In order to promote the high-level opening up of China’s bond market and promote the internationalization of the RMB, the National Association of Financial Market Institutional Investors (NAFMII), under the guidance of the People’s Bank of China, actively promotes the issuance of bonds by overseas institutions in China’s interbank bond market(referred to as "Panda Bonds"). In order to further facilitate domestic and foreign market participants to understand the Panda Bond market and conduct Panda Bond-related business efficiently and in compliance with regulations, NAFMII releases the bilingual version of Panda Bond Manuals.

The Panda Bond Manuals is divided into three parts, including Operation Practices of Panda Bond, Panda Bond Rules and Regulations and Other Information, and sets up special topics for sustainable development-themed Panda Bonds and the pilot program to refine bond pricing and allocation Mechanism for Overseas Issuers.