Shanghai Clearing House(SHCH) is a systemically important financial market infrastructure supervised by People's Bank of China. SHCH provides one-stop support for panda bonds—covering issuance registration, custody and settlement, coupon payments and redemption, and corporate actions—across all issuer types, including international development institutions, foreign government agencies, overseas financial institutions, and non-financial corporates. It is China’s largest registration and custody platform for panda bonds. As of end 2025, SHCH held RMB 376.8 billion in panda bonds under custody, accounting for nearly 90% of the market.
SHCH will focus on promoting high-quality development of the panda bond market, help increase the attractiveness of RMB assets to offshore investors, and provide impetus for advancement of RMB internationalization.
