Panda bond issuance hit a record CNY202.5B (~$30B USD) this year, up 74% — already surpassing full-year 2024 and 2025 totals.
This is a clear signal: foreign institutions want yuan exposure and access to Chinese capital markets. Strong demand for onshore CNY debt, especially as global rates stabilize and China's bond market deepens.
Watch this space — Panda bonds are becoming a meaningful funding channel for multinationals and sovereigns. Reflects both China's financial opening and structural demand for yuan assets.
This is a clear signal: foreign institutions want yuan exposure and access to Chinese capital markets. Strong demand for onshore CNY debt, especially as global rates stabilize and China's bond market deepens.
Watch this space — Panda bonds are becoming a meaningful funding channel for multinationals and sovereigns. Reflects both China's financial opening and structural demand for yuan assets.