China
China government bond (CGB) yields from ChinaBond (CCDC), the official curve compiled by China Central Depository & Clearing, and every outstanding CGB listed by bond code and ISIN with its CFETS interbank traded yield. The page re-checks every minute.
Bond ↔ equity rotation
China stocks and bonds tend to move inversely: when equities slump, money hides in CGBs, and when policy revives stocks, funds sell duration to buy equities. This panel follows that switch with weekly flow proxies (margin financing debt for leveraged equity money, and the 30Y CGB ETF's share of ETF turnover for bond demand). It combines them with equity and yield momentum into a Bond Rotation Signal, back-tested walk-forward over the full history.
CSI 300 vs 10Y CGB yield, with signal regimes
Shading shows the signal's regime each week. With the yield axis inverted, the two lines rise together when bonds and stocks rally together, and they diverge during a rotation. Arrows mark policy and flow events.
Flows: margin debt vs bond ETF demand
Bars: weekly change in the Shanghai + Shenzhen margin financing balance (RMB bn, left axis). Line: 30Y CGB ETF (511090) turnover as a share of 511090 + CSI 300 ETF (510300) turnover (right axis). Rising bars with a falling line means money is moving into equities. Falling bars with a rising line means it is moving back into bonds.
Bond Rotation Signal
Signal = average of four z-scores, each measured against its own trailing 52 weeks: −CSI 300 4-week return, −margin balance 4-week % change, +bond ETF turnover share vs its 26-week average, and −10Y 4-week change. Above +0.5 reads as "bond rally" and below −0.5 as "bond sell-off". The optional pink line is the 26-week correlation of weekly CSI 300 returns with weekly 10Y yield changes. It runs positive when the rotation is driving prices (stocks up, yields up).
Back-test
| From | Call | Weeks | 10Y at start | 10Y 4w after end | Move | Result |
|---|
* still running, measured to the latest week.
How the switch has played out
CCDC CGB yield curve
| Tenor | Yield % | 1D bp | 1W bp | 1M bp | 1Y bp |
|---|
CCDC policy bank yield curve
| Tenor | Yield % | 1D bp | 1W bp | 1M bp | 1Y bp |
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Tenor history
CGB Bond Futures
China government bond futures on the China Financial Futures Exchange (CFFEX): TS (2-year), TF (5-year), T (10-year) and TL (30-year), each priced as a notional bond with a 3% coupon. Prices are a delayed snapshot; the yield equivalent of each price is in the second chart. Click a tile to chart that contract.
Price
All listed contracts
| Contract | Last | Chg | Chg % | Open | High | Low | Prev settle | Settle | Volume | Open int. | Implied yield % | Yld chg bp | CTD bond | CF |
|---|
Yield equivalent: 2Y, 5Y, 10Y, 30Y
Bond lending fees (债券借贷)
Interbank bond lending fee rates from CFETS: the annualised fee a borrower pays to borrow bonds (mostly CGBs and policy bank bonds, used to cover shorts and for collateral), by lending tenor. A rising fee means the bonds are scarcer to borrow.
Weighted lending fee over time
Latest day by tenor
| Tenor | W.avg % | Open | Close | High | Low | 1D bp | vs last mo bp | Vol RMB bn |
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Monthly volume by bond type
By bond code / ISIN: CFETS and ChinaBond (CCDC) publish lending fees only by tenor (L001 overnight … L1Y), plus monthly volumes by bond type. Neither releases the fee for an individual bond code or ISIN — those are bilateral quotes visible only to members on the CFETS terminal — so the bond table below stays on yields.
Bonds by code and ISIN
Every outstanding China government bond and policy bank bond (China Development Bank, Agricultural Development Bank, Export-Import Bank), plus bank negotiable certificates of deposit (NCDs) traded on CFETS, one row per bond code with its ISIN. Curve yield is the issuer's CCDC curve read at the bond's remaining term; traded yield is the latest CFETS interbank deal today, and "vs curve" is the difference in basis points.