**[Global Bond Market Faces Sell-Off Wave, Panda Bond Issuance Hits Record High]** According to a report by Jinse Finance, on August 22, the long-term government bond yields of major global economies have been rising continuously, intensifying selling pressure in the bond market. In contrast, China's bond market and exchange rate have remained relatively stable, with the issuance scale of Panda Bonds reaching a record high for the same period in history. Data shows that as of August 21, the cumulative issuance scale of Panda Bonds for 2026 reached 209.975 billion yuan, a year-on-year increase of over 73%. Against the backdrop of significant fluctuations in the global bond market, the increased domestic RMB financing by international institutions has drawn attention. Industry insiders explained: "We are in a completely different economic and monetary cycle compared to overseas. Foreign capital accounts for only about 5%-8% of our bond market, with domestic capital holding absolute pricing power. Coupled with our monetary policy adhering to a 'domestic-first' approach, external 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 allocation value of RMB bonds, which may attract sustained increases in foreign investment over the medium to long term. However, it is also important to note that the rise in U.S. Treasury yields has raised the return threshold for globally allocated funds, potentially dampening 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. *(CCTV Finance)*