China needs to develop, open up and improve the quality of its bond market, according to a book published by the International Monetary Fund. The measures are necessary not only to maintain financial stability and promote economic development but also to help the renminbi become a major reserve currency, the authors say.

The future of China’s bond market, edited by Alfred Schipke, Markus Rodlauer and Zhang Longmei, looks in detail at China’s current bond market characteristics, prospects and