COUNTRY • SUMMARY
CHINA
Last Update: 21 Feb 2024 9:15 GMT+0
The China 10Y Government Bond has a 2.425% yield.
10 Years vs 2 Years bond spread is 33.4 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 65.67 and implied probability of default is 1.09%.
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China Yield Curve
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 | 1.762% | -28.8 bp | -6.5 bp | 98.27 | +0.29 % | +0.06 % | 21 Feb | ||
| 2 years | 2.091% | -13.1 bp | +1.9 bp | 95.95 | +0.26 % | -0.03 % | 21 Feb | ||
| 3 years | 2.158% | -11.9 bp | -2.4 bp | 93.80 | +0.35 % | +0.07 % | 21 Feb | ||
| 5 years | 2.272% | -11.4 bp | -6.9 bp | 89.38 | +0.56 % | +0.35 % | 21 Feb | ||
| 7 years | 2.405% | -9.9 bp | -11.2 bp | 84.67 | +0.68 % | +0.76 % | 21 Feb | ||
| 10 years | 2.425% | -9.1 bp | -12.8 bp | 78.69 | +0.88 % | +1.25 % | 21 Feb | ||
| 15 years | 2.359% | +3.0 bp | -42.3 bp | 70.49 | -0.44 % | +6.38 % | 21 Feb | ||
| 20 years | 2.699% | -15.6 bp | -24.2 bp | 58.71 | +3.09 % | +4.82 % | 21 Feb | ||
| 30 years | 2.615% | -15.9 bp | -29.0 bp | 46.10 | +4.75 % | +8.83 % | 21 Feb | ||
| Last Update: 21 Feb 2024 9:15 GMT+0 | |||||||||
China Yield 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).
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 | 2.615% | 85.3 bp | 52.4 bp | 34.3 bp | 19.0 bp | -83.5 bp | |
| 10 years | 2.425% | 66.3 bp | 33.4 bp | 15.3 bp | -102.5 bp | ||
| 5 years | 2.272% | 51.0 bp | 18.1 bp | -117.8 bp | |||
| 2 years | 2.091% | 32.9 bp | -135.9 bp | ||||
| 1 year | 1.762% | -168.8 bp | |||||
Focusing on 2 years Government Bond:
If data are not all visible, swipe table left
| 2Y vs 1Y | 32.9 bp | Normal Convexity in Short-Term Maturities | ||
| 5Y vs 2Y | 18.1 bp | Normal Convexity in Mid-Term vs Short-Term Maturities | ||
| 10Y vs 2Y | 33.4 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 | negative |
| Fitch Ratings | A+ | - |
| DBRS | A | - |
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 | 65.67 | +0.54 % | +1.03 % | +21.95 % | 1.09 % | |
| (*) Implied probability of default, calculated on the hypothesis of a 40% recovery rate. |
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China 10Y Bond Yield Spread
The China 10Y Government Bond has a 2.425% yield.
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 | Compare Countries | |
|---|---|---|---|---|---|
| vs Japan 10Y | 170.6 bp | -14.5 bp | -20.6 bp | ||
| vs Germany 10Y | 3.9 bp | -17.5 bp | +17.7 bp | ||
| vs France 10Y | -43.8 bp | -12.8 bp | +24.4 bp | ||
| vs Spain 10Y | -87.0 bp | -16.1 bp | +31.8 bp | ||
| vs Canada 10Y | -112.1 bp | -11.7 bp | +13.9 bp | ||
| vs Italy 10Y | -144.4 bp | -8.3 bp | +39.7 bp | ||
| vs United Kingdom 10Y | -166.6 bp | -26.4 bp | +55.8 bp | ||
| vs Australia 10Y | -177.0 bp | +0.1 bp | -2.2 bp | ||
| vs United States 10Y | -184.5 bp | -23.1 bp | -6.3 bp | ||
| vs India 10Y | -461.7 bp | +5.1 bp | +5.0 bp | ||
| vs Brazil 10Y | -830.0 bp | -10.5 bp | +35.9 bp | ||
| vs Russia 10Y | -1026.0 bp | -57.6 bp | -109.3 bp |
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 | 2.615% | 46.10 | 66.71 | 107.94 | 149.16 | 190.39 | 231.61 | ||
| 20 years | 2.699% | 58.71 | 74.01 | 104.61 | 135.21 | 165.81 | 196.41 | ||
| 15 years | 2.359% | 70.49 | 83.00 | 108.02 | 133.04 | 158.06 | 183.08 | ||
| 10 years | 2.425% | 78.69 | 87.48 | 105.05 | 122.62 | 140.20 | 157.77 | ||
| 7 years | 2.405% | 84.67 | 91.05 | 103.79 | 116.54 | 129.28 | 142.03 | ||
| 5 years | 2.272% | 89.38 | 94.05 | 103.40 | 112.76 | 122.11 | 131.46 | ||
| 3 years | 2.158% | 93.80 | 96.67 | 102.42 | 108.17 | 113.92 | 119.67 | ||
| 2 years | 2.091% | 95.95 | 97.88 | 101.76 | 105.64 | 109.52 | 113.40 | ||
| 1 year | 1.762% | 98.27 | 99.25 | 101.22 | 103.18 | 105.15 | 107.11 | ||
| Maturity Date | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | |||
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