人民银行：前三季度累计发行各类债券68万亿元

Core Insights - The People's Bank of China released the monetary policy execution report for Q3 2025, highlighting a significant increase in bond issuance [1] Bond Market Overview - A total of 68.0 trillion yuan in various bonds was issued in the first three quarters, representing a year-on-year growth of 13.9%, with an increase of 8.3 trillion yuan compared to the same period last year, primarily driven by the rise in government bonds, local government bonds, and financial bonds [1] - As of the end of September, the total balance of various bonds in the domestic market reached 193.3 trillion yuan, reflecting a year-on-year increase of 13.7% [1] Trading Activity - The total trading volume of bonds in the market for the first three quarters was 323.0 trillion yuan, showing a year-on-year growth of 0.4% [1] - Within this, the interbank bond market recorded a trading volume of 290.9 trillion yuan, which is a slight decline of 0.1% year-on-year, while the exchange bond market saw a trading volume of 32.1 trillion yuan, marking a year-on-year increase of 5.2% [1]