COUNTRY •
CHINA
Last Update: 26 Sep 2023 11:15 GMT+0
The China 10Y Government Bond has a 2.730% yield.
10 Years vs 2 Years bond spread is 44.8 bp. Normal Convexity in Long-Term vs Short-Term Maturities.
Central Bank Rate is 3.45% (last modification in August 2023).
The China credit rating is A+, according to Standard & Poor's agency.
Current 5-Years Credit Default Swap quotation is 70.96 and implied probability of default is 1.18%.
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 | 2.205% | +32.7 bp | -3.1 bp | 97.84 | -0.33 % | +0.03 % | 26 Sep | ||
| 2 years | 2.282% | +18.2 bp | -11.9 bp | 95.59 | -0.35 % | +0.23 % | 26 Sep | ||
| 3 years | 2.352% | +13.5 bp | -17.2 bp | 93.26 | -0.40 % | +0.51 % | 26 Sep | ||
| 5 years | 2.531% | +15.2 bp | -16.4 bp | 88.25 | -0.74 % | +0.80 % | 26 Sep | ||
| 7 years | 2.690% | +14.4 bp | -15.0 bp | 83.04 | -0.98 % | +1.02 % | 26 Sep | ||
| 10 years | 2.730% | +14.8 bp | -16.2 bp | 76.39 | -1.43 % | +1.60 % | 26 Sep | ||
| 15 years | 2.853% | +10.2 bp | -12.7 bp | 65.58 | -1.47 % | +1.88 % | 26 Sep | ||
| 20 years | 3.082% | +14.6 bp | -15.6 bp | 54.49 | -2.80 % | +3.06 % | 26 Sep | ||
| 30 years | 3.021% | +11.7 bp | -24.6 bp | 40.95 | -3.35 % | +7.42 % | 26 Sep | ||
Last Update: 26 Sep 2023 11:15 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 (3.45%) |
||||
|---|---|---|---|---|---|---|---|
| 1 year | 2 years | 5 years | 10 years | ||||
| 30 years | 3.021% | -42.9 bp | |||||
| 10 years | 2.730% | -72.0 bp | |||||
| 5 years | 2.531% | -91.9 bp | |||||
| 2 years | 2.282% | -116.8 bp | |||||
| 1 year | 2.205% | -124.5 bp | |||||
Focusing on 2 years Government Bond:
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| 2Y vs 1Y | 7.7 bp | Yield Curve is flat in Short-Term Maturities | ||
| 5Y vs 2Y | 24.9 bp | Normal Convexity in Mid-Term vs Short-Term Maturities | ||
| 10Y vs 2Y | 44.8 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 | 3.45% |
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 | 70.96 | -1.21 % | -1.59 % | +31.77 % | 1.18 % |
(*) 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 2.730% 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 | 200.1 bp | +7.0 bp | -63.2 bp | Compare | |
| Germany 10Y | -4.9 bp | -7.5 bp | -81.8 bp | Compare | |
| France 10Y | -60.5 bp | -9.8 bp | -82.8 bp | Compare | |
| Spain 10Y | -113.9 bp | -14.2 bp | -81.3 bp | Compare | |
| Canada 10Y | -130.7 bp | -15.2 bp | -143.3 bp | Compare | |
| United Kingdom 10Y | -160.5 bp | +24.8 bp | -118.5 bp | Compare | |
| Australia 10Y | -166.3 bp | -10.9 bp | -135.9 bp | Compare | |
| United States 10Y | -179.0 bp | -14.1 bp | -131.0 bp | Compare | |
| Italy 10Y | -196.4 bp | -31.4 bp | -85.3 bp | Compare | |
| India 10Y | -441.6 bp | +20.8 bp | +1.0 bp | Compare | |
| Brazil 10Y | -885.7 bp | -32.7 bp | +123.7 bp | Compare | |
| Russia 10Y | -998.0 bp | -62.2 bp | -171.2 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 | 3.021% | 40.95 | 60.49 | 99.59 | 138.68 | 177.78 | 216.87 | ||
| 20 years | 3.082% | 54.49 | 69.26 | 98.79 | 128.32 | 157.85 | 187.38 | ||
| 15 years | 2.853% | 65.58 | 77.64 | 101.77 | 125.91 | 150.04 | 174.17 | ||
| 10 years | 2.730% | 76.39 | 85.04 | 102.34 | 119.63 | 136.93 | 154.23 | ||
| 7 years | 2.690% | 83.04 | 89.35 | 101.95 | 114.56 | 127.17 | 139.78 | ||
| 5 years | 2.531% | 88.25 | 92.89 | 102.18 | 111.46 | 120.74 | 130.03 | ||
| 3 years | 2.352% | 93.26 | 96.13 | 101.86 | 107.58 | 113.31 | 119.04 | ||
| 2 years | 2.282% | 95.59 | 97.52 | 101.39 | 105.26 | 109.12 | 112.99 | ||
| 1 year | 2.205% | 97.84 | 98.82 | 100.78 | 102.73 | 104.69 | 106.65 | ||
| Maturity Date | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | |||