Group 1 - In February 2022, the bond market issued a total of 44,307.7 billion yuan in various types of bonds [1] - The issuance breakdown includes 4,800 billion yuan in government bonds, 5,071 billion yuan in local government bonds, 7,240.5 billion yuan in financial bonds, 7,518.4 billion yuan in corporate credit bonds, 45.0 billion yuan in credit asset-backed securities, and 19,366.1 billion yuan in interbank certificates of deposit [1] - By the end of February, the total custody balance of the bond market reached 136.3 trillion yuan, with government bonds at 22.4 trillion yuan, local government bonds at 31.3 trillion yuan, financial bonds at 31.9 trillion yuan, corporate credit bonds at 31.6 trillion yuan, credit asset-backed securities at 2.6 trillion yuan, and interbank certificates of deposit at 14.5 trillion yuan [1] Group 2 - In February, the interbank bond market saw a total transaction volume of 173 trillion yuan, with an average daily transaction of 10,825 billion yuan, marking a year-on-year increase of 69% and a month-on-month increase of 8.8% [1] - The average transaction size was primarily between 5 million to 50 million yuan, with an average transaction amount of 49.04 million yuan [1] - The exchange bond market recorded a transaction volume of 21 trillion yuan, with an average daily transaction of 1,281.9 billion yuan, reflecting a year-on-year increase of 54.3% and a month-on-month increase of 4.4% [1] Group 3 - As of the end of February 2022, the custody balance of foreign institutions in the Chinese bond market was 4.1 trillion yuan, accounting for 3% of the total custody balance [2] - Foreign institutions held 2.5 trillion yuan in government bonds, representing 62.3% of their total holdings, and 1.1 trillion yuan in policy financial bonds, accounting for 26.4% [2]

Core Viewpoint - In June 2024, the People's Bank of China reported significant activity in the bond market, with a total issuance of various bonds amounting to 7.0916 trillion yuan, indicating robust market dynamics and participation from different sectors [1] Bond Market Issuance - In June, the bond market issued a total of 7.0916 trillion yuan, including 1.2816 trillion yuan in government bonds, 671.44 billion yuan in local government bonds, 833.47 billion yuan in financial bonds, 1.2339 trillion yuan in corporate credit bonds, 24.49 billion yuan in credit asset-backed securities, and 2.9843 trillion yuan in interbank certificates of deposit [1] Bond Market Custody Balance - As of the end of June, the total custody balance of the bond market reached 165 trillion yuan, with 144.4 trillion yuan in the interbank market and 20.6 trillion yuan in the exchange market [1] - The custody balance by bond type includes 30.9 trillion yuan in government bonds, 42.3 trillion yuan in local government bonds, 39.3 trillion yuan in financial bonds, 32.5 trillion yuan in corporate credit bonds, 1.3 trillion yuan in credit asset-backed securities, and 17.5 trillion yuan in interbank certificates of deposit [1] Trading Activity - In June, the interbank bond market recorded a transaction volume of 33 trillion yuan, with a daily average of 1.7359 trillion yuan, reflecting a year-on-year increase of 34.8% and a month-on-month increase of 12.8% [2] - The exchange bond market had a transaction volume of 3.5 trillion yuan, with a daily average of 186.28 billion yuan [2] - The commercial bank counter market saw 10.8 million transactions, amounting to 41.12 billion yuan [2] Foreign Participation - By the end of June, the custody balance of foreign institutions in the Chinese bond market was 4.35 trillion yuan, accounting for 2.6% of the total custody balance [2] - Foreign institutions held 2.21 trillion yuan in government bonds, representing 51.3% of their total holdings [2] Money Market Activity - In June, the interbank lending market recorded a transaction volume of 7.6 trillion yuan, a year-on-year decrease of 45.4% and a month-on-month decrease of 6.3% [2] - The bond repurchase transactions totaled 117.7 trillion yuan, down 24.4% year-on-year and 2.2% month-on-month [2] Interest Rates - The weighted average interest rate for interbank lending in June was 1.87%, an increase of 2 basis points month-on-month [3] - The weighted average interest rate for pledged repos was 1.89%, up 7 basis points month-on-month [3] Commercial Paper Market - In June, the acceptance amount of commercial bills was 3.4 trillion yuan, with a discount amount of 2.9 trillion yuan [3] - By the end of June, the acceptance balance of commercial bills was 17.8 trillion yuan, and the discount balance was 12.9 trillion yuan [3] - Small and micro enterprises accounted for 93% of the bill issuers, with their acceptance amount reaching 2.4 trillion yuan, representing 71.4% of the total [3]