Chinese Government Bond Yields (CNY)
Fitted spot curve as of 2026-09-10
https://bondscovery.com/yield-curve/cny-government
Chinese Government Bond Yields (CNY) as of 2026-09-10: 10Y at 1.88%, fitted curve 1M–20Y (1.39%–2.23%), 47 bonds. Live chart, constituents and forward rates on bondScovery.
| Maturity | Fitted yield | Forward rate |
|---|---|---|
| 1M | 1.39% | — |
| 3M | 1.39% | 1.39% |
| 9M | 1.40% | 1.42% |
| 12M | 1.41% | 1.43% |
| 18M | 1.42% | 1.46% |
| 2Y | 1.44% | 1.49% |
| 3Y | 1.48% | 1.56% |
| 4Y | 1.52% | 1.66% |
| 5Y | 1.57% | 1.79% |
| 7Y | 1.69% | 2.01% |
| 8Y | 1.75% | 2.25% |
| 9Y | 1.82% | 2.40% |
| 10Y | 1.88% | 2.54% |
| 15Y | 2.12% | 2.72% |
| 20Y | 2.23% | 2.63% |
2Y, 10Y and the 10Y−2Y spread over time
The 2-year yield is 1.44% and the 10-year 1.88%, a 10Y−2Y spread of +44 bp — positively sloped — as of 2026-09-10. 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 | Latest2026-09-10 | 1m ago2026-08-11 | 2m ago2026-07-13 | 3m ago2026-06-12 | 4m ago2026-05-13 | 5m ago2026-04-13 | 6m ago2026-03-13 |
|---|---|---|---|---|---|---|---|
| 2Y | 1.44% | 1.55% | 1.59% | 1.94% | 1.95% | 1.96% | 1.90% |
| 10Y | 1.88% | 1.98% | 2.02% | 2.08% | 2.00% | 2.05% | 2.11% |
| 10Y − 2Y | +44 bp | +42 bp | +43 bp | +14 bp | +6 bp | +10 bp | +21 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- 1.42%, A+ to BBB- 1.49%.
Bonds in this curve
A selection of 30 of the 47 bonds behind this curve, spread across maturities.
| Issuer | Yield | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| China | 1.72% | 2026-09-20 | 2.53% | HK0000946795 |
| China | 1.48% | 2026-09-20 | 2.08% | HK0001054813 |
| Hong Kong | 1.14% | 2026-11-18 | 2.04% | HK0001082509 |
| Hong Kong | 1.07% | 2026-11-30 | 3.00% | HK0000789872 |
| Hong Kong | 1.21% | 2026-12-08 | 1.60% | HK0001231783 |
| Hong Kong | 1.31% | 2027-05-17 | 1.71% | HK0001145942 |
| China | 1.23% | 2027-06-29 | 3.48% | HK0000116415 |
| Hong Kong | 1.39% | 2027-08-18 | 1.54% | HK0001179099 |
| China | 1.38% | 2027-09-20 | 2.13% | HK0001054821 |
| China | 1.43% | 2027-10-24 | 2.07% | HK0001055406 |
| Hong Kong | 1.31% | 2028-01-11 | 3.30% | HK0000895927 |
| China | 1.33% | 2028-04-10 | 1.88% | HK0001127569 |
| China | 1.31% | 2028-06-27 | 3.60% | HK0000153905 |
| Hong Kong | 1.42% | 2028-07-28 | 1.59% | HK0001167755 |
| China | 1.33% | 2029-05-22 | 4.29% | HK0000200714 |
| China | 1.50% | 2029-09-20 | 2.23% | HK0001054839 |
| China | 1.44% | 2030-04-10 | 1.93% | HK0001127551 |
| Hong Kong | 1.52% | 2030-05-15 | 1.97% | HK0001145959 |
| Hong Kong | 1.57% | 2031-05-19 | 1.68% | HK0001302675 |
| China | 1.53% | 2031-12-12 | 4.15% | HK0000317732 |
| Hong Kong | 1.68% | 2033-06-07 | 3.30% | HK0000929999 |
| Hong Kong | 1.70% | 2033-06-29 | 1.78% | HK0001314407 |
| China | 1.67% | 2034-05-22 | 4.50% | HK0000200722 |
| China | 1.88% | 2034-10-24 | 2.45% | HK0001055398 |
| Hong Kong | 1.85% | 2035-05-15 | 2.29% | HK0001145967 |
| China | 1.92% | 2035-09-19 | 2.10% | HK0001179669 |
| China | 1.76% | 2036-07-04 | 3.90% | HK0000299005 |
| China | 2.16% | 2043-06-27 | 3.95% | HK0000153913 |
| China | 2.23% | 2045-05-21 | 4.10% | HK0000251295 |
| China | 2.25% | 2046-12-12 | 4.40% | HK0000317740 |