The Central Bank of the Republic of China released March statistics on bond issuance and trading, market openness, money market conditions, the commercial bill market, equity market indicators and the holder structure of the interbank bond market. It recorded CNY 87,356.6 billion of bond issuance in March and an end‑March bond custody balance of CNY 183.1 trillion, while foreign institutions’ custody holdings stood at CNY 4.4 trillion, equal to 2.4% of the total. Weighted average interbank funding rates declined month on month to 1.85% for interbank lending and 1.87% for pledged repos. Bond issuance comprised CNY 12,786.3 billion of government bonds, CNY 9,788.0 billion of local government bonds, CNY 10,226.4 billion of financial bonds, CNY 13,335.2 billion of corporate credit bonds, CNY 186.0 billion of credit asset-backed securities and CNY 40,686.2 billion of negotiable certificates of deposit. Total custody was split between CNY 161.8 trillion in the interbank market and CNY 21.3 trillion on exchanges, and commercial banks held CNY 164.9 billion in over-the-counter bond custody. Interbank cash bond trading totalled CNY 36.5 trillion, down 6.7% year on year and up 22.1% month on month, with trades of CNY 5–50 million accounting for 49.8% of turnover and trades above CNY 90 million accounting for 44.0%. Exchange cash bond trading was CNY 3.6 trillion and bank over-the-counter trading totalled 118,000 trades worth CNY 65.68 billion. Foreign holdings were concentrated in government bonds at CNY 2.1 trillion, negotiable certificates of deposit at CNY 1.3 trillion and policy bank bonds at CNY 0.8 trillion. Interbank lending turnover was CNY 6.1 trillion and repo turnover was CNY 124.7 trillion, while exchange standard bond repo turnover reached CNY 51.4 trillion. Commercial bill acceptance and discounting amounted to CNY 3.4 trillion and CNY 2.6 trillion, with small and micro enterprises accounting for 93.1% of bill issuers and 71.8% of issuance value. The Shanghai Composite closed March at 3,335.8 and the Shenzhen Component at 10,504.3, and average daily equity turnover fell 15.2% on Shanghai and 19.1% on Shenzhen. The interbank bond market had 3,984 institutional legal-entity members, all financial institutions. Corporate credit bond holdings were concentrated, with the top 50 investors holding 53.1% and the top 200 holding 83.2%, while 88.4% of corporate credit bonds had 20 or fewer holders and the top 50 investors accounted for 60.1% of March trading.

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