According to CCTV Finance, recent long-term government bond yields in major global economies have been rising, increasing sell-off pressure in the bond market. In contrast, China's bond market and exchange rate have remained relatively stable, with Panda bond issuance reaching a historical high for the same period. Data shows that as of August 21, the cumulative issuance of 2026 Panda bonds has reached 209.975 billion yuan, a year-on-year increase of over 73%. Amidst significant fluctuations in the global bond market, international institutions are increasingly focusing on domestic RMB financing. Industry insiders noted, 'We are in completely different economic and monetary cycles compared to overseas. Foreign capital accounts for only about 5%-8% of our bond market, while domestic capital holds absolute pricing power. Coupled with our monetary policy that prioritizes domestic conditions, overseas shocks cannot reverse the overall trend of the domestic bond market.' Looking ahead, industry experts believe that overseas bond yields are likely to remain highly volatile, highlighting the value of RMB bond allocation, which may attract continued foreign investment in the medium to long term. However, it is also important to note that rising U.S. bond yields have raised the return threshold for global allocation funds, which may disturb the willingness of foreign institutions to increase their holdings of RMB bonds. Additionally, the rapid rise in yields of bonds from developed countries overseas may also constrain the valuation of domestic risk assets.