The Development of China’s Bond Market

Hung Gay Fung; Qingfeng “Wilson” Liu; Fan Zhang

doi:10.1080/10971475.2018.1523982

The Development of China’s Bond Market

Hung Gay Fung, Qingfeng “Wilson” Liu, Fan Zhang

University of Missouri-St. Louis

Research output: Contribution to journal › Article › peer-review

Abstract

This article analyzes China’s bond market, which covers the interbank market, exchange market, and bank counter market. We compare various types of bonds and discuss their latest trends, which to a large extent are driven by government policies, resulting in rapid growth in central government and local government bond issues. The recent launch of the “Bond Connect” trading platform for bond transactions between mainland China and Hong Kong and the emergence of many new bond types suggest that China’s bond market may provide more investment and growth opportunities for global investors.

Original language	American English
Journal	The Chinese Economy
Volume	52
DOIs	https://doi.org/10.1080/10971475.2018.1523982
State	Published - 2019

Keywords

China's bond market
bond connect
financial bonds
government bonds
trends

Disciplines

Business

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Cite this

@article{d0e172ef22af4890ac4788b8a32452a3,

title = "The Development of China{\textquoteright}s Bond Market",

abstract = " This article analyzes China{\textquoteright}s bond market, which covers the interbank market, exchange market, and bank counter market. We compare various types of bonds and discuss their latest trends, which to a large extent are driven by government policies, resulting in rapid growth in central government and local government bond issues. The recent launch of the “Bond Connect” trading platform for bond transactions between mainland China and Hong Kong and the emergence of many new bond types suggest that China{\textquoteright}s bond market may provide more investment and growth opportunities for global investors. ",

keywords = "China's bond market, bond connect, financial bonds, government bonds, trends",

author = "Fung, {Hung Gay} and Liu, {Qingfeng “Wilson”} and Fan Zhang",

note = "1 See Table 1 for details. Total outstanding government bonds are comprised of: (1) Treasury bonds, which comprise Treasury bonds and bills, savings bonds, and local government bonds; (2) central bank bonds, which were issued by the People's Bank of China and discontinued in February 2017; and (3) policy bank bonds, which are issued by the Agricultural Development Bank of China, China Development Bank, and Export-Import Bank of China.",

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doi = "10.1080/10971475.2018.1523982",

language = "American English",

volume = "52",

journal = "The Chinese Economy",

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T1 - The Development of China’s Bond Market

AU - Fung, Hung Gay

AU - Liu, Qingfeng “Wilson”

AU - Zhang, Fan

N1 - 1 See Table 1 for details. Total outstanding government bonds are comprised of: (1) Treasury bonds, which comprise Treasury bonds and bills, savings bonds, and local government bonds; (2) central bank bonds, which were issued by the People's Bank of China and discontinued in February 2017; and (3) policy bank bonds, which are issued by the Agricultural Development Bank of China, China Development Bank, and Export-Import Bank of China.

PY - 2019

Y1 - 2019

N2 - This article analyzes China’s bond market, which covers the interbank market, exchange market, and bank counter market. We compare various types of bonds and discuss their latest trends, which to a large extent are driven by government policies, resulting in rapid growth in central government and local government bond issues. The recent launch of the “Bond Connect” trading platform for bond transactions between mainland China and Hong Kong and the emergence of many new bond types suggest that China’s bond market may provide more investment and growth opportunities for global investors.

AB - This article analyzes China’s bond market, which covers the interbank market, exchange market, and bank counter market. We compare various types of bonds and discuss their latest trends, which to a large extent are driven by government policies, resulting in rapid growth in central government and local government bond issues. The recent launch of the “Bond Connect” trading platform for bond transactions between mainland China and Hong Kong and the emergence of many new bond types suggest that China’s bond market may provide more investment and growth opportunities for global investors.

KW - China's bond market

KW - bond connect

KW - financial bonds

KW - government bonds

KW - trends

UR - https://www.tandfonline.com/doi/full/10.1080/10971475.2018.1523982

U2 - 10.1080/10971475.2018.1523982

DO - 10.1080/10971475.2018.1523982

M3 - Article

VL - 52

JO - The Chinese Economy

JF - The Chinese Economy

ER -

The Development of China’s Bond Market

Abstract

Keywords

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