GSS+ Panda and Dim Sum Bond State of the Market

China’s RMB bond markets are creating new channels for international issuers seeking to finance climate and sustainability projects. This report explores how Panda bonds, Dim Sum bonds and Free Trade Zone (FTZ) bonds can support international access to RMB capital, examining their different investor bases, regulatory frameworks, market developments and practical considerations. Through market data and issuer case studies, the report highlights how RMB financing can support decarbonisation, adaptation and resilience projects, while putting forward recommendations towards a more scalable and repeatable market.

The Chinese report will follow soon.  

人民币债券市场逐渐成为国际发行人气候与可持续发展融资的新渠道。本报告探讨了熊猫债、点心债和自贸区债如何帮助国际发行人对接人民币流动性，并分析三类市场在投资者基础、监管框架、市场发展和实际操作方面的差异。通过市场数据和案例研究，报告展示了人民币融资在支持低碳转型、适应和韧性项目方面的潜力，同时提出推动市场规模化发展的多项建议。

中文报告将于近期内更新。