Central Bank of the Republic of China publishes January market statistics showing CNY 5.10tn bond issuance and CNY 178.2tn in custody

The Central Bank of the Republic of China released January statistics on bond issuance and trading, cross-border participation, money market activity, the bill market and key equity market indicators, alongside concentration metrics for holders and traders of non-financial corporate debt financing instruments in the interbank bond market. Total bond issuance in January was CNY 5.10tn, including CNY 1.02tn of government bonds, CNY 0.56tn of local government bonds, CNY 0.70tn of financial bonds, CNY 1.28tn of corporate credit bonds, CNY 0.00tn of credit ABS and CNY 1.51tn of negotiable certificates of deposit. Total bond custody reached CNY 178.2tn by end-January (CNY 156.9tn in the interbank market and CNY 21.3tn on exchanges), while foreign institutions held CNY 4.2tn, or 2.3% of total custody, mainly in government bonds (CNY 2.0tn), negotiable certificates of deposit (CNY 1.1tn) and policy bank bonds (CNY 0.9tn). Interbank spot bond turnover was CNY 26.0tn (daily average CNY 1.4tn, down 10.1% year on year and 4.4% month on month) and exchange spot turnover was CNY 2.3tn; interbank lending volumes fell to CNY 5.1tn and bond repo turnover to CNY 109.8tn, while the weighted average interbank lending rate rose to 1.86% and the pledged repo rate to 2.16%.