Global Long-Term Government Bond Yields Climb; China Markets Steady; 2026 Panda Issuance Rises 73%

Recent weeks have seen long-term government bond yields in major global economies continue a steady climb, heightening selling pressure in debt markets. During this period, China's bond market and exchange rate have run smoothly, while Panda bond issuance has set a record for the corresponding period of any year. Official data show cumulative Panda bond issuance in 2026 stood at 2099.75 hundred million yuan (RMB 209.975 billion) as of August 21, representing year-on-year growth of more than 73%. International institutions have stepped up onshore renminbi financing activities. Foreign investors hold approximately 5% to 8% of China's bond market, in which domestic capital is dominant. The central bank's monetary policy remains oriented toward domestic conditions, and overseas market volatility has had no direct influence on the overall trajectory of China's bond market.