【权威观点】2026年中国熊猫债券发行量增长超90%，全球投资者争相寻求避险
原文标题为：Issuance of panda bonds in China up over 90% in 2026 as global investors rush for safe havens
2026年以来，中国境内熊猫债券发行量同比增长超90%。截至4月22日，境外机构累计发行52只熊猫债券，总规模达1022.4亿元人民币，存量余额同比增长37.64%。
北京师范大学教授、海南大学“一带一路”研究院兼职教授万喆接受《环球时报》采访时表示，人民币相对美元较低的融资成本、发行优惠政策（如债券发行绿色通道和税收优惠）以及创新与绿色发展新型熊猫债券，正在推动熊猫债发行规模的扩大。同时，在全球经济不确定性上升的背景下，人民币债券凭借稳定收益率和高信用质量，正成为全球资产配置的避险资产。
Panda bonds Photo: screenshot of the Securities Daily
The issuance of panda bonds has increased notably so far this year, rising 91.81 percent year-on-year, as global investors seek safe havens amid rising geopolitical uncertainties. Chinese experts said that the surge reflected the joint effect of multiple factors such as advantageous financing costs and the stable performance of yuan-denominated assets, while stressing that this also demonstrates confidence in the development of China's economy and financial markets.
According to data from Shanghai-based financial information provider Wind Information, overseas institutions had issued 52 panda bonds as of Tuesday, with a total scale of 102.24 billion yuan ($14.99 billion), up 91.81 percent year-on-year.
The outstanding balance of panda bonds rose 37.64 percent year-on-year to reach 499.73 billion yuan, the Securities Daily reported on Wednesday.
Panda bonds are yuan-denominated debt securities issued by overseas entities in China, a vital financing channel for international institutions.
The issuance of panda bonds has intensified recently. Kazakhstan's sovereign wealth fund Samruk-Kazyna will issue panda bonds totaling 3 billion yuan with a three-year tenor on China's market, the Central Asian country's first-ever panda bond issue, local media outlet the Astana Times reported on Tuesday.
In addition, the New Development Bank (NDB) announced on April 8 that it had issued 7 billion yuan worth of panda bonds in China's interbank bond market.
"The transaction deepens the bank's presence in the China interbank panda bond market with a cumulative issuance to date of 87.5 billion yuan, and it further strengthens the NDB's role as an innovative and regular issuer in the China interbank panda bond market," said Monale Ratsoma, vice-president and CFO of the NDB.
"The lower financing costs of the yuan versus the US dollar, favorable policies in the issuance of panda bonds, for example, green channels for bond issuance and tax benefits, along with new types of panda bonds tied to innovation and green development, are driving the expansion of panda bond issuance this year," Wan Zhe, a professor at Beijing Normal University, told the Global Times on Wednesday.
Amid rising global economic uncertainties, the yuan-denominated bonds, with their stable yields and high credit quality, are becoming a safe haven asset for global asset allocation, Wan said.
"The surge in the panda bond market underscores the confidence of foreign financial institutions in the prospects of China's economy, as the large economy is resilient and not subject to geopolitical disturbances," Hu Qimu, a deputy secretary-general of the Forum 50 for Digital-Real Economies Integration, told the Global Times on Wednesday.
"(Chinese government debt) is a safe haven in the current environment - a unique combination of global energy supply shocks and China's domestic resilience," said Louis Luo, deputy head of macro investments at Aberdeen Investments, Reuters reported on Tuesday.
China is set to release first-quarter economic data on Thursday, and preliminary figures have pointed to a good start in the inaugural year of the 15th Five-Year Plan (2026-30) period. Official data showed that China's foreign trade grew 15 percent year-on-year between January and March despite rising geopolitical uncertainties, while the purchasing managers' index for China's manufacturing sector rebounded into expansionary territory to reach 50.4 in March.
"As the international monetary system advances toward diversification, China, as the world's second-largest economy, has seen the international status of the yuan continuously rise. The country is consistently promoting the construction of the infrastructure for the yuan's internationalization to meet global demand for yuan cross-border investment and financing," Hu said.
In March, Pan Gongsheng, governor of the People's Bank of China, the central bank, said that as of the end of 2025, overseas institutions and individuals held domestic yuan-denominated financial assets exceeding 10 trillion yuan.
Calculated on a comparable basis, the yuan became the largest settlement currency in China's external payments and receipts, the second-largest trade financing currency globally, and the third-largest payment currency, and it ranked third in the IMF's Special Drawing Rights basket.
文章来源：Global Times
图片来源：Global Times
海南大学“一带一路”研究院
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海南大学 “一带一路”研究院在光明日报社和南京大学联合发布的“一带一路”领域全国最新专项排名中，综合实力名列全国第三。
其中，研究院的智库成果（P值）全国第三名，智库活动（A值）全国第一名，媒体影响力（I 值）全国第二名。
海南大学 “一带一路”研究院于2019年底入选中国智库索引（CTTI）来源智库，并于2022年、2025年连续入选“中国智库索引（CTTI）高校智库百强榜”，获评为A等级智库，并成为海南大学及海南省首个也是目前唯一一个荣登CTTI高校智库百强榜的高校智库。
海南大学“一带一路”研究院还作为中国华南地区唯一高校代表，入选“一带一路”国际智库合作委员会成员单位，成员单位包括欧盟-亚洲中心、法国可持续发展与国际关系研究所、英国海外发展研究所，以及中国财政部中国财政科学研究院、国家开发银行研究院、北京大学国际战略研究院、中科院科技战略咨询院等56家中外机构。
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原标题：《【权威观点】2026年中国熊猫债券发行量增长超90%，全球投资者争相寻求避险》