China's national debt refers to the national debt issued by the Ministry of Finance on behalf of the central government, which is guaranteed by the national financial reputation. Its credibility is very high, and it has always been called "Phnom Penh Bond". Steady investors like to invest in national debt. There are three types of national debt: voucher national debt, bearer from bond national debt and book-entry national debt.
The purpose of issuing national debt
One-year national debt is a short-term means to adjust the surplus and deficiency of financial and personal funds. Since the beginning of 20021,the yield of one-year government bonds in China has generally shown a downward trend. In April 2023, the yield of one-year national debt was 2. 1%. It decreased by 12.5% year-on-year, and the growth rate was lower than the average level of 2.94%, which was under pressure.
2015-20231-12 yield trend of one-year government bonds in China (unit:%)
(Note: the data of April 2023 is the data of April 28th, and the data was last updated from April 28th to 20: 343360 16).
The interest rate of each national debt is different. Generally speaking, the interest rate of three-year treasury bonds is around 3.9%. For ordinary residents, the yield obtained after the interest rate of national debt falls will also be lowered. In April 2023, the yield of China's three-year treasury bonds rose from 2.2% in June 65438+ 10 to 2.4%, down 14.28% year-on-year, and the growth rate was lower than the average.
2015-20231-12 yield trend of three-year government bonds in China (unit:%)
(Note: the data of April 2023 is the data of April 28th, and the data was last updated from April 28th to 20: 343360 16).
In order to raise financial funds and support the development of national economy and social undertakings, the Ministry of Finance decided to issue 202 1 year book-entry interest-bearing bonds (13) for the fourth time (7 years). In April 2023, the yield of China's seven-year government bonds was 2.86%; It decreased by 6.45% year-on-year.
2015-20231-12 yield trend of seven-year government bonds in China (unit:%)
(Note: the data of April 2023 is the data of April 28th, and the data was last updated from April 28th to 20: 343360 16).
Generally speaking, interest rates in developing countries are generally higher than those in developed countries. This interest rate, whether it is the interest rate of banks or the interest rate of national debt, is basically higher than that of developed countries.
In China, the yield of 10-year bonds is the basis of RMB asset pricing, because 10-year bonds are long-term bonds guaranteed by national credit, and their yield is also regarded as risk-free by the market. Other bonds will use this as an anchor. Superimpose their respective "credit risks" to form their own rate of return. In April 2023, the yield of China's ten-year government bonds was 2.85%; Decrease 10.94% year-on-year.
From May 2065438 to February 2023, the yield trend of China 10-year government bonds (unit:%)
(Note: the data of April 2023 is the data of April 28th, and the data was last updated from April 28th to 20: 343360 16).
From 202 1 to 1, the yield of China's 20-year government bonds dropped from 3.7% of 1 to 3.2% of 1. From June 5438 to1October 2023, the yield of 20-year treasury bonds in China was 3. 1%, and it remained at 3.2% from February to April. In April 2023, the yield of 20-year bonds was 3.2%. Year-on-year decrease11.11%.
2015-20231-12 yield trend of 20-year government bonds in China (unit:%)
(Note: the data of April 2023 is the data of April 28th, and the data was last updated from April 28th to 20: 343360 16).
On October 28th, 2065438+061kloc-0/0, the People's Bank of China and official website, the Ministry of Finance, released the yield of 30-year government bonds for the first time, which is another important milestone in the construction of the yield curve of government bonds. This indicates that the term structure of China's national debt yield curve has begun to expand from 10 year to more than 10 year, and the term structure of the national debt yield curve is more complete.
Related questions and answers: the latest national debt interest rate table in 2023. When will the national debt be issued in 2022? What is the interest rate of national debt? Has the issuance time of national debt come out this year? In the past three years, savings bonds have not been issued in January, February and December. (2) It was released in the whole month of April 2019. (3) Only four issues were issued in 2020.
2022 savings bonds (Voucher) Issue Time savings bonds Interest Rate 2022 The latest interest rate table (1) has not been issued in savings bonds in 1 month, February and1February in recent three years. (2) It was released in the whole month of April 2019.
Member of savings bonds underwriting syndicate from 2002/Kloc-0 to 2023, member of book-entry government bond underwriting syndicate from 2002/Kloc-0 to 2023, China Government Bond Depository and Clearing Co., Ltd., China Securities Depository and Clearing Co., Ltd., China Foreign Exchange Trading Center, Shanghai Stock Exchange and Shenzhen Stock Exchange. How to buy bank bonds? What can I buy?
The national debt issuance plan for the first quarter of 2023 is now announced (see annex). If there are any changes in the implementation, the national debt issued at that time shall prevail.
When will savings bonds's (voucher-type) national debt be issued in 2023?
Savings bonds (voucher type)
10 On March 3, the principal and interest will be repaid once every three years.
Pay the principal and interest once every five years.
(1) In recent three years, savings bonds has not issued it in 1 month, February and1February. (2) It was released in the whole month of April 2019. (3) Only four issues were issued in 2020. (4) Note that in the same release month, the annual release varieties are not necessarily the same, such as May and June.
Therefore, there is no fixed rule to follow whether it is the issue period or the product variety in savings bonds. Even if August, September,1October, 1 1 month have the same release period and product variety, I dare not say that 2023 will be the same, only that the probability is relatively high. Therefore, we also need to pay attention to relevant information in time.
When will savings bonds's (voucher-type) national debt be issued in 2023?
Savings bonds (voucher type)
10 On March 3, the principal and interest will be repaid once every three years.
Pay the principal and interest once every five years.
(1) In recent three years, savings bonds has not issued it in 1 month, February and1February. (2) It was released in the whole month of April 2019. (3) Only four issues were issued in 2020. (4) Note that in the same release month, the annual release varieties are not necessarily the same, such as May and June.