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The PBOC's plans to issue a cryptocurrency to replace fiat currency is seen as a move to regulate cash flow and to clamp down further on shadow banking. A policy adviser also couldn't resist a swipe at Facebook's Libra.

Even though there are no unified standards in Asia, companies like ICBC and Korea Electric Power Corporation are issuing green debt.

As the Sino-US trade war slows down GDP growth, Beijing is reforming its state infrastructure bonds to stimulate both international demand and infrastructure investment.

To keep debt markets stable and defaults under control, the Chinese government is injecting money to help support small and medium-sized banks

The inflow of foreign funds into China's bond market is encouraging it to evolve so that it aligns more closely with international norms.

Although the Chinese government's bailout of Baoshang Bank indicates support for financial institutions, not all investors are likely to escape the credit risks of Chinese banks.

Citic Guoan Group, a subsidiary of state-owned conglomerate Citic, has defaulted on its Rmb3 billion bond. It is the biggest corporate bond default in China so far this year.

Chinese banks are expected to issue almost $21 billion in perpetual bonds this year. This will have a marked knock-on effect in the international capital markets.

Policies announced at the National People's Congress in Beijing will boost bond issuance in China. They promise to open up the world's third largest bond market even further.