The Central Bank of the Republic of China published its February 2026 financial market statistics, summarising activity, pricing and outstanding positions across the money market, bond and derivatives markets, bills, gold, foreign exchange and equities, alongside a snapshot of interbank bond market investor concentration. Money market turnover increased sharply year on year and short-term funding rates were broadly stable, while the 10-year government bond yield ended February at 1.78%. Average daily interbank lending reached CNY 429.32 billion (+87.1% year on year) and average daily interbank bond repo trading CNY 7.4 trillion (+52.9%), with outstanding balances of CNY 1.0 trillion and CNY 11.6 trillion at month-end. DR001 averaged 1.33% and DR007 1.49% (down 2 basis points (bp)), leaving an average DR001 spread of -7 bp to the central bank’s seven-day reverse repo rate and an average R001-DR001 spread of 6 bp. Government bonds recorded net financing of CNY 1.40138 trillion and corporate bonds CNY 152.18 billion, bringing total bond custody to CNY 198.9 trillion, while cash bond trading fell to CNY 23.3 trillion and the interbank cash bond turnover rate to 11.6%; the 10-year to 1-year government bond spread was 46 bp and the three-year AAA medium-term note spread to three-year government bonds was 44 bp. Foreign institutions held CNY 3.4 trillion of bonds (1.7% of custody), January–February panda bond issuance totalled CNY 50.44 billion, and four additional overseas institutions entered the interbank bond market. Interbank RMB derivatives turnover was CNY 3.8 trillion and Treasury futures turnover CNY 6.7 trillion, with open interest at 709,000 contracts. Commercial bill acceptances and discounts amounted to CNY 3.1 trillion and CNY 2.4 trillion, and small, micro and medium-sized enterprises accounted for 93.4% of bill issuers and 96.8% of discounters by number. Au(T+D) closed at CNY 1,142.5 per gram, RMB/USD at 6.8559 (+1.35% from end-January) and the China Foreign Exchange Trade System (CFETS) RMB index at 98.58 (+1.64%), while the Shanghai Composite ended at 4,162.9 and the Shenzhen Component at 14,495.1 with average daily turnover of CNY 2.2936 trillion (down 24.0% month on month). Interbank bond market membership stood at 3,890 legal entities, all financial institutions. Corporate credit bond holdings and trading were concentrated, with the top 50 investors accounting for 53.7% of holdings and 61.1% of trading and the top 200 for 84.4% and 90.8% respectively, and 88.0% of bonds had 20 or fewer holders.
Central Bank of the Republic of China 2026-03-31
Central Bank of the Republic of China releases February 2026 financial market statistics with interbank repo turnover averaging CNY 7.4 trillion and the 10-year government bond yield at 1.78%
The Central Bank of the Republic of China’s February 2026 statistics showed a sharp year-on-year rise in money market activity, with average daily interbank lending up 87.1% to CNY 429.32 billion and interbank bond repo trading up 52.9% to CNY 7.4 trillion, while short-term funding rates stayed broadly stable. Government and corporate bonds saw net financing of CNY 1.40138 trillion and CNY 152.18 billion, taking total bond custody to CNY 198.9 trillion, including CNY 3.4 trillion held by foreign institutions. The interbank bond market remained concentrated in corporate credit bonds, with the top 50 investors holding 53.7% and accounting for 61.1% of trading.