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]

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]

Core Viewpoint - The revised "Regulations on Payment of Small and Medium-sized Enterprises" has been officially implemented on June 1, providing hope for SMEs facing payment delays in a challenging economic environment [1][2]. Group 1: Regulation Implementation - The new regulations require large enterprises to pay within 60 days from the date of delivery, preventing indefinite payment delays [2]. - The regulations prohibit forcing SMEs to accept non-cash payment methods like commercial bills, ensuring quicker cash flow for SMEs [2]. - The regulations aim to create a fairer trading environment by banning conditional payments based on third-party payments, reducing uncertainty for SMEs [2]. Group 2: Challenges and Enforcement - Despite the positive changes, the implementation of the regulations faces challenges due to a slowing economy and reduced payment capabilities among enterprises [3]. - To ensure effective enforcement, it is essential to establish clear penalties for violations based on the amount and duration of payment delays [3][4]. - A national credit information platform should be established to blacklist companies that deliberately delay payments, restricting their access to government contracts and loans [3]. Group 3: Tailored Solutions for SMEs - Different sectors and sizes of SMEs have unique payment needs, necessitating targeted payment terms and solutions [4]. - For smaller enterprises, policies should favor cash payments and reduce the use of delayed payment instruments like bills [4]. - Financial institutions should be encouraged to offer short-term loans with government interest subsidies to support SMEs [4][5]. Group 4: Dynamic Policy Adjustments - Payment terms and solutions should be adjusted based on market conditions and the financial status of enterprises [5]. - Regular assessments of payment situations across industries will help in refining payment regulations and support policies [5]. - Addressing the payment issues of SMEs is crucial for the stability and growth of the national economy, particularly in the automotive sector [5].

一、债券市场发行情况 3月份，债券市场共发行各类债券87356.6亿元。国债发行12786.3亿元，地方政府债券发行9788.0亿元，金融债 券发行10226.4亿元，公司信用类债券¹发行13335.2亿元，信贷资产支持证券发行186.0亿元，同业存单发行 40686.2亿元。 截至3月末，债券市场托管余额183.1万亿元。其中，银行间市场托管余额161.8万亿元，交易所市场托管余额 21.3万亿元。分券种来看，国债托管余额35.3万亿元，地方政府债券托管余额49.8万亿元，金融债券托管余额 41.5万亿元，公司信用类债券托管余额33.1万亿元，信贷资产支持证券托管余额1.1万亿元，同业存单托管余额 21.2万亿元。商业银行柜台债券托管余额1649.0亿元。 二、债券市场运行情况 3月份，银行间债券市场现券成交36.5万亿元，日均成交1.7万亿元，同比减少6.7%，环比增加22.1%。单笔成 交量在500 万 -5000万元的交易占总成交金额的49.8%，单笔成交量在9000万元以上的交易占总成交金额的 44.0%，单笔平均成交量4198.0万元。交易所债券市场现券成交3.6万亿元，日均成交1718.4亿元。 ...