In recent years, with the development of China's economy and the internationalization of the renminbi, more and more overseas financial institutions and non-financial institutions have issued renminbi-denominated bonds in China ("Panda Bonds"). The number and size of the Panda Bonds issued in 2018 have increased significantly. For the half year ended 30 June 2018, 23 Panda Bond issuances were offered in the China Interbank Bond Market ("CIBM") with a total amount of RMB 41.26 billion, accounting for 80.13% of total Panda Bond issuances by value . Eight Panda Bonds were issued in the Exchange Bond Market with a total amount of RMB 10.23 billion, accounting for 19.87% of the total Panda Bond issuances by value .