Panda bonds

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title: "Panda bonds" type: doc version: 1 created: 2026-02-28 author: "Wikipedia contributors" status: active scope: public tags: ["bonds-in-foreign-currencies", "finance-in-china", "belt-and-road-initiative"] description: "Foreign bond issued in China" topic_path: "economics" source: "https://en.wikipedia.org/wiki/Panda_bonds" license: "CC BY-SA 4.0" wikipedia_page_id: 0 wikipedia_revision_id: 0

::summary Foreign bond issued in China ::

A Panda bond is a Chinese renminbi-denominated bond from a non-Chinese issuer, sold in the People's Republic of China. The first two Panda bonds were issued in October 2005 on the same day by the International Finance Corporation and the Asian Development Bank. Their terms were 1.13 billion yuan of 10-year bonds at a 3.4% yield and 1 billion yuan of 10-year bonds at a 3.34% yield. The Chinese government had been negotiating for several years about implementation details before permitting the sale of such bonds; they had been concerned about the possible effects on their currency peg. Eventually, it was agreed that funds raised from sales of Panda bonds would have to remain in China; issuers would not be permitted to repatriate such funds. Unlike the dim sum bond, pandas bonds are issued in the onshore market for onshore RMB.

In May 2010, rules were liberalised and more issuers were allowed, with the restriction on proceeds not being remitted abroad lifted.

In June 2016, Bank of China has signed a Memorandum of Understanding on panda bonds issuance with Poland's Ministry of Finance, making Poland the first European sovereign government to issue such bonds.

In March 2018, the Philippines issued its inaugural Panda bonds, thereby becoming the first Association of Southeast Asian Nations member to do so. The Bureau of the Treasury stated that regulatory approvals are the only remaining hurdle for the issuance of three-year and five-year panda bonds.

References

References

1. Zhang, Jinghong. (2005-09-29). "熊猫债券发行 人民币区域化迈出重要一步 (Issuance of Panda bonds an important stride towards the regionalisation of the renminbi)". Xinhua News Agency.
2. Areddy, James T.. (2005-10-11). "Chinese Markets Take New Step With Panda Bond". The Wall Street Journal.
3. (2005-10-19). "ADB, IFC mark inaugural Panda bond issue". People's Daily.
4. (2010-09-30). "'Panda' Bond Sellers Authorized to Send Money Home by China Government". Bloomberg.
5. "Poland to issue $455m panda bonds in China - Business - Chinadaily.com.cn".
6. "Philippines plans to issue 1-bln-USD Samurai bond - Business - Xinhuanet.com".
7. "PH to pitch panda bonds, 'Build Build Build' in China".

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