COUNTRY •
CHINA
Last Update: 28 Jun 2022 11:15 GMT+0
The China 10Y Government Bond has a 2.857% yield.
10 Years vs 2 Years bond spread is 57.4 bp. Normal Convexity in Long-Term vs Short-Term Maturities.
Central Bank Rate is 3.70% (last modification in January 2022).
The China credit rating is A+, according to Standard & Poor's agency.
Current 5-Years Credit Default Swap quotation is 77.74 and implied probability of default is 1.30%.
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 | 1.970% | -0.1 bp | -36.4 bp | 98.07 | 0.00 % | +0.36 % | 28 Jun | ||
| 2 years | 2.283% | +9.7 bp | -15.9 bp | 95.59 | -0.19 % | +0.31 % | 28 Jun | ||
| 3 years | 2.453% | +15.7 bp | -5.8 bp | 92.99 | -0.46 % | +0.17 % | 28 Jun | ||
| 5 years | 2.660% | +17.7 bp | +3.2 bp | 87.70 | -0.86 % | -0.16 % | 28 Jun | ||
| 7 years | 2.844% | +13.4 bp | +1.9 bp | 82.18 | -0.90 % | -0.12 % | 28 Jun | ||
| 10 years | 2.857% | +10.7 bp | +3.7 bp | 75.45 | -1.04 % | -0.36 % | 28 Jun | ||
| 15 years | 3.121% | +10.4 bp | +9.5 bp | 63.07 | -1.50 % | -1.36 % | 28 Jun | ||
| 20 years | 3.423% | +6.3 bp | -3.4 bp | 51.01 | -1.22 % | +0.65 % | 28 Jun | ||
| 30 years | 3.301% | +6.3 bp | -5.8 bp | 37.75 | -1.80 % | +1.70 % | 28 Jun | ||
Last Update: 28 Jun 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 (3.70%) |
||||
|---|---|---|---|---|---|---|---|
| 1 year | 2 years | 5 years | 10 years | ||||
| 30 years | 3.301% | -39.9 bp | |||||
| 10 years | 2.857% | -84.3 bp | |||||
| 5 years | 2.660% | -104.0 bp | |||||
| 2 years | 2.283% | -141.7 bp | |||||
| 1 year | 1.970% | -173.0 bp | |||||
Focusing on 2 years Government Bond:
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| 2Y vs 1Y | 31.3 bp | Normal Convexity in Short-Term Maturities | ||
| 5Y vs 2Y | 37.7 bp | Normal Convexity in Mid-Term vs Short-Term Maturities | ||
| 10Y vs 2Y | 57.4 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 | 3.70% |
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 | 77.74 | -1.34 % | +9.22 % | +120.04 % | 1.30 % |
(*) 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 2.857% 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 | 262.7 bp | +10.0 bp | -13.4 bp | Compare | |
| Germany 10Y | 120.2 bp | -57.2 bp | -185.4 bp | Compare | |
| France 10Y | 66.6 bp | -59.0 bp | -202.3 bp | Compare | |
| United Kingdom 10Y | 37.0 bp | -45.6 bp | -152.7 bp | Compare | |
| Spain 10Y | 11.5 bp | -54.7 bp | -219.5 bp | Compare | |
| United States 10Y | -39.2 bp | -39.9 bp | -172.8 bp | Compare | |
| Canada 10Y | -60.1 bp | -56.1 bp | -194.5 bp | Compare | |
| Italy 10Y | -82.7 bp | -68.1 bp | -255.2 bp | Compare | |
| Australia 10Y | -96.2 bp | -46.3 bp | -219.5 bp | Compare | |
| India 10Y | -460.0 bp | 0.0 bp | -94.2 bp | Compare | |
| Russia 10Y | -576.3 bp | +99.7 bp | -16.8 bp | Compare | |
| Brazil 10Y | -992.5 bp | -24.2 bp | -203.8 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 | 3.301% | 37.75 | 56.60 | 94.32 | 132.04 | 169.76 | 207.48 | ||
| 20 years | 3.423% | 51.01 | 65.32 | 93.95 | 122.57 | 151.19 | 179.82 | ||
| 15 years | 3.121% | 63.07 | 74.90 | 98.57 | 122.24 | 145.90 | 169.57 | ||
| 10 years | 2.857% | 75.45 | 84.04 | 101.23 | 118.41 | 135.60 | 152.79 | ||
| 7 years | 2.844% | 82.18 | 88.44 | 100.98 | 113.51 | 126.05 | 138.58 | ||
| 5 years | 2.660% | 87.70 | 92.32 | 101.57 | 110.82 | 120.07 | 129.32 | ||
| 3 years | 2.453% | 92.99 | 95.85 | 101.56 | 107.28 | 113.00 | 118.72 | ||
| 2 years | 2.283% | 95.59 | 97.52 | 101.39 | 105.25 | 109.12 | 112.99 | ||
| 1 year | 1.970% | 98.07 | 99.05 | 101.01 | 102.97 | 104.93 | 106.89 | ||
| Maturity Date | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | |||