I. issuance of the bond market

In March, 71582 of all kinds of bonds were issued in the bond market.Bonusmagicjackpot90 million yuan. 9200 treasury bonds issuedBonusmagicjackpot0 billion yuan, 629.45 billion yuan for local government bonds, 956.3 billion yuan for financial bonds, 1.65862 trillion yuan for corporate credit bonds, 32.75 billion yuan for credit asset-backed securities, and 2911.97 billion yuan for inter-bank certificates of deposit.

By the end of March, the custodian balance of the bond market was 160.8 trillion yuan. Of this total, the escrow balance of the inter-bank market is 139.9 trillion yuan and that of the exchange market is 21 trillion yuan. From the perspective of securities distribution, the escrow balance of treasury bonds is 29.8 trillion yuan, that of local government bonds is 41.5 trillion yuan, that of financial bonds is 38 trillion yuan, that of corporate credit bonds is 32.7 trillion yuan, that of credit asset-backed securities is 1.7 trillion yuan, and that of interbank certificates of deposit is 16.1 trillion yuan. The custodian balance of over-the-counter bonds of commercial banks is 63.46 billion yuan.

II. Operation of the bond market

In March, the current bond turnover in the interbank bond market was 39.1 trillion yuan, with an average daily turnover of 1.85986 trillion yuan, an increase of 50.3% over the same period last year and 22.4% from the previous month. Transactions with a single transaction volume of 500-50 million yuan accounted for 51.3% of the total transaction value, while those with a transaction volume of more than 90 million yuan accounted for 42.1% of the total transaction volume, with an average transaction volume of 43.942 million yuan. The current turnover of bonds on the exchange bond market is 3.7 trillion yuan, with an average daily turnover of 175.7 billion yuan. 94000 commercial bank over-the-counter market bonds were traded, with a transaction value of 22.86 billion yuan.

III. The opening of the bond market to the outside world

By the end of March 2024, the escrow balance of foreign institutions in China's bond market was 4.05 trillion yuan, accounting for 2.5 per cent of the escrow balance of China's bond market. Among them, the escrow balance of foreign institutions in the interbank bond market is 4 trillion yuan.BonusmagicjackpotIn terms of securities sharing, foreign institutions hold treasury bonds of 2.24 trillion yuan, accounting for 56.0%, and policy financial bonds of 840 billion yuan, accounting for 21.0%.

IV. Operation of the money market

In March, transactions in the interbank money market totaled 154.8 trillion yuan, down 2.1 percent from the same period last year and up 38.0 percent from the previous month. Of this total, the pledged repurchase transaction was 145.1 trillion yuan, up 0.4% from the same period last year and 37.6% from the previous month.BonusmagicjackpotBuyout repo transactions totaled 663.79 billion yuan, up 29.6 percent from the same period last year and 61.7 percent from the previous month; interbank lending transactions totaled 9.1 trillion yuan, down 30.9 percent from the same period last year and up 43.6 percent from the previous year. The buyback turnover of standard coupons on the exchange was 42 trillion yuan, down 5.3% from the same period last year and an increase of 36.0% from the previous month.

In March, the weighted average monthly interest rate of interbank pledge repurchase was 1.91%, down 2 basis points from the previous month; and the weighted average monthly interest rate of interbank lending was 1.88%, an increase of 3 basis points from the previous month.

V. Operation of the bill market

In March, the acceptance of commercial bills totaled 2.9 trillion yuan and discounted 2.2 trillion yuan. By the end of March, the acceptance balance of commercial bills was 17.6 trillion yuan and the discount balance was 12.1 trillion yuan.

In March, 90000 small and medium-sized enterprises issued bills, accounting for 92.7 percent of all enterprises that signed tickets. The amount of tickets signed by small and medium-sized enterprises was 2 trillion yuan, accounting for 70.8 percent of the total. There were 95000 small and medium-sized and micro enterprises discounted, accounting for 96.5% of the total discount enterprises, with a discount value of 1.7 trillion yuan, accounting for 78.2% of the total discount amount.

VI. Operation of the stock market

At the end of March, the Shanghai Composite Index closed at 3041.2 points, up 26.0 points, or 0.9 per cent, from the previous month, while the Shenzhen Composite Index closed at 9400.9 points, up 70.4 points, or 0.8 per cent. In March, the average daily trading volume in Shanghai was 428.34 billion yuan, down 0.8% from the previous month, while that in Shenzhen was 582.53 billion yuan, up 12.6% from the previous month.

VII. The structure of holders in the inter-bank bond market

By the end of March, there were 4024 corporate members in the interbank bond market, all of which were financial institutions. According to the statistics of corporate institutions, there are a total of 2142 holders of debt financing instruments of non-financial enterprises. In terms of the scale of debt holdings, the top 50 investors accounted for 51.1% of the total, mainly concentrated in public offering funds (asset management), large state-owned commercial banks (self-management), joint-stock commercial banks (self-management), etc.; the top 200 investors held debt accounted for 82.8%. The maximum, minimum, average and median of holders of debt financing instruments of non-financial enterprises are 51, 1, 13 and 12 respectively, and the number of debt financing instruments of non-financial enterprises with less than 20 holders accounts for only 88%.

In March, in terms of transaction scale, according to corporate statistics, the top 50 investors in debt financing instruments of non-financial enterprises accounted for 62.8% of transactions, mainly concentrated in securities companies (self-management), joint-stock commercial banks (self-management) and fund companies (asset management). The top 200 investors accounted for 90.6% of transactions.

(source: China Securities Regulatory Commission, Central National debt Registration and Clearing Co., Ltd., National Interbank loan Center, Interbank Market Clearing House Co., Ltd., Shanghai Securities Exchange Co., Ltd., Shenzhen Stock Exchange, Beijing Financial assets Exchange)

Note: 1. Including non-financial corporate debt financing instruments, asset-backed bills, corporate bonds, corporate bonds, exchange asset-backed securities, etc.

2. Separate statistics of proprietary investors and valet investors, the same below.