The Central Bank of the Republic of China published its April 2026 financial market operations report, showing heavier interbank activity and lower short-term funding costs alongside a pickup in corporate bond net financing. Government bond net financing eased, bond market custody reached CNY 200.7 trillion, the renminbi strengthened against the US dollar in the interbank foreign exchange market, and major equity indices rose. Average daily interbank lending turnover increased 46.0 percent year on year to CNY 461.48 billion and bond repo turnover rose 36.2 percent to CNY 8.4 trillion. The monthly weighted average rates on DR001, DR007 and R001 fell to 1.23 percent, 1.35 percent and 1.30 percent respectively. In the bond market, government bond net financing was CNY 904.11 billion, down CNY 68.78 billion from a year earlier, while corporate bond net financing rose to CNY 451.99 billion, up CNY 217.99 billion. Spot bond turnover reached CNY 44.1 trillion, the 10-year government bond yield ended the month at 1.75 percent, and the spread between three-year AAA medium-term notes and three-year government bonds narrowed to 44 basis points. Panda bond issuance totaled CNY 109.84 billion in the first four months of 2026, and 13 overseas institutions newly entered the interbank bond market. Elsewhere, interbank CNY derivatives turnover fell 15.9 percent to CNY 7.1 trillion, while government bond futures turnover rose 8.3 percent to CNY 8.3 trillion and open interest increased 23.9 percent. Commercial bill acceptances and discounting totaled CNY 4.6 trillion and CNY 4.1 trillion, with small, medium and micro enterprises accounting for 93.4 percent of issuers and 96.5 percent of discounters by number. At month-end, the Shanghai Gold Exchange Au T+D contract closed at CNY 1,014.0 per gram, the renminbi closed at 6.8335 against the US dollar, the CFETS renminbi exchange rate index stood at 100.17, the Shanghai Composite rose 5.7 percent and the Shenzhen Component Index rose 12.1 percent. In the interbank bond market, the top 50 investors held 53.9 percent of corporate credit bonds and accounted for 60.7 percent of trading.
Central Bank of the Republic of China2026-05-22
Central Bank of the Republic of China publishes April financial market data showing lower funding rates and stronger corporate bond financing
The Central Bank of the Republic of China reported that in April 2026 interbank activity increased sharply, short-term funding costs declined and corporate bond net financing rose, while government bond net financing eased and total bond market custody reached CNY 200.7 trillion. The renminbi appreciated against the US dollar in the interbank foreign exchange market, government bond futures turnover and open interest increased, and major equity indices recorded gains.