ICMA’s Ricco Zhang speaks with Christine Zhang of China Chengxin International Credit Rating about the evolving market for Panda bonds, which refers to bonds issued in the Chinese bond market by foreign institutions duly registered outside China. Their discussion provides an overview of the market, reviews the implications of NAFMII’s new rules on tiered management, and outlines challenges and opportunities in 2021. Further resources include CCXI’s report - Panda Bonds in 5 Years: Finding its Way out.