The Central Bank of the Republic of China published July market statistics covering bond issuance and outstanding custody, secondary-market trading, foreign investor participation, money-market activity and rates, bill-market volumes, equity-market performance, and the investor structure of corporate credit bonds. Total bond issuance in July was CNY 7.75 trillion, including CNY 1.22 trillion of government bonds, CNY 1.21 trillion of local government bonds, CNY 1.39 trillion of financial bonds, CNY 1.35 trillion of corporate credit bonds, CNY 32.9 billion of credit asset-backed securities and CNY 2.47 trillion of negotiable certificates of deposit. By end-July, total bond custody stood at CNY 190.4 trillion, split between the interbank market (CNY 168.4 trillion) and exchange markets (CNY 22.0 trillion), with foreign institutions holding CNY 4.0 trillion (2.1% of total) primarily in government bonds (CNY 2.0 trillion), negotiable certificates of deposit (CNY 1.0 trillion) and policy bank bonds (CNY 0.8 trillion). Interbank spot bond trading totalled CNY 37.3 trillion in July (daily average CNY 1.6 trillion), while exchange spot bond trading was CNY 4.4 trillion; interbank lending turnover was CNY 9.8 trillion and bond repo turnover CNY 175.3 trillion, with weighted-average interbank lending and pledged repo rates at 1.45% and 1.46% respectively. The release also reported CNY 3.7 trillion of commercial bill acceptances and CNY 3.1 trillion of discounts in July, with small, micro and medium-sized enterprises accounting for 74.1% of issuance and 78.1% of discounting by value, alongside end-July equity index levels and turnover, and concentration metrics showing the top 50 investors held 53.3% of corporate credit bonds and accounted for 60.7% of trading.

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