Key facts
- International borrowers are issuing yuan-denominated debt at a record pace in 2026.
- Panda bond issuance, yuan debt sold on the Chinese mainland by overseas institutions, reached 153 billion yuan ($22.6 billion) through June 18.
- This amount represents over 80% of the total issuance for the previous year.
International borrowers are increasingly turning to yuan-denominated debt, with issuance reaching a record pace this year. This trend is driven by lower borrowing costs as Chinese bond yields decline.
Panda bond issuance, which refers to yuan debt sold on the Chinese mainland by overseas institutions, has reached 153 billion yuan ($22.6 billion) in the year through June 18. According to data provider Dealing Matrix, this figure already exceeds 80% of the total issuance recorded for the entirety of last year.