The Central Bank of the Republic of China released a statistical overview of financial market operations in 2025, covering money and bond market activity, derivatives and bill market volumes, equity market performance, and investor concentration in the interbank bond market. The update points to lower key overnight and seven-day repo reference rates versus 2024, higher net bond financing, and sharp increases in renminbi derivatives and treasury bond futures turnover. In the money market, average daily interbank lending turnover fell 12.1% year on year to CNY 361.07bn, while average daily bond repurchase turnover rose 3.0% to CNY 6.9trn, with end-2025 outstanding balances of CNY 1.0trn and CNY 12.0trn respectively. The weighted average DR001 and DR007 rates were 1.46% and 1.63% (both down 19bp), and the overnight pledged repo rate R001 averaged 1.55% (down 21bp); the average daily spread of DR001 to the central bank’s seven-day reverse repo operation rate was 7bp. In the bond market, net financing reached CNY 13.8trn for government bonds (up CNY 2.5trn) and CNY 2.4trn for corporate bonds (up CNY 482.3bn), with total bond custody of CNY 196.7trn; spot bond turnover increased 1.4% to CNY 425.3trn and the interbank spot turnover rate was 230% (down 25 percentage points). End-2025 metrics included a 10-year government bond yield of 1.85%, a 10-year to one-year spread of 51bp (8bp narrower than end-2024), and a 3-year AAA-rated medium-term note spread to 3-year government bonds of 51bp (4bp narrower); foreign institutions held CNY 3.5trn in custody (1.8% of the total), CNY 183.06bn of panda bonds were issued, and 56 new overseas institutions entered the interbank bond market. Derivatives turnover in the interbank RMB derivatives market rose 58.6% to CNY 58.5trn, the one-year FR007 swap rate ended 2025 at 1.50% (up 3bp), and treasury bond futures turnover rose 43.9% to CNY 97.0trn with open interest up 30.4% to 648,000 lots. Bill acceptances totalled CNY 42.7trn and discounts CNY 33.9trn, with end-2025 acceptance and discount balances up 7.2% and 11.2% to CNY 21.2trn and CNY 16.5trn; the equity market saw the Shanghai Composite Index close 18.4% higher at 3,968.8 and the Shenzhen Component Index close 29.9% higher at 13,525.0, alongside a 61.9% rise in average daily turnover to CNY 1,704.54bn. The interbank bond market had 3,923 legal-entity members (all financial institutions), and corporate credit bond holdings and trading were concentrated, with the top 50 investors holding 53.4% of bonds and accounting for 59.2% of transactions, rising to 84.5% and 89.9% for the top 200.

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