2025年4月银行间本币市场运行报告

Group 1: Money Market Overview - The average daily trading volume and balance in the money market increased in April, with a significant decline in major repo rates and a rebound in the net lending balance of large commercial banks [2][4][5] - The total trading volume in the money market reached 143.1 trillion yuan, a month-on-month increase of 9.4%, with an average daily transaction of 6.5 trillion yuan, up 4.4% month-on-month [2][3] - The average daily balance in the money market rose to 11.6 trillion yuan, an increase of 3.8% month-on-month, while the net lending balance of large commercial banks increased by 18.4% [5][6] Group 2: Bond Market Dynamics - The total bond issuance in April was 4.96 trillion yuan, a month-on-month increase of 7.8% and a year-on-year increase of 23%, while net financing decreased by 7.9% month-on-month [8] - The trading volume of bonds decreased, with a total of 33 trillion yuan in transactions, reflecting a month-on-month decline of 12.6% [9][10] - Bond yields experienced a downward trend followed by a period of stability, with the 10-year government bond yield fluctuating between 1.62% and 1.81% [11] Group 3: Interest Rate Swap Market - The interest rate swap curve shifted downward overall, with significant decreases in swap rates for various maturities [12][13] - The average daily transaction volume in the interest rate swap market decreased, with a total nominal principal of 3.6 trillion yuan, reflecting a 14.6% month-on-month decline [13]