The issuance of panda bonds in China's interbank market has reached 111.2 billion yuan since the start of 2025, according to the National Association of Financial Market Institutional Investors on Monday.
The bonds issued by foreign governments, multilateral institutions and multinational corporations accounts for 50 percent of the total volume, up 27 percentage points from 2024, the association said.
Panda bonds - yuan-denominated debt securities issued by overseas entities in China - serve as a vital financing channel for international institutions.
Morgan Stanley successfully issued 2 billion yuan (about 279.85 million U.S. dollars) in panda bonds in China's interbank bond market on July 24, marking the first such issuance by a U.S.-headquartered company.
The five-year bonds carry a coupon rate of 1.98 percent and attracted robust demand from domestic investors.
Earlier, Hungary successfully issued 5 billion yuan in Panda bonds in China's interbank market, including 4 billion yuan in three-year bonds with a 2.5-percent coupon rate and 1 billion yuan in five-year bonds with a 2.9-percent coupon rate.
Hungary has now become the largest foreign government issuer of Panda bonds by both issuance and outstanding volume.
The People's Bank of China said that it will continue pushing for the high-quality development of the bond market and bolster the opening-up in financial sector.
Panda bond issuance in China's interbank market reaches 111.2 bln yuan
A former television host from Taiwan, Zhai Xuan, has made a pivotal decision to leave mainstream broadcasting in order to create content that provides a better understanding of the Chinese mainland and cross-strait relations.
Zhai, a seasoned television host with over a decade of experience in Taiwan's media landscape, recently addressed an audience at an event in Beijing, where she revealed her complete transition into independent online media.
In her remarks, she articulated her aspiration to bridge what she perceives as a significant information gap between audiences on both sides of the Strait, highlighting her commitment to fostering a deeper understanding and connection through her new endeavors.
"I was really surprised by all the fake news. There were stories saying people on the mainland can't afford tea eggs or that they live in mud houses and in Taiwan, this was the main information many people received," said Zhai.
Zhai said she initially began producing online videos to challenge such perceptions while continuing her work as a television host.
In April 2025, she travelled to the mainland with her father to fulfill her late grandfather's wish to return to his hometown. The trip, which reunited family members separated since 1949, was recorded in a video series titled "Journey to Find Our Roots", drawing attention from viewers in both Taiwan and the mainland.
"Many people in Taiwan told me that after watching, they wanted to apply for a mainland travel permit immediately and go looking for their relatives. Some had long forgotten these things, but after seeing my story, they began thinking about their hometowns and family members they had never met and decided to search for their roots," Zhai shared her story at the event.
By mid-2025, Zhai said she began to feel increasing pressure amid rising political tensions and a tightening atmosphere around cross-Strait exchanges in Taiwan.
After more than 12 years in the industry, Zhai resigned from her position, believing it was the right thing to do.
"At that moment, I felt this was a major issue，not just for me, but for Chinese people on both sides of the Strait. If I backed down then, I wouldn’t be standing on the right side," said Zhai.
Since leaving television, Zhai has broadened her online programming to encompass a range of daily-life topics, including practical guidance on applying for a mainland travel permit and using commonly employed mobile applications, in addition to content that delves into historical memory and cultural connections across the Strait.
As the debate over cross-Strait relations continues in Taiwan, Zhai said she remains committed to her current path.
Former Taiwan TV host bridges cross-Strait divide via online media
