China Sees Bond Issuances Surge to 7.2 Trillion Yuan in May

China’s Bond Market Sees Strong Momentum in May 2025 with Issuances Topping 7.2 Trillion Yuan

China’s bond market recorded a surge in activity during May 2025, with total bond issuances reaching around 7.2 trillion yuan (approximately US$1 trillion), according to data from the People’s Bank of China (PBOC).

This robust performance highlights sustained investor confidence and reflects a stable economic environment across key sectors.

Detailed Breakdown of Bond Issuances

The PBOC report shows that treasury bond issuances totaled 1.49 trillion yuan, while local government bonds amounted to 779.44 billion yuan. These figures underscore continued fiscal initiatives, particularly in infrastructure and public sector development.

In the financial sector, financial bonds reached 1.22 trillion yuan, indicating ongoing efforts by banks and institutions to maintain ample market liquidity. Corporate credit bonds followed closely with issuances totaling 902.27 billion yuan, suggesting that businesses remain active in raising funds through debt instruments.

Expanding Market Size

As of the end of May 2025, the total value of bonds held in custody across China’s bond market had grown to 187.2 trillion yuan. This milestone reinforces China’s status as one of the leading fixed-income markets globally.

The continued expansion is supported by consistent macroeconomic policies and a growing preference for yuan-denominated bonds, which are gaining popularity among both domestic and international investors.