According to the data, as of August 13, the issuance scale of panda bonds during the year reached 202,475 billion yuan, up 73.57% year on year. This figure also surpassed 183.56 billion yuan for the whole year of 2025 and 194.8 billion yuan for 2024, a record high. “The hot trend in the panda bond market since this year is the result of multiple favorable factors working together.” Yuan Shuai, Deputy Secretary General of the Zhongguancun Internet of Things Industry Alliance, said that in recent years, the supervisory authorities have continuously simplified the issuance process of panda bonds, lowered the issuance threshold and institutional costs for overseas entities, and enabled more overseas institutions to enter the Chinese bond market with the will and conditions. At the same time, compared to the high interest rate environment in some developed economies, RMB financing costs have remained within a relatively reasonable range for a long time, which can reduce financing costs for overseas issuers and enhance the stability of debt structures.

According to the data, as of August 13, the issuance scale of panda bonds during the year reached 202,475 billion yuan, up 73.57% year on year. This figure also surpassed 183.56 billion yuan for the whole year of 2025 and 194.8 billion yuan for 2024, a record high. “The hot trend in the panda bond market since this year is the result of multiple favorable factors working together.” Yuan Shuai, Deputy Secretary General of the Zhongguancun Internet of Things Industry Alliance, said that in recent years, the supervisory authorities have continuously simplified the issuance process of panda bonds, lowered the issuance threshold and institutional costs for overseas entities, and enabled more overseas institutions to enter the Chinese bond market with the will and conditions. At the same time, compared to the high interest rate environment in some developed economies, RMB financing costs have remained within a relatively reasonable range for a long time, which can reduce financing costs for overseas issuers and enhance the stability of debt structures.