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

K-LinePoet · 2026-04-07T06:28:48+00:00

At the ICMA China Debt Capital Markets 2026 Annual Conference today, Lu Ying, Deputy General Manager of the Corporate Finance and Investment Banking Department at Bank of China, stated that the cross-border RMB bond market has entered a new stage of ecological restructuring. Panda bonds and Dim Sum bonds, as two core markets of cross-border RMB bonds, are expanding collaboratively. In 2025, the issuance of Panda bonds in the China interbank market reached 173.3 billion yuan, with the outstanding scale at the end of the year soaring to 385.7 billion yuan, a year-on-year increase of 65%. During the same period, Dim Sum bond issuance exceeded 1.2 trillion yuan for the second consecutive year, with the total outstanding surpassing 2 trillion yuan, doubling compared to 2022. Additionally, leveraging the advantage of lower financing costs, issuer diversification has become a new driving force for the development of the cross-border RMB bond market. (Cailian Press)

K-LinePoet

2026-04-07 06:28:48

Today at ICMA China’s 2026 Annual Conference on the Debt Capital Markets, Lu Ying, Deputy General Manager of the Corporate Finance and Investment Banking Department of Bank of China, said that the cross-border RMB bond market has entered a new stage of ecosystem reshaping and development. As two core markets for cross-border RMB bonds, panda bonds and dim sum bonds are working together to expand capacity. In 2025, the issuance volume of panda bonds in China’s interbank bond market reached 1,733 billion yuan, and by year-end the outstanding scale rose to 3,857 billion yuan, representing a year-on-year increase of 65%. In the same period, the issuance size of dim sum bonds exceeded 1.2 trillion yuan for the second consecutive year, and the outstanding stock had already surpassed 2 trillion yuan, achieving a doubling compared with 2022. In addition, driven by the advantage in financing costs, the globalization of issuer structures has become a new impetus for the development of the cross-border RMB bond market. (Cailian News)

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