financial landscape, Chinese assets are being repriced, gradually shifting from "optional" to "mandatory." Chief economists from foreign institutions point out that geopolitical uncertainties and increased volatility of traditional core assets have made Chinese assets an important part of global investors' allocations. Although the low yield of RMB assets and insufficient domestic demand remain constraints for foreign investment, China's continued investment in technology and industry, along with moderate economic growth, has boosted investor confidence

腾讯新闻 - 财经

Standard Chartered PLC

STANCHART

Morgan Stanley

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

Chinese assets transition from "optional" to "mandatory": reshaping the logic of global capital reallocation

MCHI

China's US$51 trillion savings glut is driving demand for its debt, making it a safe haven amid global volatility from the Iran war. Yuan-denominated high-grade bonds have outperformed major fixed-income indexes, returning about 1.1% this year. With weak credit demand, banks are investing excess cash into bonds. China's resilience is recognized as its stocks and currency perform better than peers, supported by strategic reserves and renewable energy expansion. The shift towards Chinese debt marks a change from previous negative sentiment, with lower inflation and ample liquidity further bolstering its appeal as a defensive asset.

iShares MSCI China

ING Groep

China’s US$51 trillion savings help bonds to outperform during war

ISHARESCGB(02829.HK)

China delays foreign debt sales with US$100 billion of bonds due

Treasury futures closed with the 30-year main contract down 0.50%, the 10-year main contract down 0.04%, and both the 5-year and 2-year main contracts up 0.01%

China's 30-year treasury bond futures main contract continued to decline in the afternoon, falling approximately 0.4%

Mutual Fund Total Scale Ends 11-Month Growth Streak: Equity and Hybrid Funds See Outflows as Bond Funds Attract Capital