People's Bank of China: Bond Market Issues 87939.5 Billion Yuan in June

We learned from Zhitong Caijing APP that on July 31, the People's Bank of China released its financial market operation report for June 2025. The data showed that a total of 87939.5 billion yuan was issued in various types of bonds in June.

Original Text Below:

Financial Market Operation Report for June 2025

I. Bond Market Issues

In June, the bond market issued a total of 87939.5 billion yuan in various types of bonds. Government bonds accounted for 15903.9 billion yuan, local government bonds accounted for 11753.2 billion yuan, financial institution bonds accounted for 10738.7 billion yuan, corporate credit bonds accounted for 14257.3 billion yuan, asset-backed securities accounted for 247.2 billion yuan, and repurchase agreements accounted for 34569.3 billion yuan.

As of the end of June, the bond market's custody balance was 188.5 trillion yuan. Among them, bank-to-bank markets accounted for 166.7 trillion yuan, exchanges accounted for 21.9 trillion yuan. By type of bond, government bonds had a custody balance of 37.2 trillion yuan, local government bonds had a custody balance of 51.7 trillion yuan, financial institution bonds had a custody balance of 42.7 trillion yuan, corporate credit bonds had a custody balance of 33.7 trillion yuan, asset-backed securities had a custody balance of 1.0 trillion yuan, and repurchase agreements had a custody balance of 21.1 trillion yuan. Commercial banks' cash account balances were 2038.0 billion yuan.

II. Bond Market Operations

In June, the bank-to-bank bond market had a total turnover of 34.3 trillion yuan, with an average daily turnover of 1.7 trillion yuan, a decrease of 1.2% compared to the same period last year and an increase of 6.2% compared to the previous month. The exchange market had a total turnover of 3.8 trillion yuan, with an average daily turnover of 1905.4 billion yuan. Commercial banks' bond trading volumes were 11.9 million, with a total value of 995.6 billion yuan.

III. Openness of the Bond Market to Foreign Institutions

As of the end of June, foreign institutions held assets in China's bond market totaling 43 trillion yuan, accounting for 2.3% of the total custody balance. Among them, foreign institutions held government bonds worth 21 billion yuan, accounting for 49.6%, repurchase agreements worth 12 billion yuan, accounting for 27.2%, and policy bank bonds worth 8 billion yuan, accounting for 19.1%.

IV. Money Market Operations

In June, the interbank market had a total turnover of 84 trillion yuan, up 11.2% year-on-year and 26.0% month-on-month; bond repurchase agreements had a total turnover of 156.3 trillion yuan, up 32.7% year-on-year and 20.4% month-on-month. The exchange market's standard bond repurchase agreements had a total turnover of 50.6 trillion yuan, up 32.2% year-on-year and 4.1% month-on-month.

As of the end of June, the interbank interest rate was 1.46%, down 9 basis points from the previous month; the repurchase agreement interest rate was 1.50%, down 6 basis points from the previous month.

V. Bill Market Operations

In June, commercial acceptance bills had a total value of 35 billion yuan, and rediscounts accounted for 28 billion yuan. As of the end of June, commercial acceptance bill balances were 193 billion yuan, and rediscount balances were 148 billion yuan.

As of the end of June, there were 10.7 million small and micro enterprises that signed bills, accounting for 93.2% of all signing enterprises; the total value of bills signed by these enterprises was 24 billion yuan, accounting for 69.8%. There were 12.1 million small and micro enterprises that rediscounted their bills, accounting for 96.3%, with a total value of 20 billion yuan, accounting for 71.9%.

VI. Stock Market Operations

As of the end of June, the Shanghai Composite Index closed at 3444.4 points, up 96.9 points from the previous month, with a rise of 2.9%. The Shenzhen Component Index closed at 10,465.1 points, up 424.5 points from the previous month, with a rise of 4.2%. In June, Shanghai's average daily trading volume was 5104.4 billion yuan, up 8.6% year-on-year; Shenzhen's average daily trading volume was 7969.0 billion yuan, up 11.5% year-on-year.

VII. Structure of Bond Market Participants

As of the end of June, the bond market had a total of 3,989 institutional participants, all of which were financial institutions. By scale of holdings, the top 50 holders of corporate credit bonds accounted for 48.0%, mainly concentrated in publicly traded funds (asset management), state-owned commercial banks (self-operated), and insurance companies (asset management); among the top 200 holders, corporate credit bond holdings accounted for 79.6%. The number of individual corporate credit bond holders with more than 20 people was 124, with a minimum value of 1 and an average value of 12, and a median value of 12. The proportion of credit bonds held by these individuals was 88.4%.

In June, from the perspective of trading volume, the top 50 holders of corporate credit bonds accounted for 60.0%, mainly concentrated in securities companies (self-operated), commercial banks (self-operated), and asset management companies; among the top 200 holders, corporate credit bond holdings accounted for 90.3%.