In the first half (H1) of 2026, over 160 billion yuan (US$23.63 billion) in panda bonds were issued, up 69% year on year, according to the People’s Bank of China. The bond is a renminbi-denominated debt instrument issued by overseas governments or institutions in China’s onshore capital market. As of the end of June 2026, over 1.3 trillion yuan in panda bonds were issued by more than 110 issuers from 24 countries and regions.