Chinese Government Bond Yields (CNY)
Fitted spot curve as of 2026-07-27
https://bondscovery.com/yield-curve/cny-government
Chinese Government Bond Yields (CNY) as of 2026-07-27: 10Y at 1.99%, fitted curve 1M–20Y (1.55%–2.31%), 47 bonds. Live chart, constituents and forward rates on bondScovery.
| Maturity | Fitted yield | Forward rate |
|---|---|---|
| 1M | 1.55% | — |
| 3M | 1.55% | 1.55% |
| 9M | 1.56% | 1.57% |
| 12M | 1.57% | 1.59% |
| 18M | 1.58% | 1.61% |
| 2Y | 1.60% | 1.64% |
| 3Y | 1.63% | 1.69% |
| 4Y | 1.67% | 1.78% |
| 5Y | 1.71% | 1.89% |
| 7Y | 1.81% | 2.07% |
| 8Y | 1.87% | 2.27% |
| 9Y | 1.93% | 2.40% |
| 10Y | 1.99% | 2.51% |
| 15Y | 2.21% | 2.67% |
| 20Y | 2.31% | 2.60% |
2Y, 10Y and the 10Y−2Y spread over time
The 2-year yield is 1.60% and the 10-year 1.99%, a 10Y−2Y spread of +39 bp — positively sloped — as of 2026-07-27. 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 | Latest2026-07-27 | 1m ago2026-06-26 | 2m ago2026-05-28 | 3m ago2026-04-28 | 4m ago2026-03-30 | 5m ago2026-02-27 | 6m ago2026-01-28 |
|---|---|---|---|---|---|---|---|
| 2Y | 1.60% | 1.95% | 1.87% | 1.94% | 1.88% | 1.89% | 1.79% |
| 10Y | 1.99% | 2.09% | 2.01% | 2.09% | 2.03% | 2.09% | 2.15% |
| 10Y − 2Y | +39 bp | +14 bp | +13 bp | +15 bp | +15 bp | +20 bp | +36 bp |
Yields by rating group
The same curve split by credit quality: 47 rated bonds across 2 rating bands, all maturities pooled. Median yield by band: AAA to AA- 1.51%, A+ to BBB- 1.71%.
Bonds in this curve
A selection of 30 of the 47 bonds behind this curve, spread across maturities.
| Issuer | Yield | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| China | 1.65% | 2026-09-20 | 2.53% | HK0000946795 |
| China | 1.57% | 2026-09-20 | 2.08% | HK0001054813 |
| Hong Kong | 1.45% | 2026-11-30 | 3.00% | HK0000789872 |
| Hong Kong | 1.29% | 2026-12-08 | 1.60% | HK0001231783 |
| China | 1.18% | 2026-12-12 | 3.85% | HK0000317724 |
| Hong Kong | 1.41% | 2027-05-17 | 1.71% | HK0001145942 |
| China | 1.23% | 2027-06-29 | 3.48% | HK0000116415 |
| Hong Kong | 1.35% | 2027-08-18 | 1.54% | HK0001179099 |
| China | 1.69% | 2027-09-20 | 2.13% | HK0001054821 |
| China | 1.67% | 2027-11-02 | 2.85% | HK0000877487 |
| Hong Kong | 1.41% | 2027-11-17 | 1.71% | HK0001221313 |
| China | 1.26% | 2027-12-04 | 4.15% | HK0000378700 |
| Hong Kong | 1.55% | 2028-06-07 | 2.95% | HK0000929700 |
| China | 1.30% | 2028-06-27 | 3.60% | HK0000153905 |
| China | 1.33% | 2029-05-22 | 4.29% | HK0000200714 |
| China | 1.57% | 2029-09-20 | 2.23% | HK0001054839 |
| China | 1.42% | 2030-04-10 | 1.93% | HK0001127551 |
| Hong Kong | 1.55% | 2030-05-15 | 1.97% | HK0001145959 |
| Hong Kong | 1.57% | 2031-05-19 | 1.68% | HK0001302675 |
| China | 1.54% | 2031-12-12 | 4.15% | HK0000317732 |
| Hong Kong | 1.73% | 2033-06-07 | 3.30% | HK0000929999 |
| Hong Kong | 1.73% | 2033-06-29 | 1.78% | HK0001314407 |
| China | 1.68% | 2034-05-22 | 4.50% | HK0000200722 |
| China | 2.34% | 2034-10-24 | 2.45% | HK0001055398 |
| Hong Kong | 1.88% | 2035-05-15 | 2.29% | HK0001145967 |
| China | 2.19% | 2035-09-19 | 2.10% | HK0001179669 |
| China | 1.79% | 2036-07-04 | 3.90% | HK0000299005 |
| China | 2.28% | 2043-06-27 | 3.95% | HK0000153913 |
| China | 2.30% | 2045-05-21 | 4.10% | HK0000251295 |
| China | 2.33% | 2046-12-12 | 4.40% | HK0000317740 |