COUNTRY •
CHINA
Last Update: 9 Feb 2023 0:15 GMT+0
The China 10Y Government Bond has a 2.919% yield.
10 Years vs 2 Years bond spread is 49.5 bp. Normal Convexity in Long-Term vs Short-Term Maturities.
Central Bank Rate is 3.65% (last modification in August 2022).
The China credit rating is A+, according to Standard & Poor's agency.
Current 5-Years Credit Default Swap quotation is 53.85 and implied probability of default is 0.90%.
If data are not all visible, swipe table left
| Residual Maturity |
Yield | ZC Price | Last Change |
||||||
|---|---|---|---|---|---|---|---|---|---|
| Last | Chg 1M | Chg 6M | Last | Chg 1M | Chg 6M | ||||
| 1 year | 2.142% | +5.2 bp | +31.7 bp | 97.90 | -0.05 % | -0.32 % | 08 Feb | ||
| 2 years | 2.424% | +10.4 bp | +26.6 bp | 95.32 | -0.21 % | -0.52 % | 08 Feb | ||
| 3 years | 2.525% | +7.7 bp | +23.0 bp | 92.79 | -0.23 % | -0.67 % | 08 Feb | ||
| 5 years | 2.695% | +6.3 bp | +20.4 bp | 87.55 | -0.31 % | -0.98 % | 08 Feb | ||
| 7 years | 2.865% | +5.2 bp | +14.9 bp | 82.06 | -0.35 % | -1.01 % | 08 Feb | ||
| 10 years | 2.919% | +1.4 bp | +17.1 bp | 75.00 | -0.13 % | -1.64 % | 08 Feb | ||
| 15 years | 2.990% | +5.6 bp | -1.1 bp | 64.28 | -0.82 % | +0.16 % | 08 Feb | ||
| 20 years | 3.296% | +0.3 bp | -12.0 bp | 52.28 | -0.06 % | +2.35 % | 08 Feb | ||
| 30 years | 3.306% | +5.6 bp | +5.1 bp | 37.69 | -1.62 % | -1.46 % | 08 Feb | ||
Last Update: 9 Feb 2023 0:15 GMT+0
China Yield Curve Analysis
Normally, longer-duration interest rates are higher than short-duration. So, the yield curve normally slopes upward as duration increases.
For this reason, the spread (i.e. the yield difference) between a longer and a shorter bond should be positive.
If not, the yield curve can be flat or inverted.
The curve convexity is measured considering some key bond durations (usually 2 years and 10 years, but also other maturities).
The curve convexity is measured considering some key bond durations (usually 2 years and 10 years, but also other maturities).
If data are not all visible, swipe table left
| Residual Maturity |
Yield | Spread vs Bond | Spread vs Central Bank Rate (3.65%) |
||||
|---|---|---|---|---|---|---|---|
| 1 year | 2 years | 5 years | 10 years | ||||
| 30 years | 3.306% | -34.4 bp | |||||
| 10 years | 2.919% | -73.1 bp | |||||
| 5 years | 2.695% | -95.5 bp | |||||
| 2 years | 2.424% | -122.6 bp | |||||
| 1 year | 2.142% | -150.8 bp | |||||
Focusing on 2 years Government Bond:
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| 2Y vs 1Y | 28.2 bp | Normal Convexity in Short-Term Maturities | ||
| 5Y vs 2Y | 27.1 bp | Normal Convexity in Mid-Term vs Short-Term Maturities | ||
| 10Y vs 2Y | 49.5 bp | Normal Convexity in Long-Term vs Short-Term Maturities |
Readings that may interest you
China Credit Ratings
A credit rating is an assessment of the creditworthiness of a borrower (in general terms or with respect to a particular debt or financial obligation).
For a deeper analysis of credit ratings, click here
China Credit Ratings History
| Rating Agency | Rating | Outlook |
|---|---|---|
| Standard & Poor's |
A+
|
- |
| Moody's Investors Service |
A1
|
- |
| Fitch Ratings |
A+
|
- |
| DBRS |
A (high)
|
negative |
China Interest Rates
A bank rate is the interest rate at which a nation's central bank lends money to domestic banks, often in the form of very short-term loans.
| Interest Rates | Value | |
|---|---|---|
| Central Bank Rate | 3.65% |
China Credit Default Swaps
The term credit default swap (CDS) refers to a financial derivative that allows an investor to swap or offset their credit risk with that of another investor. To swap the risk of default, the lender buys a CDS from another investor who agrees to reimburse the lender in the case the borrower defaults.
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| Credit Default Swap | CDS Value | Var % 1W | Var % 1M | Var % 1Y | Implied PD(*) | |
|---|---|---|---|---|---|---|
| 5 Years CDS | 53.85 | 0.00 % | 0.00 % | +1.30 % | 0.90 % |
(*) Implied probability of default, calculated on the hypothesis of a 40% recovery rate.
China 10Y Bond Yield Spread
The China 10Y Government Bond has a 2.919% yield. Click on Spread value for the historical serie.
A positive spread, marked by
, means that the 10Y Bond Yield is higher than the corresponding foreign bond. Instead, a negative spread is marked by a green circle.
Click on the values in "Current Spread" column, for the historical series of the spread.
Click on the "Compare" button, for a report with the full comparison between the two countries, with all the available data.
If data are not all visible, swipe table left
| China 10Y vs | Current Spread | Chg 1M | Chg 6M | ||
|---|---|---|---|---|---|
| Japan 10Y | 243.1 bp | +2.4 bp | -14.9 bp | Compare | |
| Germany 10Y | 55.7 bp | -11.5 bp | -127.1 bp | Compare | |
| France 10Y | 11.3 bp | -5.6 bp | -115.8 bp | Compare | |
| Canada 10Y | -11.7 bp | +8.3 bp | -15.4 bp | Compare | |
| United Kingdom 10Y | -41.6 bp | +21.1 bp | -117.3 bp | Compare | |
| Spain 10Y | -45.1 bp | -7.6 bp | -113.6 bp | Compare | |
| United States 10Y | -67.9 bp | -5.6 bp | -64.1 bp | Compare | |
| Australia 10Y | -68.8 bp | +10.8 bp | -21.0 bp | Compare | |
| Italy 10Y | -129.0 bp | -0.2 bp | -96.0 bp | Compare | |
| India 10Y | -442.5 bp | +1.2 bp | +17.5 bp | Compare | |
| Russia 10Y | -776.1 bp | -32.6 bp | -145.9 bp | Compare | |
| Brazil 10Y | -1038.7 bp | -29.0 bp | -99.6 bp | Compare |
China Government Bonds Prices
Price Simulation: bonds with a face value of 100, with different coupon rates. The highlighted column refers to the zero coupon bond.
Click on
for a forecast of the yield.
If data are not all visible, swipe table left
| Residual Maturity |
Yield | Bond Price - with different Coupon Rates | Fx | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 0% | 1% | 3% | 5% | 7% | 9% | ||||
| 30 years | 3.306% | 37.69 | 56.54 | 94.23 | 131.93 | 169.62 | 207.32 | ||
| 20 years | 3.296% | 52.28 | 66.76 | 95.71 | 124.67 | 153.63 | 182.58 | ||
| 15 years | 2.990% | 64.28 | 76.23 | 100.12 | 124.01 | 147.91 | 171.80 | ||
| 10 years | 2.919% | 75.00 | 83.56 | 100.69 | 117.82 | 134.96 | 152.09 | ||
| 7 years | 2.865% | 82.06 | 88.32 | 100.85 | 113.37 | 125.89 | 138.42 | ||
| 5 years | 2.695% | 87.55 | 92.17 | 101.41 | 110.65 | 119.89 | 129.13 | ||
| 3 years | 2.525% | 92.79 | 95.65 | 101.36 | 107.07 | 112.77 | 118.48 | ||
| 2 years | 2.424% | 95.32 | 97.25 | 101.11 | 104.97 | 108.83 | 112.69 | ||
| 1 year | 2.142% | 97.90 | 98.88 | 100.84 | 102.80 | 104.76 | 106.71 | ||
| Maturity Date | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | |||