The Central Bank of the Republic of China released its April statistics on activity and holdings across the bond market, alongside updates on money market, bill market and equity market conditions. Total bond issuance in April amounted to CNY 7.80 trillion and the bond market custody balance reached CNY 184.9 trillion at end-April, with overseas institutions holding CNY 4.5 trillion, or 2.4% of the total. Issuance was led by interbank certificates of deposit at CNY 2.86 trillion and corporate credit bonds at CNY 1.59 trillion, alongside CNY 1.47 trillion of government bonds, CNY 0.69 trillion of local government bonds and CNY 1.12 trillion of financial bonds. Outstanding custody comprised CNY 35.6 trillion of government bonds, CNY 50.5 trillion of local government bonds, CNY 41.7 trillion of financial bonds, CNY 33.3 trillion of corporate credit bonds, CNY 21.6 trillion of interbank certificates of deposit and CNY 1.0 trillion of credit asset-backed securities, plus CNY 167.4 billion held in commercial bank counter custody. Interbank cash bond trading totalled CNY 33.3 trillion (daily average CNY 1.5 trillion), down 7.5% year on year and 12.7% month on month, with trades of CNY 5–50 million accounting for 50.2% of turnover and trades above CNY 90 million for 43.5%; exchange cash bond trading reached CNY 3.4 trillion and commercial bank counter trading CNY 49.9 billion. Foreign holdings were concentrated in government bonds (CNY 2.1 trillion), interbank certificates of deposit (CNY 1.3 trillion) and policy bank bonds (CNY 0.8 trillion). In the money market, interbank lending turnover was CNY 7.0 trillion and bond repo turnover CNY 136.2 trillion, while exchange standard bond repo trading was CNY 52.8 trillion; weighted average interbank lending and pledged repo rates were 1.73% and 1.72%, down 12 and 15 basis points month on month. Commercial bill acceptances totalled CNY 3.7 trillion and discounts CNY 3.1 trillion, taking end-April acceptance and discount balances to CNY 20.1 trillion and CNY 15.2 trillion, and micro, small and medium-sized enterprises accounted for 74.0% of bill issuance and 77.5% of discounting by value. The Shanghai Composite Index ended April at 3,279.0 and the Shenzhen Component Index at 9,899.8, with average daily turnover of CNY 515.8 billion and CNY 691.2 billion; corporate credit bond holdings and trading were reported as concentrated, with the top 50 investors holding 48.0% of outstanding and accounting for 60.2% of April trading.

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