Panda Bonds are RMB-denominated debt instruments issued in China’s onshore markets by overseas entities through public or private placements, first launched in 2005, and traded predominantly on the interbank market. Driven by regulatory easing on cross-border fund utilization and favorable onshore financing conditions, panda bonds issuance reached a record high of 194.8 billion RMB in 2024, underscoring robust global demand for RMB liabilities amid divergent monetary cycles. Click below to read full report
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