Lu Ying, Bank of China: The cross-border RMB bond market has entered a new stage of ecological restructuring and development.

Sina Finance News on March 31st, at the 2026 ICMA China Debt Capital Market Conference today, Lu Ying, Deputy General Manager of the Financial and Investment Banking Department of China Bank Corporation, stated that the cross-border RMB bond market has entered a new stage of ecological reconstruction and development. As the two core markets of cross-border RMB bonds, Panda Bonds and Dim Sum Bonds are expanding in coordination. In 2025, the issuance volume of Panda Bonds in the Chinese interbank market reached 173.3 billion yuan, and the outstanding balance at the end of the year surged to 385.7 billion yuan, with a year-on-year growth of 65%. At the same time, the issuance volume of Dim Sum Bonds broke through 1.2 trillion yuan for the second consecutive year, and the outstanding balance has exceeded 2 trillion yuan, achieving double growth compared to 2022. In addition, relying on the advantage of financing costs, the globalization of issuer structure has become a new driving force for the development of the cross-border RMB bond market.