China's Onshore RMB Bond Index to Expand: Revised Inclusion Criteria Expected to Attract Over 3,000 New Bonds

　　Xinhua Finance learned on the 23rd that FTSE Russell announced updates to the inclusion criteria of its flagship index—the FTSE Chinese Renminbi Onshore Bond Index (CNYBBI)—along with several important adjustments. These changes will expand the range of eligible securities, enhance the index's market representativeness and coverage depth, and provide investors with a more comprehensive perspective on the onshore bond market.

　　The specific revisions focus on the non-government-related portion of the index. The detailed adjustments include: reducing the minimum outstanding issuance of bonds from 3 billion to 1.5 billion; making callable and puttable bonds eligible for inclusion; allowing zero-coupon bonds and fixed-to-floating rate bonds to qualify; removing the maximum 30-year maturity restriction for corporate bonds; and excluding contingent capital securities that convert to common equity or suffer principal write-downs based on predefined balance sheet or regulatory capital triggers.

　　The relevant revisions are set to officially take effect in November 2025. Simultaneously, these adjustments will be reflected in other indices, including the FTSE Chinese Renminbi Onshore Bond Index (CNYBBI), the FTSE Chinese Renminbi Onshore Bond 0+ Year Index (CNYBBI0+), and related products derived from these indices. However, the compilation methodologies for the FTSE Chinese Renminbi Onshore Investment Grade Bond Index (CNYBIG) and the FTSE Chinese Government and Policy Bank Bond Index (CNGPBI) will remain unchanged.

　　FTSE Russell also mentioned that after the implementation of the revisions, it is expected that 3,482 securities with a market value of 11.21 trillion yuan will enter the index. As of June 30, 2025, these will account for 12.5% of the index based on market value weighting.

　　China's bond market continues to develop and has become the world's second-largest bond market. With increasing market transparency and liquidity, investor demand for more comprehensive and precise fixed-income market investment tools is also growing.

　　Overall, these revisions enhance the breadth and depth of the index, providing global investors with a more representative tool for the onshore bond market. As China's bond market continues to evolve, the index adjustments will better reflect changes in market structure and investment needs.