Chinese Government Bond Yields (CNY)
Fitted spot curve as of 2026-10-26
https://bondscovery.com/yield-curve/cny-government
Chinese Government Bond Yields (CNY) as of 2026-10-26: 10Y at 1.87%, fitted curve 1M–20Y (1.31%–2.12%), 46 bonds. Live chart, constituents and forward rates on bondScovery.
| Maturity | Fitted yield | Forward rate |
|---|---|---|
| 1M | 1.31% | — |
| 6M | 1.32% | 1.33% |
| 9M | 1.33% | 1.37% |
| 12M | 1.34% | 1.37% |
| 18M | 1.37% | 1.41% |
| 2Y | 1.39% | 1.47% |
| 3Y | 1.44% | 1.55% |
| 4Y | 1.50% | 1.68% |
| 5Y | 1.56% | 1.83% |
| 7Y | 1.69% | 2.05% |
| 8Y | 1.76% | 2.26% |
| 9Y | 1.82% | 2.37% |
| 10Y | 1.87% | 2.45% |
| 15Y | 2.06% | 2.51% |
| 20Y | 2.12% | 2.39% |
2Y, 10Y and the 10Y−2Y spread over time
The 2-year yield is 1.39% and the 10-year 1.87%, a 10Y−2Y spread of +48 bp — positively sloped — as of 2026-10-26. The chart and table below track how they have moved.
Fitted 2Y and 10Y yields and their spread, sampled one build date per month. See all inverted curves today →
| Tenor | Latest2026-10-26 | 1m ago2026-09-25 | 2m ago2026-08-27 | 3m ago2026-07-28 | 4m ago2026-06-29 | 5m ago2026-05-29 | 6m ago2026-04-29 |
|---|---|---|---|---|---|---|---|
| 2Y | 1.39% | 1.38% | 1.41% | 1.59% | 1.91% | 1.97% | 1.93% |
| 10Y | 1.87% | 1.84% | 1.89% | 1.99% | 2.07% | 2.00% | 2.08% |
| 10Y − 2Y | +48 bp | +46 bp | +48 bp | +39 bp | +16 bp | +3 bp | +14 bp |
Yields by rating group
The same curve split by credit quality: 46 rated bonds across 2 rating bands, all maturities pooled. Median yield by band: AAA to AA- 1.42%, A+ to BBB- 1.45%.
Bonds in this curve
A selection of 30 of the 46 bonds behind this curve, spread across maturities.
| Issuer | Yield | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| Hong Kong | 0.90% | 2026-11-18 | 2.04% | HK0001082509 |
| Hong Kong | 0.98% | 2026-11-30 | 3.00% | HK0000789872 |
| Hong Kong | 1.05% | 2026-12-08 | 1.60% | HK0001231783 |
| Hong Kong | 1.33% | 2027-05-17 | 1.71% | HK0001145942 |
| China | 1.28% | 2027-06-29 | 3.48% | HK0000116415 |
| Hong Kong | 1.39% | 2027-08-18 | 1.54% | HK0001179099 |
| China | 1.35% | 2027-09-20 | 2.13% | HK0001054821 |
| China | 1.38% | 2027-10-24 | 2.07% | HK0001055406 |
| Hong Kong | 1.37% | 2027-10-28 | 2.13% | HK0001075198 |
| China | 1.32% | 2028-04-10 | 1.88% | HK0001127569 |
| Hong Kong | 1.43% | 2028-06-07 | 2.95% | HK0000929700 |
| China | 1.34% | 2028-06-27 | 3.60% | HK0000153905 |
| Hong Kong | 1.42% | 2028-07-28 | 1.59% | HK0001167755 |
| China | 1.40% | 2028-09-20 | 2.70% | HK0000946803 |
| China | 1.40% | 2029-05-22 | 4.29% | HK0000200714 |
| China | 1.39% | 2029-06-04 | 1.42% | HK0001302964 |
| Hong Kong | 1.51% | 2030-05-15 | 1.97% | HK0001145959 |
| China | 1.50% | 2030-09-19 | 1.83% | HK0001179651 |
| Hong Kong | 1.60% | 2031-05-19 | 1.68% | HK0001302675 |
| China | 1.56% | 2031-12-12 | 4.15% | HK0000317732 |
| Hong Kong | 1.70% | 2033-06-07 | 3.30% | HK0000929999 |
| Hong Kong | 1.68% | 2033-06-29 | 1.78% | HK0001314407 |
| China | 1.71% | 2034-05-22 | 4.50% | HK0000200722 |
| China | 1.78% | 2034-10-24 | 2.45% | HK0001055398 |
| China | 1.82% | 2035-09-19 | 2.10% | HK0001179669 |
| China | 1.82% | 2035-10-24 | 2.09% | HK0001206256 |
| China | 1.82% | 2036-07-04 | 3.90% | HK0000299005 |
| China | 2.09% | 2043-06-27 | 3.95% | HK0000153913 |
| China | 2.14% | 2045-05-21 | 4.10% | HK0000251295 |
| China | 2.13% | 2046-12-12 | 4.40% | HK0000317740 |