Panda bonds are debt service bonds denominated in RMB issued by institutions registered overseas in China. Since this year, China's panda bond market has continued to be booming. The scale has increased dramatically, and issuers have diversified. Currently, the issuance scale has exceeded 170 billion yuan, an increase of more than 70% over the previous year. Up to now, since this year, the scale of panda bond issuance has exceeded 170 billion yuan, an increase of more than 70% over the previous year. Among them, the amount of panda bonds issued by overseas financial institutions, foreign-funded enterprises, and foreign governments was close to 90 billion yuan, accounting for more than 50%. Currently, the stock market for panda bonds has reached 500 billion yuan for the first time. Since this year, many new faces have appeared among issuers of panda bonds, including sovereign countries such as Slovenia, Pakistan, and Kazakhstan, as well as financial institutions such as BNP Paribas and the Samuruk-Kazena Sovereign Wealth Fund. At the end of June, Brazil's Ministry of Finance submitted its first application to issue panda bonds in China. After approval of registration, it will become the first country in Latin America to register to issue sovereign panda bonds. Industry insiders said that liquidity in the domestic market remains reasonable and abundant, and interest rates on bond financing remain relatively low, creating a good pricing window for issuing panda bonds, and greatly increasing the willingness and motivation of overseas entities to issue domestic bonds for financing.

Panda bonds are debt service bonds denominated in RMB issued by institutions registered overseas in China. Since this year, China's panda bond market has continued to be booming. The scale has increased dramatically, and issuers have diversified. Currently, the issuance scale has exceeded 170 billion yuan, an increase of more than 70% over the previous year. Up to now, since this year, the scale of panda bond issuance has exceeded 170 billion yuan, an increase of more than 70% over the previous year. Among them, the amount of panda bonds issued by overseas financial institutions, foreign-funded enterprises, and foreign governments was close to 90 billion yuan, accounting for more than 50%. Currently, the stock market for panda bonds has reached 500 billion yuan for the first time. Since this year, many new faces have appeared among issuers of panda bonds, including sovereign countries such as Slovenia, Pakistan, and Kazakhstan, as well as financial institutions such as BNP Paribas and the Samuruk-Kazena Sovereign Wealth Fund. At the end of June, Brazil's Ministry of Finance submitted its first application to issue panda bonds in China. After approval of registration, it will become the first country in Latin America to register to issue sovereign panda bonds. Industry insiders said that liquidity in the domestic market remains reasonable and abundant, and interest rates on bond financing remain relatively low, creating a good pricing window for issuing panda bonds, and greatly increasing the willingness and motivation of overseas entities to issue domestic bonds for financing.