Core Viewpoint - In August, the commercial bill acceptance and discounting activities showed significant involvement from small and micro enterprises, indicating their crucial role in the financial market [1] Group 1: Commercial Bills - In August, the total amount of commercial bill acceptance reached 3.3 trillion yuan, while the discounting amount was 2.5 trillion yuan [1] - By the end of August, the balance of commercial bill acceptance stood at 20.2 trillion yuan, and the balance of discounting was 15.7 trillion yuan [1] - Small and micro enterprises accounted for 93.3% of all bill issuers, with 10.9 million enterprises issuing bills totaling 2.4 trillion yuan, representing 73.4% of the total bill issuance [1] Group 2: Discounting Activities - In August, 12.1 million small and micro enterprises participated in discounting, making up 96.6% of all discounting enterprises, with a total discounting amount of 2 trillion yuan, which is 78.8% of the total discounting [1] Group 3: Interbank Market - The interbank lending market recorded a transaction volume of 8.8 trillion yuan in August, reflecting a year-on-year decrease of 3.1% and a month-on-month decrease of 10.4% [1] - The bond repurchase transactions amounted to 160.8 trillion yuan, 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] Group 4: Interest Rates - The weighted average interest rate for interbank lending was 1.4%, while the weighted average interest rate for pledged repos was 1.41%, both showing a month-on-month decline of 5 basis points [1]

Core Insights - The People's Bank of China released the financial market performance for August 2025, highlighting significant changes in interbank lending and bond repurchase transactions [1] Interbank Lending 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, which is an 18.3% year-on-year increase and a 7.9% month-on-month decrease [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]

Bond Market Issuance - In August, the bond market issued a total of 74,281.4 billion yuan in various bonds, including 13,277.6 billion yuan in government bonds, 9,776.4 billion yuan in local government bonds, 11,550.3 billion yuan in financial bonds, 12,391.4 billion yuan in corporate credit bonds, 212.2 billion yuan in credit asset-backed securities, and 26,956.5 billion yuan in interbank certificates of deposit [2] Bond Market Operation - In August, the interbank bond market had a total transaction volume of 33.1 trillion yuan, with an average daily transaction of 1.6 trillion yuan, reflecting a year-on-year increase of 20.1% but a month-on-month decrease of 2.8% [3] - The exchange bond market recorded a transaction volume of 4.4 trillion yuan, with an average daily transaction of 208.29 billion yuan [3] Foreign Participation in Bond Market - As of the end of August, the custody balance of foreign institutions in the Chinese bond market was 3.9 trillion yuan, accounting for 2.0% of the total custody balance [4] - Foreign institutions held 2.0 trillion yuan in government bonds, representing 52.5% of their total holdings [4] Money Market Operation - In August, the interbank lending market had a transaction volume of 8.8 trillion yuan, a year-on-year decrease of 3.1% and a month-on-month decrease of 10.4% [5] - The bond repurchase transaction volume was 160.8 trillion yuan, showing a year-on-year increase of 11.8% [5] Bill Market Operation - In August, the acceptance amount of commercial bills was 3.3 trillion yuan, and the discount amount was 2.5 trillion yuan [6] - Small and micro enterprises accounted for 93.3% of all bill issuers, with a total bill issuance amount of 2.4 trillion yuan [6] Stock Market Operation - By the end of August, the Shanghai Composite Index closed at 3,857.9 points, an increase of 284.7 points or 8.0% [7] - The Shenzhen Component Index closed at 12,696.2 points, an increase of 1,686.4 points or 15.3% [7] Holder Structure in Interbank Bond Market - As of the end of August, there were 3,984 institutional members in the interbank bond market, all of which were financial institutions [8] - The top 50 investors in corporate credit bonds held 53.0% of the total bonds, primarily concentrated in public funds, state-owned commercial banks, and insurance financial institutions [9]

Core Insights - The central bank released the financial market performance for August 2025, highlighting significant increases in major stock indices and trading volumes [1] Market Performance - As of the end of August, the Shanghai Composite Index closed at 3857.9 points, reflecting a month-on-month increase of 284.7 points, which corresponds to an 8.0% rise [1] - The Shenzhen Component Index reached 12696.2 points, with a month-on-month increase of 1686.4 points, resulting in a 15.3% rise [1] Trading Volume - In August, the average daily trading volume in the Shanghai market was 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, showing a month-on-month increase of 42.0% [1]

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]