Central Bank of the Republic of China reports stable money market rates and higher government bond financing in September

The Central Bank of the Republic of China published financial market data for September 2026, showing stable money market rates despite lower interbank trading volumes. Net government bond financing increased from a year earlier, while corporate bond financing was negative. Equity prices and stock market turnover declined from August. Monthly weighted average repo rates for deposit institutions remained broadly unchanged at 1.38% overnight and 1.40% for seven days. Average daily interbank lending fell 30.5% year over year to CNY 292.54 billion, while interbank bond repo trading declined 10.6% to CNY 6.5 trillion. Net government bond financing reached CNY 1.54 trillion, an increase of CNY 346.96 billion from a year earlier. Net corporate bond financing was negative CNY 39.26 billion. Outstanding bonds totaled CNY 210.8 trillion at the end of September, when the government bond yield for a 10 year maturity stood at 1.68%. The Shanghai Composite Index fell 3.6% from August and the Shenzhen Component Index declined 8.0%. Average daily turnover across the two stock markets dropped 18.9% to CNY 1.82 trillion. The renminbi appreciated 0.22% against the U.S. dollar to close September at CNY 6.7053 per USD, while the China Foreign Exchange Trade System renminbi exchange rate index rose 1.31% to 103.20.