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9月债券托管数据点评:商业银行大幅增配地方债
CDBS·2024-10-31 06:45

Overall Bond Custody Situation - In September 2024, the total bond custody amount reached 153.09 trillion yuan, with a net increase of 20,495.7 billion yuan compared to August[2] - The custody amount of China Central Depository & Clearing Co., Ltd. (CCDC) was 111.61 trillion yuan, net increasing by 12,671.49 billion yuan; Shanghai Clearing House (SCH) had a custody amount of 41.47 trillion yuan, net increasing by 7,824.21 billion yuan[2] Bond Type Analysis - The custody amount of government bonds in September was 32.74 trillion yuan, with a net increase of 3,914.5 billion yuan; the issuance scale was 13,615.3 billion yuan, decreasing by 2,317.4 billion yuan month-on-month but increasing by 1,792.7 billion yuan year-on-year[7] - The custody amount of local government bonds was 44.37 trillion yuan, net increasing by 11,747.91 billion yuan, with an issuance scale of 12,843.23 billion yuan, increasing by 847 billion yuan month-on-month and 5,092.23 billion yuan year-on-year[9] - Policy financial bonds had a custody amount of 23.36 trillion yuan, net increasing by 438.8 billion yuan, with an issuance of 4,550 billion yuan, decreasing by 1,060 billion yuan month-on-month but increasing by 745 billion yuan year-on-year[11] Institutional Investment Trends - Commercial banks significantly increased their allocation to local bonds, with an increase of 9,180.74 billion yuan in local bonds and a reduction of 489.73 billion yuan in policy financial bonds[14] - Non-bank institutions maintained stable allocations, with securities firms, insurance companies, and broad-based funds mainly increasing their holdings in interest rate bonds[14] - Foreign institutions reduced their holdings, with a notable decrease of 1,131.88 billion yuan in government bonds and a reduction of 151.07 billion yuan in interbank certificates of deposit[18]