Significant increase in foreign participation: both Panda Bonds and Dim Sum Bonds have seen a surge in volume

Benefiting from the Bull Market of RMB bonds and the ample Liquidity driving the continuous decline in financing costs, this year, foreign capital has witnessed a major outbreak in both onshore issuance of RMB bonds (referred to as 'Panda Bonds') and offshore issuance of RMB bonds (referred to as 'Dim Sum Bonds'), and this trend is expected to continue into next year. Bond market participants indicate that the issuance volume of Panda Bonds and Dim Sum Bonds has risen significantly this year, with a noticeable increase in the number of purely foreign-funded issuers and further extension of bond maturities. These positive changes indicate an increased attractiveness of RMB bond financing and a warming up of the RMB bond market activity. Looking ahead to next year, the Central Bank will implement moderately loose monetary policy and adjust reserve requirements and interest rates in a timely manner to maintain ample Liquidity. Next year is a 'big year' for the maturity of offshore debts of Chinese enterprises, and the Panda Bonds and Dim Sum Bonds markets are expected to maintain a high level of issuance enthusiasm.