Researches & Commentaries

2015 Outlook - China's Economy and Bond Markets


  • Economic performance of the developed economies shows discrepancies, while that of the emerging markets is under pressure of geopolitical risk and slow recovery of the global economy. Looking forward, we expect the global economy will grow at about 3.2% in 2015.
  • China’s GDP growth will continue to ease as the country is undergoing economic rebalancing. Chinese policymakers focus more on the economic reform and the stability of financial systems.
  • The onshore RMB bond market is heading towards further market liberalization. Chinese regulators have implemented guidelines aimed at diversifying the market and disciplining issuers.
  • The offshore RMB bond market is expanding beyond Hong Kong to other financial centres such as Singapore, Taipei, London, Frankfurt, and Sydney. The internationalization of the RMB has progressed significantly.

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