Group 1 - The People's Bank of China Shanghai Headquarters reported that as of the end of May 2025, foreign institutions held 4.35 trillion yuan in the interbank bond market, accounting for approximately 2.6% of the total custody amount in the market [1] - Among the types of bonds held by foreign institutions, government bonds amounted to 2.11 trillion yuan, representing 48.5%; interbank certificates of deposit totaled 1.22 trillion yuan, making up 28.0%; and policy financial bonds reached 0.84 trillion yuan, which is 19.3% [1] - In May, two new foreign institutional entities entered the interbank bond market, bringing the total to 1,169 foreign institutions by the end of May, with 605 entering through direct investment channels and 835 through the "Bond Connect" channel [1] Group 2 - The trading volume of foreign institutions in the interbank bond market in May was approximately 1.48 trillion yuan, with an average daily trading volume of about 777 billion yuan [1]

Core Insights - As of the end of June 2025, foreign institutions held 4.23 trillion yuan in the interbank bond market, accounting for approximately 2.5% of the total custody volume in this market [1] - Among the types of bonds held by foreign institutions, government bonds amounted to 2.10 trillion yuan, representing 49.6% of the total, while interbank certificates of deposit were 1.15 trillion yuan, making up 27.2%, and policy financial bonds were 0.81 trillion yuan, accounting for 19.1% [1] - In June, one new foreign institution entered the interbank bond market, bringing the total to 1,170 foreign institutions, with 607 entering through direct investment channels and 834 through the "Bond Connect" channel [1] - The trading volume of cash transactions by foreign institutions in the interbank bond market was approximately 1.32 trillion yuan in June, with an average daily trading volume of about 661 billion yuan [1]

Core Insights - As of the end of April 2025, foreign institutions held 4.44 trillion yuan in the interbank bond market, accounting for approximately 2.7% of the total custody volume [1] - Among the bond types, foreign institutions held 2.11 trillion yuan in government bonds, representing 47.5% of their holdings, 1.30 trillion yuan in interbank certificates of deposit, making up 29.3%, and 0.84 trillion yuan in policy financial bonds, which is 18.9% [1] - In April, five new foreign institutional entities entered the interbank bond market, bringing the total to 1,167 foreign institutions, with 604 entering through direct investment channels and 835 through the "Bond Connect" channel [1] - The trading volume of foreign institutions in the interbank bond market was approximately 1.75 trillion yuan in April, with an average daily trading volume of about 796 billion yuan [1]