Shuli Ren, Columnist

What Is China’s $138 Billion Bond Bazooka Aiming At?

The impact of a rare sale of ultra-long notes will depend on who buys them and what the funding is meant for.

May 16, 2024 at 8:00 PM UTC

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.

Beijing has a long track record of shock-and-awe.
Photographer: Raul Ariano/Bloomberg

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China will begin selling 1 trillion yuan ($138 billion) special sovereign bonds Friday, the fourth such sale in past 26 years.

These offerings are special in that the government can use them for any purpose. They are not part of the fiscal deficit, so they are not constrained by any budgetary rules.