央行上海总部：截至2025年12月末境外机构持有银行间市场债券3.46万亿元

Core Insights - The People's Bank of China (PBOC) Shanghai Headquarters reported that as of December 2025, foreign institutions held 3.46 trillion yuan in the interbank bond market, accounting for approximately 2.0% of the total custody volume in this market [1] Group 1: Foreign Institution Holdings - Foreign institutions held 2.01 trillion yuan in government bonds, representing 58.1% of their total holdings [1] - Policy financial bonds amounted to 0.74 trillion yuan, making up 21.4% of the total [1] - Negotiable certificates of deposit (NCDs) were at 0.58 trillion yuan, which is 16.8% of the total [1] - Other types of bonds accounted for 0.13 trillion yuan, or 3.8% [1] Group 2: Market Participation - In December 2025, six new foreign institutional entities entered the interbank bond market [1] - By the end of December, there were 1,189 foreign institutional entities in the market, with 624 entering through settlement agency channels and 839 through the "Bond Connect" channel [1] - The trading volume of foreign institutions in the interbank bond market was approximately 1.07 trillion yuan in December, with an average daily trading volume of about 464 billion yuan [1]