人民财讯12月31日电，央行发布2025年11月份金融市场运行情况，截至11月末，境外机构在中国债券市 场的托管余额3.6万亿元，占中国债券市场托管余额的比重为1.9%。其中，境外机构在银行间债券市场 的债券托管余额3.6万亿元；分券种看，境外机构持有国债2.0万亿元、占比56.2%，同业存单0.7万亿 元、占比19.1%，政策性银行债券0.8万亿元、占比21.1%。 ...

Core Insights - The People's Bank of China released the financial market operation report for October, highlighting the status of foreign institutions in the Chinese bond market [1] Group 1: Foreign Institutions in Bond Market - As of the end of October, the custody balance of foreign institutions in the Chinese bond market reached 3.8 trillion yuan, accounting for 1.9% of the total custody balance in the market [1] - Within the interbank bond market, foreign institutions held a custody balance of 3.7 trillion yuan [1] Group 2: Breakdown of Bond Holdings - Foreign institutions held 2.0 trillion yuan in government bonds, representing 54.7% of their total holdings [1] - The holdings of negotiable certificates of deposit (NCDs) by foreign institutions amounted to 0.8 trillion yuan, making up 20.9% of the total [1] - Policy bank bonds held by foreign institutions also totaled 0.8 trillion yuan, which is 20.1% of their total holdings [1]

Core Insights - The People's Bank of China released the financial market operation report for September 2025, indicating the status of foreign institutions in the Chinese bond market [1] Group 1: Foreign Institutions in Bond Market - As of the end of September, the custody balance of foreign institutions in the Chinese bond market reached 3.8 trillion yuan, accounting for 2.0% of the total custody balance in the market [1] - The custody balance of foreign institutions in the interbank bond market is also 3.8 trillion yuan [1] Group 2: Breakdown by Bond Type - Foreign institutions hold 2.0 trillion yuan in government bonds, representing 52.9% of their total holdings [1] - The holdings in interbank certificates of deposit amount to 0.9 trillion yuan, which is 22.8% of the total [1] - Policy bank bonds held by foreign institutions total 0.8 trillion yuan, making up 20.4% of their total holdings [1]

Core Insights - As of the end of September, the total custody balance of foreign institutions in China's bond market reached 3.8 trillion yuan, accounting for 2.0% of the total custody balance in the market [1] Group 1: Foreign Institutions' Holdings - The custody balance of foreign institutions in the interbank bond market is also 3.8 trillion yuan [1] - Foreign institutions hold 2.0 trillion yuan in government bonds, representing 52.9% of their total holdings [1] - The holdings include 0.9 trillion yuan in interbank certificates of deposit, which accounts for 22.8% [1] - Policy bank bonds held by foreign institutions amount to 0.8 trillion yuan, making up 20.4% of their total holdings [1]

Group 1 - The A-share market has been rising significantly in the second half of the year, while the bond market has experienced a substantial adjustment, with the 30-year government bond futures main contract dropping over 4% [1] - The yield on 10-year government bonds has risen, reaching as high as 1.8%, indicating a shift in the bond market dynamics [1] - Since early 2018, the yield on 10-year government bonds has decreased from nearly 4.0% to around 1.60%, a decline of nearly 240 basis points [1] Group 2 - Foreign investors remain optimistic about Chinese assets, with a report indicating that in August, foreign investment in emerging market stocks and bonds reached nearly $45 billion, the highest in nearly a year [1] - As of mid-year, the custody balance of foreign institutions in the Chinese bond market reached 4.3 trillion yuan, accounting for 2.3% of the market, with government bonds making up 49.6% of this amount [2] - Analysts suggest that the current stock market rally is expected to last for a longer duration, with funds flowing into the market being diversified, partly sourced from the bond market [2]

Core Insights - The People's Bank of China released the financial market operation report for July 2025, indicating the status of foreign institutional investment in China's bond market [1] Group 1: Foreign Institutional Investment - As of the end of July, the custody balance of foreign institutions in China's bond market reached 4.0 trillion yuan, accounting for 2.1% of the total custody balance in the market [1] - Within this, the custody balance in the interbank bond market was 3.9 trillion yuan [1] Group 2: Breakdown by Bond Type - Foreign institutions held 2.0 trillion yuan in government bonds, representing 51.4% of their total holdings [1] - The holdings in interbank certificates of deposit amounted to 1.0 trillion yuan, making up 24.9% [1] - Policy bank bonds held by foreign institutions totaled 0.8 trillion yuan, which is 19.3% of their total holdings [1]

Core Insights - The People's Bank of China reported that as of the end of July 2025, the custody balance of foreign institutions in China's bond market reached 4 trillion yuan, accounting for 2.1% of the total custody balance in the market [1] Summary by Category Foreign Institutions in Bond Market - The custody balance of foreign institutions in the interbank bond market was 3.9 trillion yuan [1] - Foreign institutions held 2 trillion yuan in government bonds, representing 51.4% of their total holdings [1] - The holdings of negotiable certificates of deposit amounted to 1 trillion yuan, making up 24.9% [1] - Policy bank bonds held by foreign institutions totaled 800 billion yuan, which is 19.3% of their total holdings [1]

Core Insights - The People's Bank of China reported that as of the end of July 2025, the custody balance of foreign institutions in China's bond market reached 4 trillion yuan, accounting for 2.1% of the total custody balance in the market [1] Group 1: Foreign Institutions in Bond Market - The custody balance of foreign institutions in the interbank bond market is 3.9 trillion yuan [1] - Foreign institutions hold 2 trillion yuan in government bonds, representing 51.4% of their total holdings [1] - The holdings of negotiable certificates of deposit by foreign institutions amount to 1 trillion yuan, which is 24.9% of the total [1] - Policy bank bonds held by foreign institutions total 800 billion yuan, making up 19.3% of their total holdings [1]

Core Insights - The People's Bank of China reported that as of the end of July 2025, the custody balance of foreign institutions in China's bond market reached 4.0 trillion yuan, accounting for 2.1% of the total custody balance in the Chinese bond market [1] Summary by Category Foreign Institutions in Bond Market - The custody balance of foreign institutions in the interbank bond market was 3.9 trillion yuan [1] - Foreign institutions held 2.0 trillion yuan in government bonds, representing 51.4% of their total holdings [1] - The holdings also included 1.0 trillion yuan in interbank certificates of deposit, accounting for 24.9%, and 0.8 trillion yuan in policy bank bonds, making up 19.3% [1]

Core Insights - As of the end of June, the custody balance of foreign institutions in China's bond market reached 4.3 trillion yuan, accounting for 2.3% of the total custody balance in the Chinese bond market [1] Summary by Category Custody Balance - The custody balance of foreign institutions in the interbank bond market is 4.2 trillion yuan [1] Bond Types Held - Foreign institutions hold 2.1 trillion yuan in government bonds, representing 49.6% of their total holdings [1] - The holdings in interbank certificates of deposit amount to 1.2 trillion yuan, which is 27.2% of the total [1] - Policy bank bonds held by foreign institutions total 0.8 trillion yuan, accounting for 19.1% [1]