The Central Bank of the Republic of China published its February financial market statistics, covering bond issuance and custody, trading in the interbank and exchange markets, foreign investor participation, money market activity and rates, bills, equities and investor concentration in interbank corporate credit bonds. Bond issuance totalled CNY 6.667tn in February and total custody balances reached CNY 180.5tn at end-February, with offshore institutions holding CNY 4.3tn (2.4% of the market). February issuance included Treasury bonds (CNY 977.6bn), local government bonds (CNY 1.306tn), financial bonds (CNY 834.3bn), corporate credit bonds (CNY 805.9bn), credit asset-backed securities (CNY 1.5bn) and negotiable certificates of deposit (CNY 2.713tn). Outstanding custody was split between the interbank market (CNY 159.3tn) and exchange markets (CNY 21.2tn), led by local government bonds (CNY 48.9tn), financial bonds (CNY 41.3tn), Treasury bonds (CNY 34.7tn), corporate credit bonds (CNY 33.3tn) and negotiable certificates of deposit (CNY 20.1tn). Cash bond turnover reached CNY 27.0tn in the interbank market (daily average CNY 1.4tn) and CNY 2.6tn on exchanges, while commercial bank counter bond trading totalled CNY 52.1bn. Overseas holdings were concentrated in Treasury bonds (CNY 2.0tn), negotiable certificates of deposit (CNY 1.1tn) and policy bank bonds (CNY 0.9tn). Money market turnover comprised CNY 4.4tn of interbank lending, CNY 91.8tn of bond repos and CNY 46.1tn of exchange standard repos, with weighted average rates of 1.95% and 2.00% for interbank lending and pledged repos respectively. Commercial bill acceptances amounted to CNY 2.9tn and discounts to CNY 2.5tn, with small, medium and micro enterprises making up 92.3% of bill issuers and 93.6% of discounters by number. Equity indicators showed the Shanghai Composite Index closing at 3,320.9 (up 2.2% on the month) and the Shenzhen Component Index at 10,611.24 (up 4.5%), with average daily trading value rising to CNY 703.8bn in Shanghai and CNY 1,106.5bn in Shenzhen. Concentration metrics for interbank corporate credit bonds showed the top 50 investors holding 47.7% of outstanding and accounting for 60.9% of trading, and 88.4% of issues having 20 or fewer holders.
Central Bank of the Republic of China 2025-03-28
Central Bank of the Republic of China releases February market statistics with CNY 6.7 trillion bond issuance and CNY 180.5 trillion outstanding custody
The Central Bank of the Republic of China released February financial market statistics, highlighting bond issuance of CNY 6.667 trillion and total custody balances of CNY 180.5 trillion. Key figures include CNY 27 trillion in interbank cash bond turnover and CNY 91.8 trillion in bond repos, with weighted average rates of 1.95% for interbank lending. Equity markets saw the Shanghai Composite Index rise 2.2% and the Shenzhen Component Index increase 4.5%, with significant investor focus on interbank corporate credit bonds.