Panda bonds are hot! The trillion yuan market is beginning to grow.

In the smoke of the US-Iran conflict, market risk sentiment is rapidly deteriorating: crude oil soaring, the US dollar rebounding, and global stocks and bonds falling. If you want to find a "safe haven" for funds in this volatile market, the Chinese renminbi is the best choice. On March 9, 2026, Deutsche Bank made a high-profile issuance of 5.5 billion RMB panda bonds, followed by the French bank BNP Paribas issuing 5 billion on March 19. By mid-March 2026, the issuance size of panda bonds has reached 78 billion RMB, an 88% increase compared to the previous year. By mid-March 2026, the cumulative issuance size of the panda bond market has reached 1.24 trillion, with an outstanding market size of 475 billion, this emerging market has just begun to show its potential. What is different from the past is that in 2026, the market is transitioning from "red chip dominance" to "pure foreign capital dominance."