The Central Bank of the Republic of China published a 2024 statistical overview of China’s financial markets, reporting steady expansion in the bond market and an overall decline in China government bond yields. Total bond issuance reached CNY 79.3 trillion (up 11.7% year on year) and end-2024 bond custody balances totalled CNY 177.0 trillion (up 12.1%), while the 10-year government bond yield ended 2024 at 1.68%. Issuance was concentrated in negotiable certificates of deposit (CNY 31.5 trillion), corporate credit bonds (CNY 14.5 trillion), government bonds (CNY 12.4 trillion), local government bonds (CNY 9.8 trillion) and financial bonds (CNY 10.4 trillion), with CNY 70.4 trillion issued in the interbank market and CNY 8.9 trillion on exchanges. Foreign institutions held CNY 4.20 trillion of bonds at end-2024, representing 2.4% of total custody balances, mainly in government bonds (CNY 2.06 trillion), negotiable certificates of deposit (CNY 1.04 trillion) and policy bank bonds (CNY 0.88 trillion). Interbank money market turnover totalled CNY 1,783.7 trillion (down 1.8%), while interbank RMB derivatives turnover rose 15.4% to CNY 36.9 trillion and Treasury futures turnover increased 20.1% to CNY 67.4 trillion. Equity benchmarks finished higher, with the Shanghai Composite Index up 12.7% and the Shenzhen Component Index up 9.3%, alongside CNY 254.8 trillion in combined annual turnover across the two markets.
Central Bank of the Republic of China 2025-01-27
Central Bank of the Republic of China releases 2024 China market statistics showing CNY 79.3 trillion bond issuance and lower government bond yields
The Central Bank of the Republic of China reported steady expansion in China's bond market for 2024, with total bond issuance reaching CNY 79.3 trillion, up 11.7% year on year, and government bond yields declining to 1.68%. Foreign institutions held 2.4% of total bond custody balances, mainly in government bonds, negotiable certificates of deposit, and policy bank bonds. Interbank RMB derivatives and Treasury futures turnover increased, while equity benchmarks rose, with the Shanghai Composite Index up 12.7% and the Shenzhen Component Index up 9.3%.