According to China Securities Journal APP, on October 30, the People's Bank of China released the financial market operation situation in September 2024. The data shows that in September, various types of bonds totaling 7603.15 billion yuan were issued. Treasury bonds issued 1361.53 billion yuan, local government bonds issued 1284.32 billion yuan, financial bonds issued 763.87 billion yuan, corporate credit bonds issued 1190.83 billion yuan, credit asset-backed securities issued 13.18 billion yuan, and interbank deposits issued 2923.12 billion yuan.

Regarding interbank borrowing in September, the interbank borrowing market traded 7.6 trillion yuan, a 24.3% year-on-year decrease, and a 16.3% decrease month-on-month; bond repurchase transactions amounted to 127.4 trillion yuan, a 6.8% year-on-year decrease, and an 11.4% decrease month-on-month. Standard bond repurchase transactions on the exchange amounted to 40.7 trillion yuan, an 11.2% year-on-year increase, and a 9.0% decrease month-on-month.

Original text:

Financial market operation situation in September 2024.

I. Bond market issuance situation: In September, various types of bonds totaling 7603.15 billion yuan were issued. Treasury bonds issued 1361.53 billion yuan, local government bonds issued 1284.32 billion yuan, financial bonds issued 763.87 billion yuan, corporate credit bonds issued 1190.83 billion yuan, credit asset-backed securities issued 13.18 billion yuan, and interbank deposits issued 2923.12 billion yuan.

In September, various types of bonds totaling 7603.15 billion yuan were issued. Treasury bonds issued 1361.53 billion yuan, local government bonds issued 1284.32 billion yuan, financial bonds issued 763.87 billion yuan, corporate credit bonds issued 1190.83 billion yuan, credit asset-backed securities issued 13.18 billion yuan, and interbank deposits issued 2923.12 billion yuan.

As of the end of September, the custody balance of bonds in the market was 169.9 trillion yuan. Among them, the custody balance in the interbank market was 149.3 trillion yuan, and the custody balance in the exchange market was 20.6 trillion yuan. In terms of types of bonds, the custody balance of treasury bonds was 32.7 trillion yuan, local government bonds 44.4 trillion yuan, financial bonds 40 trillion yuan, corporate credit bonds 32.6 trillion yuan, credit asset-backed securities 1.2 trillion yuan, and interbank certificates of deposit 17.8 trillion yuan. The custody balance of bonds at commercial bank counters was 106.34 billion yuan.

Bond market operation in September

In September, the spot turnover in the interbank bond market was 27.8 trillion yuan, with a daily average turnover of 1325.19 billion yuan, a 3.1% year-on-year decrease, and a 1.1% month-on-month increase. Transactions with a single transaction volume between 5-50 million yuan accounted for 48.4% of the total transaction amount, while those with a single transaction volume of 90 million yuan or more accounted for 45.4% of the total transaction amount, with an average single transaction volume of 41.59 million yuan. The spot turnover in the exchange bond market was 2.9 trillion yuan, with a daily average turnover of 152.1 billion yuan. Commercial bank counter bond transactions totaled 0.076 million transactions, with a transaction amount of 64.11 billion yuan.

Bond market opening to the outside world

As of the end of September, the custody balance of overseas institutions in the Chinese bond market was 4.43 trillion yuan, accounting for 2.6% of the custody balance of the Chinese bond market. Among them, overseas institutions held a custody balance of 4.39 trillion yuan in the interbank bond market; in terms of types of bonds, overseas institutions held 2.17 trillion yuan in treasury bonds, accounting for 49.4%, interbank certificates of deposit 1.1 trillion yuan, accounting for 25.1%, and policy bank bonds 0.94 trillion yuan, accounting for 21.4%.

Currency market operation in September

In September, the interbank inter-bank lending market had a turnover of 7.6 trillion yuan, a 24.3% year-on-year decrease, and a 16.3% month-on-month decrease; bond repurchase turnover was 127.4 trillion yuan, a 6.8% year-on-year decrease, and an 11.4% month-on-month decrease. Standard bond repurchase turnover on the exchange was 40.7 trillion yuan, an 11.2% year-on-year increase, and a 9.0% month-on-month decrease.

In September, the weighted average interest rate for interbank lending was 1.78%, an increase of 1 basis point month-on-month; the weighted average interest rate for pledged repo was 1.83%, an increase of 4 basis points month-on-month.

V. Operating Status of the Bill Market

In September, the acceptance amount of commercial drafts was 3.2 trillion yuan, and the discount amount was 2.5 trillion yuan. As of the end of September, the balance of commercial draft acceptance was 19 trillion yuan, and the discount balance was 14.2 trillion yuan.

In September, there were 0.106 million small and medium-sized enterprises issuing bills, accounting for 93.1% of all bill-issuing enterprises. The bill issuance amount of small and medium-sized enterprises was 2.2 trillion yuan, accounting for 71.0% of the total bill issuance. There were 0.122 million small and medium-sized enterprises discounted, accounting for 96.4% of all discounting enterprises. The discount amount for small and medium-sized enterprises was 1.9 trillion yuan, accounting for 77.2% of the total discount amount.

VI. Operating Status of the Stock Market

At the end of September, the SSE Composite Index closed at 3336.5 points, an increase of 494.3 points from the previous month, with a growth rate of 17.4%; the Shenzhen Component Index closed at 10529.8 points, an increase of 2181.3 points from the previous month, with a growth rate of 26.1%. In September, the average daily trading volume in the Shanghai market was 343.24 billion yuan, an increase of 33.1% month-on-month; the average daily trading volume in the Shenzhen market was 451.26 billion yuan, an increase of 33.9% month-on-month.

VII. Structure of Holders in the Interbank Bond Market

As of the end of September, there were a total of 3980 corporate members in the interbank bond market, all of which were financial institutions. According to corporate statistics, there were a total of 2103 holders of non-financial corporate debt financing instruments. In terms of bond holding scale, the top 50 investors accounted for 51.0%, mainly concentrated in public funds (asset management), large state-owned commercial banks (proprietary trading), trust companies (asset management), etc.; the top 200 investors accounted for 83.5%. The maximum, minimum, average, and median number of holders of non-financial corporate debt financing instruments were 85, 1, 13, and 13 respectively. Holders with less than 20 non-financial corporate debt financing instruments accounted for 87%.

In September, in terms of transaction scale, according to corporate statistics, the top 50 investors in non-financial corporate debt financing instruments accounted for 59.3% of the transactions, mainly concentrated in securities companies (proprietary trading), fund companies (asset management), and joint-stock commercial banks (proprietary trading), while the top 200 investors accounted for 90.0% of the transactions.

This article is selected from the official website of the People's Bank of China, edited by Zhitong Finance: Jiang Yuanhua.