According to CCTV Finance, the long-term government bond yields of major global economies have continued to rise recently, intensifying sell-off pressure in the bond market. However, China's bond market and exchange rate have remained relatively stable, with the issuance of Panda bonds 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, an increase of over 73% year-on-year. Against the backdrop of significant fluctuations in the global bond market, the increased interest from international institutions in domestic RMB financing has drawn attention. 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 considerations, 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 allocations, and foreign capital may continue to increase its allocation 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 disrupt the willingness of foreign institutions to increase their holdings of RMB bonds. Additionally, the rapid rise in bond yields in developed countries overseas may also constrain the valuation of domestic risk assets.