Global bond markets are seeing a sell-off, with panda bond issuance reaching a new record high.

According to CCTV Finance, long-term Treasury yields in major global economies have continued to rise recently, intensifying selling pressure in bond markets. In contrast, China’s bond market and exchange rate have remained relatively stable, with the issuance scale of Panda Bonds hitting a new high for the same period in history. Data shows that as of August 21, the cumulative issuance of Panda Bonds in 2026 reached 209.975 billion yuan, with a year-on-year increase of over 73%. Against the backdrop of sharp fluctuations in global bond markets, international institutions ramping up onshore RMB financing has drawn attention. Industry insiders noted: “We are in a completely different economic and monetary cycle from overseas. Foreign capital accounts for only around 5%-8% of China’s bond market, with domestic capital holding absolute pricing power. Coupled with our monetary policy that adheres to a ‘focus on our own’ approach, overseas shocks cannot reverse the overall trend of China’s domestic bond market.” Looking ahead, industry insiders believe that overseas bond yields will likely remain highly volatile, highlighting the allocation value of RMB bonds, and foreign capital may continue to increase allocations in the medium to long term. However, it should also be noted that rising U.S. Treasury yields have raised the return threshold for global allocation funds, which may create certain disturbances to overseas institutions’ willingness to increase holdings of RMB bonds. In addition, the rapid rise in bond yields of overseas developed economies may also constrain the valuations of domestic risk assets.