For a sense of the peculiar nature of China’s financial system, look no further than its nascent bond market. Amid a turf war between the regulators that control different parts of the market, issuance has surged to record levels.
Some $221bn of renminbi-denominated bonds were issued in China in 2009 – more than double the amount issued in 2008; five times the figure for 2007; and 11 times the figure for 2006, according to Dealogic.
The extraordinary boom is all the more remarkable because it has been driven by a part of the market that came into existence only two years ago, when the People’s Bank of China, the central bank, muscled in on the territory of the incumbent regulators.
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