Panda Bonds Surge as Global Borrowers Ditch Dollar Debt for Cheaper Yuan Financing in 2026

TLDR: Foreign panda bond issuance tripled year on year in March 2026, reaching 27.8 billion yuan in one month alone. China’s 10-year bond yield of 1.82% makes yuan borrowing roughly 60% cheaper than equivalent U.S. dollar debt. The U.S….