The Central Bank of the Republic of China released a November snapshot of China’s bond, money, bill and equity markets. The data show total bond issuance of CNY 7.02 trillion during the month and total bond custody balances of CNY 196.3 trillion at end-November, with foreign institutions holding CNY 3.6 trillion, or 1.9% of the total. Issuance included CNY 1.04 trillion of government bonds, CNY 0.91 trillion of local government bonds, CNY 1.20 trillion of financial bonds, CNY 1.39 trillion of corporate credit bonds, CNY 32.7 billion of credit asset-backed securities and CNY 2.40 trillion of interbank certificates of deposit. Custody balances stood at CNY 173.0 trillion in the interbank market and CNY 23.2 trillion in exchange markets, with CNY 40.1 trillion in government bonds and CNY 54.3 trillion in local government bonds. Interbank cash bond turnover reached CNY 30.5 trillion (daily average CNY 1.5 trillion), with trades of CNY 5–50 million accounting for 47.9% of turnover and trades above CNY 90 million accounting for 45.2%, while foreign holdings were concentrated in government bonds (CNY 2.0 trillion), policy bank bonds (CNY 0.8 trillion) and interbank certificates of deposit (CNY 0.7 trillion). In money markets, interbank lending turnover was CNY 7.4 trillion and bond repo turnover was CNY 149.8 trillion, with weighted-average interbank lending and pledged repo rates at 1.42% and 1.44%; commercial bill acceptance totalled CNY 4.0 trillion and discounting CNY 3.1 trillion, with small, micro and medium-sized enterprises accounting for 74.8% of issuance and 78.1% of discounting by amount. Investor concentration metrics for corporate credit bonds showed the top 50 investors held 53.4% of outstanding positions, and the top 50 investors accounted for 60.69% of interbank bond market trading.

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