Market issuance heat substantially increased, and the outstanding amount of Panda bonds exceeds 500 billion yuan for the first time.

Since the beginning of this year, the issuance of panda bonds has significantly increased in popularity. Wind data shows that as of July 9, the total issuance of panda bonds this year has exceeded 170 billion yuan, with a year-on-year growth of over 70%; and the market size has reached 500 billion yuan for the first time. At the same time, the issuer structure of panda bonds continues to optimize, with foreign sovereign institutions, multinational corporations, and multilateral development institutions entering the market, injecting new momentum into market development. Industry insiders interviewed expressed that the hot issuance of panda bonds is mainly due to factors such as the inverted China-US interest rate spread, the prominent advantage of RMB financing costs, and the stabilization of the RMB exchange rate. The steady expansion of the panda bond market will help promote the transformation of the RMB from a currency used in trade settlement to an international investment and financing currency, continuously enhancing the RMB's discourse power in global capital markets. It is also an achievement of China's efforts to promote high-level financial opening to the outside world.