China Bond Market Overview

Quantitative Portfolio Strategies, June 2010

39 Pages Posted: 11 Jul 2010

See all articles by Gigi Liu

Gigi Liu

Nomura International Hong Kong

Hui Ou-Yang

Cheung Kong Graduate School of Business

Jessica Zhang

Nomura International Hong Kong

Date Written: June 15, 2010

Abstract

This paper reviews the history of the China Bond market, takes a look at its current market structure, and examines its market performance and market prospects. Domestic commercial banks are dominant investors in the interbank market, but foreign investors have limited access to the market at present. The central bank plays a significant role in the market by applying a series of monetary policy instruments such as open market operations and window guidance. We expect that the China bond market will experience rapid growth and that foreign investors will gradually be granted direct access to China bond market. The paper also examines the major bond instruments and issuers in China.

Keywords: China Bond Market, Fixed Income Assets

JEL Classification: D40, E44, F3

Suggested Citation

Liu, Gigi and Ou-Yang, Hui and Zhang, Jessica, China Bond Market Overview (June 15, 2010). Quantitative Portfolio Strategies, June 2010, Available at SSRN: https://ssrn.com/abstract=1633879

Gigi Liu

Nomura International Hong Kong ( email )

30/F, Two International Finance Centre
8 Finance Street
Central
Hong Kong

Hui Ou-Yang (Contact Author)

Cheung Kong Graduate School of Business ( email )

Hong Kong
China
852-5199-6227 (Phone)

Jessica Zhang

Nomura International Hong Kong ( email )

30/F, Two International Finance Centre
8 Finance Street
Central
Hong Kong

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