This page looks at the Chinese bond market. On the left, we look at the yields offered from various representative Chinese bond indices. Included are offshore credit based in U.S. dollars or local currency. Also shown is the 3-year government bond, as this is one of the most liquid government bond instruments. On the right, we see the historical value of defaults for state-owned and privately-owned enterprises in the onshore bond market. The value of defaults have been rising for both types of enterprise, which is a reflection of the Chinese government's push to create a more efficient bond market, reflecting underlying credit risks by allowing more enterprises to default rather than protecting them.