Since this year, the popularity of panda bond issuance has increased markedly. According to Wind data, as of July 9, using payment cut-off dates as statistics, the issuance scale of panda bonds during the year had exceeded 170 billion yuan, an increase of more than 70% over the previous year; the market stock reached 500 billion yuan for the first time. At the same time, the main structure of panda bond issuers continues to be optimized, and overseas sovereign agencies, leading multinational enterprises, and multilateral development agencies have entered the market one after another, injecting new momentum into market development. Industry insiders interviewed said that the popularity of the panda bond market is mainly benefiting from factors such as the inversion of the spread between China and the US, the prominent advantage of RMB financing costs, and the stabilization of the RMB exchange rate. The steady expansion of the panda bond market will help promote the transformation of the RMB from a currency of trade settlement to a currency of international investment and financing, and continuously enhance the voice of the RMB in global capital markets. It is also the result of China's promotion of a high level of financial openness to the outside world.

Since this year, the popularity of panda bond issuance has increased markedly. According to Wind data, as of July 9, using payment cut-off dates as statistics, the issuance scale of panda bonds during the year had exceeded 170 billion yuan, an increase of more than 70% over the previous year; the market stock reached 500 billion yuan for the first time. At the same time, the main structure of panda bond issuers continues to be optimized, and overseas sovereign agencies, leading multinational enterprises, and multilateral development agencies have entered the market one after another, injecting new momentum into market development. Industry insiders interviewed said that the popularity of the panda bond market is mainly benefiting from factors such as the inversion of the spread between China and the US, the prominent advantage of RMB financing costs, and the stabilization of the RMB exchange rate. The steady expansion of the panda bond market will help promote the transformation of the RMB from a currency of trade settlement to a currency of international investment and financing, and continuously enhance the voice of the RMB in global capital markets. It is also the result of China's promotion of a high level of financial openness to the outside world.