COUNTRY •
CHINA
Last Update: 3 Oct 2022 11:15 GMT+0
The China 10Y Government Bond has a 2.782% yield.
10 Years vs 2 Years bond spread is 58.7 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 108.47 and implied probability of default is 1.81%.
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 | 1.853% | +16.6 bp | -23.6 bp | 98.18 | -0.16 % | +0.23 % | 03 Oct | ||
| 2 years | 2.195% | +17.1 bp | -4.5 bp | 95.75 | -0.33 % | +0.08 % | 03 Oct | ||
| 3 years | 2.360% | +20.2 bp | +0.6 bp | 93.24 | -0.60 % | -0.02 % | 03 Oct | ||
| 5 years | 2.523% | +13.2 bp | +1.0 bp | 88.29 | -0.64 % | -0.05 % | 03 Oct | ||
| 7 years | 2.707% | +9.3 bp | -5.8 bp | 82.95 | -0.62 % | +0.40 % | 03 Oct | ||
| 10 years | 2.782% | +14.6 bp | -4.0 bp | 76.00 | -1.41 % | +0.38 % | 03 Oct | ||
| 15 years | 2.980% | +12.9 bp | +0.6 bp | 64.37 | -1.87 % | -0.09 % | 03 Oct | ||
| 20 years | 3.264% | +4.6 bp | -15.5 bp | 52.60 | -0.90 % | +3.04 % | 03 Oct | ||
| 30 years | 3.144% | +4.2 bp | -22.8 bp | 39.51 | -1.20 % | +6.84 % | 03 Oct | ||
Last Update: 3 Oct 2022 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 (3.65%) |
||||
|---|---|---|---|---|---|---|---|
| 1 year | 2 years | 5 years | 10 years | ||||
| 30 years | 3.144% | -50.6 bp | |||||
| 10 years | 2.782% | -86.8 bp | |||||
| 5 years | 2.523% | -112.7 bp | |||||
| 2 years | 2.195% | -145.5 bp | |||||
| 1 year | 1.853% | -179.7 bp | |||||
Focusing on 2 years Government Bond:
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| 2Y vs 1Y | 34.2 bp | Normal Convexity in Short-Term Maturities | ||
| 5Y vs 2Y | 32.8 bp | Normal Convexity in Mid-Term vs Short-Term Maturities | ||
| 10Y vs 2Y | 58.7 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)
|
- |
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 | 108.47 | +41.07 % | +48.38 % | +137.37 % | 1.81 % |
(*) 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 2.782% 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 | 254.1 bp | +14.2 bp | -6.3 bp | Compare | |
| Germany 10Y | 73.7 bp | -39.1 bp | -152.7 bp | Compare | |
| France 10Y | 12.4 bp | -37.7 bp | -167.0 bp | Compare | |
| Canada 10Y | -37.6 bp | +8.3 bp | -74.7 bp | Compare | |
| Spain 10Y | -45.5 bp | -41.6 bp | -178.9 bp | Compare | |
| United States 10Y | -97.0 bp | -41.3 bp | -140.3 bp | Compare | |
| Australia 10Y | -110.5 bp | -10.1 bp | -109.3 bp | Compare | |
| United Kingdom 10Y | -126.2 bp | -99.7 bp | -246.2 bp | Compare | |
| Italy 10Y | -169.7 bp | -53.2 bp | -242.2 bp | Compare | |
| India 10Y | -466.6 bp | -7.0 bp | -64.5 bp | Compare | |
| Russia 10Y | -733.3 bp | -61.9 bp | +110.5 bp | Compare | |
| Brazil 10Y | -918.1 bp | +20.7 bp | -103.1 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 | 3.144% | 39.51 | 58.75 | 97.23 | 135.71 | 174.19 | 212.67 | ||
| 20 years | 3.264% | 52.60 | 67.13 | 96.17 | 125.21 | 154.25 | 183.29 | ||
| 15 years | 2.980% | 64.37 | 76.33 | 100.24 | 124.15 | 148.06 | 171.97 | ||
| 10 years | 2.782% | 76.00 | 84.63 | 101.88 | 119.13 | 136.38 | 153.64 | ||
| 7 years | 2.707% | 82.95 | 89.25 | 101.85 | 114.45 | 127.04 | 139.64 | ||
| 5 years | 2.523% | 88.29 | 92.93 | 102.21 | 111.50 | 120.79 | 130.07 | ||
| 3 years | 2.360% | 93.24 | 96.11 | 101.83 | 107.56 | 113.29 | 119.02 | ||
| 2 years | 2.195% | 95.75 | 97.69 | 101.56 | 105.43 | 109.30 | 113.17 | ||
| 1 year | 1.853% | 98.18 | 99.16 | 101.13 | 103.09 | 105.05 | 107.02 | ||
| Maturity Date | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | |||