Global Bond Market Sees Sell-Off Wave, Panda Bond Issuance Hits Record High

BlockBeats News, August 22nd. According to CCTV Finance, recently, the long-term bond yields of major global economies have continued to rise, leading to selling pressure in the bond market. However, the Chinese bond market and exchange rate have remained relatively stable, with the issuance size of Panda Bonds hitting a historical high for the same period.

Data shows that as of August 21st, the cumulative issuance size of 2026 Panda Bonds has reached 209.975 billion yuan, a year-on-year increase of over 73%. Against the backdrop of intense volatility in the global bond market, international institutions increasing their RMB financing in the onshore market has attracted attention. Industry insiders explained: "We are in a completely different economic and monetary cycle from overseas. Foreign holdings account for only about 5%-8% of our bond market, with domestic investors holding absolute pricing power. In addition, our monetary policy insists on autonomy, and external impacts cannot reverse the overall trend of the domestic bond market."

Looking ahead, industry insiders believe that overseas bond yields are likely to remain highly volatile, highlighting the value of RMB bond allocation, and attracting continued long-term investment from foreign investors. However, it is also necessary to note that the rise in U.S. bond yields has raised the return threshold for global allocation funds, potentially causing some disturbance in the willingness of overseas institutions to increase their holdings of RMB bonds. Furthermore, the rapid increase in bond yields in developed overseas countries may also restrict the valuation of domestic risk assets.