The Panda Bond is issued in the Chinese Bond market by registered foreign institutions outside of the People’s Republic of China and nominated by Renminbi. This bond is different from other issued bonds in China. The Panda Bond is issued in the domestic market of Chinese interbank, as well as in the domestic market of Chinese bonds traded on the stock market. In addition, it may include those issued by foreign subsidiaries of Chinese entities, such as Hong Kong subsidiaries of Chinese companies.
In 2010, People´s Bank of China, Ministry of Finance, National Development and Reform Commission and China Securities Regulatory Commission published jointly amendments to the regulations about Panda Bond. The new regulations expanded the range of the qualified issuers and providing access to new investors and financial channels. In 2018, new provisional measures for the administration of the bond issue were presented to regulate more efficiently the issuance of the bonds, as well as protect the rights and legitimate interests of the investors in the bond market.