Core Insights - The central bank released the financial market operation data for August 2025, indicating a mixed performance in various segments of the financial market [1] Interbank Market - In August, the interbank lending market recorded a transaction volume of 8.8 trillion yuan, representing a year-on-year decrease of 3.1% and a month-on-month decrease of 10.4% [1] Bond Repurchase Market - The bond repurchase transactions totaled 160.8 trillion yuan in August, showing a year-on-year increase of 11.8% but a month-on-month decrease of 8.28% [1] - Standard bond repurchase transactions on exchanges reached 52.9 trillion yuan, with a year-on-year increase of 18.3% and a month-on-month decrease of 7.9% [1] Interest Rates - The weighted average interest rate for interbank lending was 1.40% in August, reflecting a month-on-month decline of 5 basis points [1] - The weighted average interest rate for pledged repos was 1.41%, also down by 5 basis points month-on-month [1]

Core Insights - The central bank released the financial market operation report for August 2025, indicating significant increases in major stock indices and trading volumes [1] Group 1: Stock Market Performance - The Shanghai Composite Index closed at 3857.9 points at the end of August, reflecting a month-on-month increase of 284.7 points, with a growth rate of 8.0% [1] - The Shenzhen Component Index closed at 12696.2 points, showing a month-on-month increase of 1686.4 points, with a growth rate of 15.3% [1] Group 2: Trading Volume - The average daily trading volume in the Shanghai market reached 9566.4 billion yuan, representing a month-on-month increase of 41.0% [1] - The average daily trading volume in the Shenzhen market was 13230.0 billion yuan, indicating a month-on-month increase of 42.0% [1]

Bond Market Issuance - In July, the bond market issued a total of 77,536.2 billion yuan across various types of bonds, including 12,226.5 billion yuan in government bonds, 12,134.9 billion yuan in local government bonds, 13,905.5 billion yuan in financial bonds, 13,496.8 billion yuan in corporate credit bonds, 329.3 billion yuan in credit asset-backed securities, and 24,743.6 billion yuan in interbank certificates of deposit [2] Bond Market Operation - The interbank bond market recorded a total transaction volume of 37.3 trillion yuan in July, with an average daily transaction of 1.6 trillion yuan, reflecting a year-on-year increase of 2.8% but a month-on-month decrease of 5.5% [3] - The exchange bond market had a transaction volume of 4.4 trillion yuan, with an average daily transaction of 190.4 billion yuan [3] Foreign Participation in Bond Market - As of the end of July, the custody balance of foreign institutions in the Chinese bond market was 4.0 trillion yuan, accounting for 2.1% of the total custody balance [4] - Foreign institutions held 2.0 trillion yuan in government bonds, representing 51.4% of their total holdings [4] Money Market Operation - The interbank lending market saw a transaction volume of 9.8 trillion yuan in July, a year-on-year increase of 3.1% and a month-on-month increase of 16.6% [5] - The weighted average interest rate for interbank lending was 1.45%, down by 1 basis point from the previous month [5] Bill Market Operation - In July, the acceptance amount of commercial bills was 3.7 trillion yuan, while the discount amount was 3.1 trillion yuan [6] - Small and micro enterprises accounted for 93.5% of all bill issuers, with a total bill issuance amount of 2.8 trillion yuan [6] Stock Market Operation - By the end of July, the Shanghai Composite Index closed at 3,573.2 points, up 128.8 points or 3.7% from the previous month [7] - The average daily trading volume in the Shanghai market was 678.5 billion yuan, reflecting a month-on-month increase of 32.9% [7] Holder Structure in Interbank Bond Market - As of the end of July, there were 3,986 institutional members in the interbank bond market, all of which were financial institutions [8] - The top 50 investors in corporate credit bonds held 53.3% of the total bonds, primarily concentrated in public funds, state-owned commercial banks, and insurance financial institutions [9]

Core Insights - The central point of the article is the performance of the financial market in July 2025, as reported by the central bank, highlighting significant increases in major stock indices and trading volumes. Market Performance - As of the end of July, the Shanghai Composite Index closed at 3573.2 points, reflecting a month-on-month increase of 128.8 points, which corresponds to a growth rate of 3.7% [1] - The Shenzhen Component Index reached 11009.8 points, with a month-on-month rise of 544.7 points, indicating a growth rate of 5.2% [1] Trading Volume - The average daily trading volume in the Shanghai market was 6785.5 billion yuan, representing a month-on-month increase of 32.9% [1] - The average daily trading volume in the Shenzhen market was 9316.3 billion yuan, showing a month-on-month increase of 16.9% [1]

Bond Market Issuance - In July, the bond market issued a total of 77,536.2 billion yuan in various types of bonds, including 12,226.5 billion yuan in government bonds, 12,134.9 billion yuan in local government bonds, 13,905.5 billion yuan in financial bonds, 13,496.8 billion yuan in corporate credit bonds, 329.3 billion yuan in credit asset-backed securities, and 24,743.6 billion yuan in interbank certificates of deposit [1] Bond Market Operation - In July, the interbank bond market had a total transaction volume of 37.3 trillion yuan, with an average daily transaction of 1.6 trillion yuan, showing a year-on-year increase of 2.8% but a month-on-month decrease of 5.5%. Transactions with amounts between 5 million and 50 million yuan accounted for 51.8% of the total transaction amount [2] Bond Market Foreign Investment - As of the end of July, the custody balance of foreign institutions in the Chinese bond market was 4.0 trillion yuan, accounting for 2.1% of the total custody balance. Among these, 3.9 trillion yuan was held in the interbank bond market, with foreign institutions holding 2.0 trillion yuan in government bonds, 1.0 trillion yuan in interbank certificates of deposit, and 0.8 trillion yuan in policy bank bonds [3] Money Market Operation - In July, the interbank lending market had a transaction volume of 9.8 trillion yuan, a year-on-year increase of 3.1% and a month-on-month increase of 16.6%. The bond repurchase transaction volume was 175.3 trillion yuan, with a year-on-year increase of 18.5% [4] Bill Market Operation - In July, the acceptance amount of commercial bills was 3.7 trillion yuan, and the discount amount was 3.1 trillion yuan. As of the end of July, the acceptance balance of commercial bills was 19.9 trillion yuan, and the discount balance was 15.6 trillion yuan [5] Stock Market Operation - By the end of July, the Shanghai Composite Index closed at 3,573.2 points, an increase of 128.8 points or 3.7% from the previous month. The Shenzhen Component Index closed at 11,009.8 points, an increase of 544.7 points or 5.2% [6] Interbank Bond Market Holder Structure - As of the end of July, there were 3,986 institutional members in the interbank bond market, all of which were financial institutions. The top 50 investors in corporate credit bonds held 53.3% of the total, primarily concentrated in public funds, state-owned commercial banks, and insurance financial institutions [7]

Core Insights - The central viewpoint of the article highlights the performance of the financial market in July 2025, as reported by the central bank, indicating growth in interbank lending and bond repurchase transactions. Group 1: Interbank Market - In July, the interbank lending market recorded a transaction volume of 9.8 trillion yuan, representing a year-on-year increase of 3.1% and a month-on-month increase of 16.6% [1] - The weighted average interest rate for interbank lending was 1.45%, showing a decrease of 1 basis point month-on-month [1] Group 2: Bond Repurchase Market - The bond repurchase transactions totaled 175.3 trillion yuan in July, which is an 18.5% increase year-on-year and a 12.2% increase month-on-month [1] - The standard bond repurchase transactions on exchanges reached 57.4 trillion yuan, reflecting a year-on-year growth of 21.1% and a month-on-month increase of 13.5% [1] - The weighted average interest rate for pledged repos was 1.46%, which decreased by 4 basis points month-on-month [1]

Group 1: Bond Market Overview - In May, the bond market issued a total of 71,951.6 billion yuan in various bonds, including 14,892.9 billion yuan in government bonds, 7,794.4 billion yuan in local government bonds, 12,184.1 billion yuan in financial bonds, 9,022.7 billion yuan in corporate credit bonds, 239.0 billion yuan in credit asset-backed securities, and 27,741.5 billion yuan in interbank certificates of deposit [1] - The interbank bond market saw a total transaction volume of 30.7 trillion yuan in May, with an average daily transaction of 1.6 trillion yuan, reflecting a year-on-year increase of 5.0% and a month-on-month increase of 6.6% [1] - As of the end of May, the custody balance of foreign institutions in the Chinese bond market was 4.4 trillion yuan, accounting for 2.3% of the total custody balance, with 4.3 trillion yuan in the interbank bond market [1] Group 2: Money Market and Interest Rates - In May, the interbank lending market recorded a transaction volume of 6.7 trillion yuan, a year-on-year decrease of 17.3% and a month-on-month decrease of 3.8%; meanwhile, bond repurchase transactions totaled 129.8 trillion yuan, showing a year-on-year increase of 7.8% [2] - The weighted average interest rate for interbank lending was 1.55%, down 18 basis points month-on-month, while the weighted average interest rate for pledged repos was 1.56%, down 16 basis points [2] Group 3: Commercial Paper and Small Enterprises - In May, the acceptance amount of commercial bills was 3.5 trillion yuan, and the discount amount was 2.9 trillion yuan; as of the end of May, the acceptance balance of commercial bills was 20.0 trillion yuan, and the discount balance was 15.2 trillion yuan [2] - Small and micro enterprises accounted for 93.4% of all bill issuers, with 10.7 million small and micro enterprises issuing bills totaling 2.6 trillion yuan, representing 72.7% of the total bill issuance [2] Group 4: Stock Market Performance - By the end of May, the Shanghai Composite Index closed at 3,347.5 points, up 68.5 points or 2.1% month-on-month, while the Shenzhen Component Index closed at 10,040.6 points, up 140.8 points or 1.4% [2] - The average daily trading volume in the Shanghai market was 469.8 billion yuan, down 8.9% month-on-month, while the Shenzhen market saw an average daily trading volume of 714.5 billion yuan, up 3.4% month-on-month [2] Group 5: Holder Structure of Interbank Bond Market - As of the end of May, there were 3,988 institutional members in the interbank bond market, all of which were financial institutions; the top 50 investors in corporate credit bonds held 48.1% of the total bonds, primarily concentrated in public funds, state-owned commercial banks, and insurance financial institutions [3]

Market Overview - In June, the average daily trading volume in the Shanghai Stock Exchange was 510.4 billion yuan, an increase of 8.6% month-on-month; the Shenzhen Stock Exchange's average daily trading volume was 796.9 billion yuan, up 11.5% month-on-month [1][7] Bond Market Issuance - In June, the bond market issued a total of 87,939.5 billion yuan in various bonds, including 15,903.9 billion yuan in government bonds, 11,753.2 billion yuan in local government bonds, 10,738.7 billion yuan in financial bonds, 14,257.3 billion yuan in corporate credit bonds, 247.2 billion yuan in credit asset-backed securities, and 34,569.3 billion yuan in interbank certificates of deposit [2] Bond Market Operation - In June, the interbank bond market had a total transaction volume of 34.3 trillion yuan, with an average daily transaction of 1.7 trillion yuan, a year-on-year decrease of 1.2% but a month-on-month increase of 6.2% [3] Foreign Participation in Bond Market - As of the end of June, the custody balance of foreign institutions in the Chinese bond market was 4.3 trillion yuan, accounting for 2.3% of the total custody balance [4] Money Market Activity - In June, the interbank lending market had a transaction volume of 8.4 trillion yuan, a year-on-year increase of 11.2% and a month-on-month increase of 26.0% [5] Commercial Paper Market - In June, the acceptance amount of commercial bills was 3.5 trillion yuan, and the discount amount was 2.8 trillion yuan [6] Stock Market Performance - By the end of June, the Shanghai Composite Index closed at 3,444.4 points, an increase of 96.9 points or 2.9% month-on-month; the Shenzhen Component Index closed at 10,465.1 points, up 424.5 points or 4.2% month-on-month [7]

Group 1 - The central bank released the financial market operation report for June 2025, indicating significant growth in interbank lending and bond repurchase transactions [1] - In June, the interbank lending market recorded a transaction volume of 8.4 trillion yuan, representing a year-on-year increase of 11.2% and a month-on-month increase of 26% [1] - The bond repurchase transactions totaled 156.3 trillion yuan, showing a year-on-year increase of 32.7% and a month-on-month increase of 20.4% [1] Group 2 - The standard bond repurchase transactions on exchanges reached 50.6 trillion yuan, with a year-on-year increase of 32.2% and a month-on-month increase of 4.1% [1] - The weighted average interest rate for interbank lending was 1.46%, which decreased by 9 basis points month-on-month [1] - The weighted average interest rate for pledged repos was 1.50%, reflecting a month-on-month decrease of 6 basis points [1]

Group 1 - The central bank reported that in May 2025, the interbank lending market transactions amounted to 6.7 trillion yuan, representing a year-on-year decrease of 17.3% and a month-on-month decrease of 3.8% [1] - Bond repurchase transactions reached 129.8 trillion yuan in May, showing a year-on-year increase of 7.8% but a month-on-month decrease of 4.7% [1] - Standard bond repurchase transactions on exchanges totaled 48.6 trillion yuan, which is a year-on-year increase of 24.7% and a month-on-month decrease of 8.0% [1] Group 2 - The weighted average interest rate for interbank lending in May was 1.55%, which is a decrease of 18 basis points month-on-month [1] - The weighted average interest rate for pledged repos was 1.56%, reflecting a month-on-month decrease of 16 basis points [1]