21世纪经济报道记者 唐婧 北京报道 可以预见的是，银行间市场数据报告库（上海）股份有限公司的成立将服务于银行间市场交易报告库的建设工作，为高频汇集并监 测金融市场交易行为提供基础设施保障。 中国（上海）自贸区研究院金融研究室主任刘斌告诉记者，银行间市场交易报告库是建设金融强国，推动金融高质量发展的重要金 融基础设施，其核心价值在于提升透明度、防范系统性风险。核心功能是高频汇集并系统分析银行间债券、货币、衍生品等多类金 融产品交易数据，打破数据和信息孤岛，利用现代化金融科技解决场外交易信息不透明的痛点，为金融机构决策、宏观调控与市场 监管提供支撑。 国家企业信用信息公示系统信息显示，12月13日，银行间市场数据报告库（上海）股份有限公司成立，法定代表人为徐忠，注册资 本6亿元人民币，经营范围为数据处理服务、数据处理和存储支持服务、信息技术咨询服务、软件开发，注册地址为上海市黄浦区中 山东一路15-1号5层。 发起人及出资信息显示，该公司由上海黄金交易所、中债信用增进投资股份有限公司、中汇信息技术（上海）有限公司、中债资信 评估有限责任公司、上海票据交易所股份有限公司、中国银行间市场交易商协会、银行间市场清算所 ...

Group 1 - The People's Bank of China released the financial market operation report for October 2025, highlighting significant activity in the bond market [1] - In October 2025, the interbank bond market recorded a total transaction volume of 26.6 trillion yuan, with an average daily transaction of 1.5 trillion yuan, representing a year-on-year increase of 10.2% and a month-on-month increase of 3.9% [1] - Transactions with a single volume between 5 million and 50 million yuan accounted for 48.06% of the total transaction amount, while transactions over 90 million yuan made up 45.68%, with an average single transaction volume of 41.77 million yuan [1] Group 2 - The exchange bond market saw a transaction volume of 3.3 trillion yuan, with an average daily transaction of 193.79 billion yuan [1] - Commercial banks conducted 66,000 bond transactions, amounting to 58.73 billion yuan [1]

人民财讯11月30日电，央行发布2025年10月份金融市场运行情况。10月份，银行间债券市场现券成交 26.6万亿元，日均成交1.5万亿元，同比增加10.2%，环比增加3.9%。单笔成交量在500-5000万元的交易 占总成交金额的48.06%，单笔成交量在9000万元以上的交易占总成交金额的45.68%，单笔平均成交量 4177.69万元。交易所债券市场现券成交3.3万亿元，日均成交1937.9亿元。商业银行柜台债券成交6.6万 笔，成交金额587.3亿元。 ...

Core Viewpoint - The Shanghai Financial Court ruled on a case involving false statements in bond issuance documents by Shanghai Huaxin International Group, marking the first securities false statement liability dispute in the interbank bond market [1][4]. Group 1: Case Background - The case originated from a rural commercial bank suing various intermediary institutions, including underwriters and rating agencies, for compensation due to false statements in bond issuance [1]. - The total amount of bonds issued by Shanghai Huaxin from 2014 to 2017 exceeded 40 billion yuan [1]. - The plaintiff, a rural commercial bank, invested over 200 million yuan, and multiple investment institutions have sued Shanghai Huaxin due to bond defaults [1]. Group 2: Court Ruling - The court determined that five intermediary institutions must bear joint liability for the losses incurred by the plaintiff, amounting to approximately 128 million yuan [4]. - Postal Savings Bank and China International Capital Corporation are each responsible for 5% of the losses, equating to about 6.39 million yuan [2]. - Other intermediaries, including accounting firms and credit rating agencies, are liable for smaller percentages of the losses, totaling approximately 2.1 million yuan [2]. Group 3: Loss Assessment - The court acknowledged the complexity of factors leading to investment losses, including macroeconomic conditions and the investigation of the actual controller of the issuing company [3]. - A third-party professional institution was commissioned to assess the losses, employing methods aligned with bond pricing principles and market characteristics [3]. - The assessment distinguished losses across three phases: from issuance to disclosure, from disclosure to default, and from default to bankruptcy ruling [3].

Core Viewpoint - The Shanghai Financial Court ruled on a case involving false statements in bond issuance by Shanghai Huaxin International Group, marking a significant precedent in the interbank bond market regarding securities fraud liability [1][2][4] Group 1: Case Background - The case involves a rural commercial bank suing various intermediary institutions for compensation due to false statements in bond issuance documents by Shanghai Huaxin, which issued over 40 billion yuan in bonds from 2014 to 2017 [1][2] - The plaintiff, a rural commercial bank, invested over 200 million yuan in the bonds, which subsequently defaulted [2][3] Group 2: Court Ruling - The court determined that five intermediary institutions, including Postal Savings Bank and CICC, are liable for a total loss of approximately 128 million yuan, with specific percentages of liability assigned to each [2][4] - The ruling specified that the defendants must bear joint liability for the losses, with Postal Savings Bank and CICC responsible for 5% each, while other intermediaries have lower percentages [2][4] Group 3: Loss Assessment Methodology - The court commissioned a third-party professional agency to assess the losses caused by non-fraudulent statements, utilizing the "bond value comparison method" and considering various factors such as macroeconomic conditions and the issuer's operational status [3][4] - The assessment was divided into three phases: from issuance to disclosure, from disclosure to default, and from default to bankruptcy ruling, ensuring a comprehensive evaluation of the losses [3]

Core Insights - The People's Bank of China (PBOC) reported that as of September 2025, foreign institutions held 3.78 trillion yuan in the interbank bond market, accounting for 2.2% of the total custody volume [1] - The report indicates a significant increase in the number of foreign institutions entering the market, with 11 new entities in September alone, contributing to a total of 1,176 foreign institutions [3] - The introduction of a new bond repurchase mechanism for foreign investors is expected to enhance market liquidity and attract more foreign capital into the domestic bond market [6][7] Group 1: Foreign Investment in Bond Market - As of September 2025, foreign institutions held 2.00 trillion yuan in government bonds, 0.77 trillion yuan in policy financial bonds, and 0.86 trillion yuan in interbank certificates of deposit [1][3] - The number of foreign institutions participating in the bond market has increased, with 11 out of 15 new entrants in the third quarter joining in September [3] - The trading volume of foreign institutions in the interbank bond market was approximately 0.96 trillion yuan in September, with an average daily trading volume of about 41.7 billion yuan [1] Group 2: Market Dynamics and Trends - The trading volume of foreign institutions in September showed a slight decline to 0.83 trillion yuan from 0.87 trillion yuan in August, indicating a limited contraction in overall trading activity [3] - Commercial banks maintained a dominant position in the bond market, with a trading volume of 24.46 trillion yuan in September, while securities companies saw a decrease in trading volume [4] - The new bond repurchase policy allows foreign institutions to engage in repurchase transactions, enhancing the liquidity management tools available to them [6][7] Group 3: Impact of New Regulations - The new regulations are expected to diversify the types of investors in the bond market, including foreign central banks, international financial organizations, and various financial institutions [6] - The introduction of the repurchase mechanism is anticipated to reduce transaction friction and enhance the willingness of foreign institutions to hold bonds [7] - The repurchase business is expected to improve the pricing efficiency of the domestic bond market by reflecting overseas capital market expectations [8]

Group 1 - As of July 2025, foreign institutions hold 3.93 trillion yuan in the interbank bond market, accounting for approximately 2.3% of the total custody amount [1] - Among the types of bonds held by foreign institutions, government bonds amount to 2.02 trillion yuan, representing 51.4%, while interbank certificates of deposit are 0.98 trillion yuan, or 24.9%, and policy financial bonds are 0.76 trillion yuan, making up 19.3% [1] - In July, three new foreign institutional entities entered the interbank bond market, bringing the total to 1,171 foreign institutions, with 608 entering through direct investment channels and 834 through the "Bond Connect" channel [1] Group 2 - In July, the trading volume of foreign institutions in the interbank bond market was approximately 1.44 trillion yuan, with an average daily trading volume of about 628 billion yuan [1]

Core Viewpoint - The series of events held in Zhengzhou aims to enhance the direct financing function of the interbank bond market, supporting the transformation and upgrading of enterprises in Henan Province, as well as promoting technological innovation [1][2]. Group 1: Event Overview - The interbank bond market financing promotion event took place from August 7 to 8, 2025, organized by the China Interbank Market Dealers Association and the People's Bank of China Henan Branch [1]. - The event included a promotional exchange meeting and a seminar focused on how the interbank bond market can support technological innovation in Henan [1][4]. - Over 200 participants attended the event, including representatives from more than 100 local enterprises and 15 financial institutions, with additional remote participation from over 200 other enterprises and government departments [2]. Group 2: Key Presentations and Discussions - Presentations covered the latest registration and issuance policies, innovative products, and the advantages of financing through the interbank bond market [2]. - As a leading underwriter in the national interbank market, CITIC Bank has provided comprehensive financing exceeding 100 billion yuan annually for various enterprises in Henan over the past 27 years [2]. - The seminar on technological innovation featured discussions from five enterprise representatives regarding their operational status, financing plans, and challenges, fostering a deeper understanding of the interbank bond market among participants [4]. Group 3: Future Initiatives - CITIC Bank Zhengzhou Branch plans to continue its "Ten Thousand Enterprises - Trust and Benefit Enterprises" initiative, focusing on serving mature bond-issuing enterprises and identifying potential issuers [4]. - The bank aims to accelerate the launch of innovative bond products in key areas such as technological innovation and green development, contributing to the enhancement of bond financing in Henan Province [4].

Core Viewpoint - The recent announcement by the China Interbank Market Dealers Association regarding the self-regulation of underwriting quotes in the interbank bond market aims to enhance the quality and stability of the bond market, addressing issues such as price wars and promoting a market-oriented pricing mechanism [1][2]. Group 1: Impact on Bond Market - The new regulations are expected to end the "price war" phenomenon in the bond market, encouraging a return to market-based pricing mechanisms [1][2]. - As of June, the interbank market accounted for 88.4% of the total bond market custody balance, highlighting its significance in China's bond market [1]. Group 2: Changes for Underwriting Institutions - The regulations will push underwriting institutions to restructure their profit models, promoting long-term and stable development [3]. - The current low underwriting fees have led to concerns about the quality of due diligence and compliance, potentially increasing default risks in the bond market [2][3]. Group 3: Financing for the Real Economy - By regulating underwriting quotes, the new rules are expected to broaden financing channels for the real economy, directing funds towards weaker sectors and key areas [4]. - The regulations aim to enhance the willingness of underwriting institutions to serve small and micro enterprises, as well as technology innovation companies, thereby improving market transparency and investor decision-making quality [4].

Core Viewpoint - The China Interbank Market Dealers Association issued a notice on June 16 to strengthen the norms for issuance and underwriting in the interbank bond market, emphasizing market-oriented principles and fair treatment of all investors [1][2]. Group 1: Issuance and Underwriting Regulations - Issuers and underwriting institutions must conduct issuance and underwriting according to market principles, ensuring fair treatment of all investors and prohibiting pre-agreed bond issuance rates [1]. - Underwriting institutions are prohibited from distorting market prices through "rebates" and must not engage in improper benefits through practices like holding bonds on behalf of others [1]. - Lead underwriters must protect investors' legitimate rights and cannot use underwriting as a means to attract clients [1]. Group 2: Balance Underwriting and Pricing - Balance underwriting must be conducted with fair pricing and compliance with procedures, adhering to the interest rates disclosed in issuance documents [1]. - Balance underwriting should not crowd out effective subscription sizes from investors, and the balance underwriting rate must not be lower than the upper limit of effective subscription rates [1]. Group 3: Compliance and Monitoring - Underwriting institutions are not allowed to quote below cost for underwriting fees when participating in bond project bidding [1]. - Issuers and underwriting institutions must fulfill payment obligations as per commercial agreements and cannot refuse or delay payments [1]. - Investors are prohibited from assisting issuers in "self-financing" and must not engage in insider trading, market manipulation, or other illegal activities [1]. Group 4: Self-Regulation and Enforcement - The Dealers Association will implement self-regulation in the interbank bond market, regularly monitoring issuance and underwriting activities and conducting market evaluations [2]. - Violations of self-regulatory rules and the notice will result in self-regulatory measures or penalties, and serious violations will be referred to relevant authorities for further action [2].