Core Insights - The People's Bank of China (PBOC) Shanghai Headquarters reported that as of December 2025, foreign institutions held 3.46 trillion yuan in the interbank bond market, accounting for approximately 2.0% of the total custody volume in this market [1] Group 1: Foreign Institution Holdings - Foreign institutions held 2.01 trillion yuan in government bonds, representing 58.1% of their total holdings [1] - Policy financial bonds amounted to 0.74 trillion yuan, making up 21.4% of the total [1] - Negotiable certificates of deposit (NCDs) were at 0.58 trillion yuan, which is 16.8% of the total [1] - Other types of bonds accounted for 0.13 trillion yuan, or 3.8% [1] Group 2: Market Participation - In December 2025, six new foreign institutional entities entered the interbank bond market [1] - By the end of December, there were 1,189 foreign institutional entities in the market, with 624 entering through settlement agency channels and 839 through the "Bond Connect" channel [1] - The trading volume of foreign institutions in the interbank bond market was approximately 1.07 trillion yuan in December, with an average daily trading volume of about 464 billion yuan [1]

Core Insights - The People's Bank of China (PBOC) Shanghai Headquarters reported that by the end of December 2025, foreign institutions are expected to hold 3.46 trillion yuan in the interbank bond market, accounting for approximately 2.0% of the total custody amount in this market [1] Group 1: Foreign Institution Holdings - Foreign institutions hold 2.01 trillion yuan in government bonds, representing 58.1% of their total bond holdings [1] - Policy financial bonds held by foreign institutions amount to 0.74 trillion yuan, making up 21.4% of the total [1] - Interbank certificates of deposit held by foreign institutions total 0.58 trillion yuan, which is 16.8% of their holdings [1] - Other types of bonds held by foreign institutions are valued at 0.13 trillion yuan, accounting for 3.8% [1] Group 2: Market Activity - In December 2025, six new foreign institutional entities entered the interbank bond market [1] - The trading volume of cash bonds by foreign institutions in the interbank bond market was approximately 1.07 trillion yuan in December 2025, with an average daily trading volume of about 46.4 billion yuan [1]

Core Insights - The People's Bank of China Shanghai Headquarters reported that as of November 2025, foreign institutions held 3.61 trillion yuan in the interbank bond market, accounting for approximately 2.1% of the total custody volume in this market [1] Group 1: Foreign Holdings - Foreign institutions held 2.03 trillion yuan in government bonds, representing 56.2% of their total holdings [1] - Holdings in policy financial bonds amounted to 0.76 trillion yuan, making up 21.1% of the total [1] - The amount held in interbank certificates of deposit was 0.69 trillion yuan, which is 19.1% of the total [1] - Other types of bonds held by foreign institutions totaled 0.13 trillion yuan, accounting for 3.6% [1] Group 2: Market Participation - In November, 9 new foreign institutional entities entered the interbank bond market [1] - By the end of November, there were 1,187 foreign institutional participants in the market, with 620 entering through settlement agency channels and 839 through the Bond Connect channel [1] - The trading volume of foreign institutions in the interbank bond market was approximately 1.06 trillion yuan in November, with an average daily trading volume of about 532 billion yuan [1]

Core Insights - The People's Bank of China Shanghai Headquarters reported that by the end of November 2025, foreign institutions held 3.61 trillion yuan in the interbank bond market, accounting for approximately 2.1% of the total custody amount in this market [1] Group 1: Foreign Holdings - Foreign institutions held 2.03 trillion yuan in government bonds, representing 56.2% of their total holdings [1] - Holdings in policy financial bonds amounted to 0.76 trillion yuan, making up 21.1% of the total [1] - The amount held in interbank certificates of deposit was 0.69 trillion yuan, which is 19.1% of the total [1] - Other types of bonds held by foreign institutions totaled 0.13 trillion yuan, accounting for 3.6% [1] Group 2: Market Participation - In November, 9 new foreign institutional entities entered the interbank bond market [1] - As of the end of November, there were 1,187 foreign institutional entities in the market, with 620 entering through settlement agency channels and 839 through the Bond Connect channel [1] - The trading volume of cash bonds by foreign institutions in the interbank bond market was approximately 1.06 trillion yuan in November, with an average daily trading volume of about 532 billion yuan [1]

Core Insights - The People's Bank of China (PBOC) Shanghai Headquarters released a report on the interbank bond market for foreign institutions as of September 2025, indicating that foreign institutions held 3.78 trillion yuan in bonds, accounting for approximately 2.2% of the total custody in the interbank bond market [1] Summary by Category Foreign Institution Holdings - As of the end of September 2025, foreign institutions held 2.00 trillion yuan in government bonds, representing 52.9% of their total holdings, 0.86 trillion yuan in interbank certificates of deposit, accounting for 22.8%, 0.77 trillion yuan in policy financial bonds, making up 20.4%, and 0.15 trillion yuan in other types of bonds, which is 3.9% [1] Market Participation - In September, 11 new foreign institutional entities entered the interbank bond market, bringing the total to 1,176 foreign institutions by the end of September. Among these, 612 entered through settlement agent channels, 837 through the "Bond Connect" channel, and 273 utilized both channels [1] Trading Volume - 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]

Core Insights - The People's Bank of China Shanghai Headquarters reported that as of September 2025, foreign institutions hold 3.78 trillion yuan in the interbank bond market, accounting for approximately 2.2% of the total custody amount in this market [1] Summary by Category Foreign Holdings - Foreign institutions hold 2.00 trillion yuan in government bonds, representing 52.9% of their total holdings - Holdings in interbank certificates of deposit amount to 0.86 trillion yuan, making up 22.8% - Policy financial bonds held by foreign institutions total 0.77 trillion yuan, which is 20.4% of the total - Other types of bonds held amount to 0.15 trillion yuan, accounting for 3.9% [1] Market Participation - In September, 11 new foreign institutional entities entered the interbank bond market - As of the end of September, there are 1,176 foreign institutional entities in the market - Among these, 612 entered through settlement agency channels, 837 through the Bond Connect channel, and 273 used both channels [1] Trading Volume - In September, the trading volume of foreign institutions in the interbank bond market was approximately 0.96 trillion yuan - The average daily trading volume was around 41.7 billion yuan [1]

Group 1 - As of the end of August, foreign institutions held 3.83 trillion yuan in the interbank bond market, accounting for approximately 2.3% of the total custody amount in the market [1] - Among the types of bonds held by foreign institutions, government bonds amounted to 2.01 trillion yuan, representing 52.5% of the total, while interbank certificates of deposit were 0.91 trillion yuan, making up 23.8%, and policy financial bonds were 0.74 trillion yuan, accounting for 19.3% [1] - In August, one new foreign institution entered the interbank bond market, bringing the total to 1,167 foreign institutions, with 607 entering through direct investment channels and 831 through the "Bond Connect" channel [1] Group 2 - The trading volume of cash bonds by foreign institutions in the interbank bond market in August was approximately 1.15 trillion yuan, with an average daily trading volume of about 546 billion yuan [1]

Core Insights - As of August 2025, foreign institutions hold 3.83 trillion yuan in the interbank bond market, accounting for approximately 2.3% of the total custody amount in this market [1] - Among the types of bonds held by foreign institutions, government bonds amount to 2.01 trillion yuan, representing 52.5% of the total, while interbank certificates of deposit and policy financial bonds account for 23.8% and 19.3% respectively [1] Summary by Category Foreign Institution Participation - In August, one new foreign institution entered the interbank bond market, bringing the total to 1,167 foreign institutions [1] - Out of these, 607 entered through direct investment channels, 831 through the "Bond Connect" channel, and 271 utilized both channels [1] Trading Volume - In August, the trading volume of foreign institutions in the interbank bond market was approximately 1.15 trillion yuan, with an average daily trading volume of about 546 billion yuan [1]

Core Insights - As of the end of July 2025, foreign institutions held 3.93 trillion yuan in the interbank bond market, accounting for approximately 2.3% of the total custody volume in this market [1] - Among the types of bonds held by foreign institutions, government bonds amounted to 2.02 trillion yuan, representing 51.4% of the total, while interbank certificates of deposit and policy financial bonds accounted for 24.9% and 19.3% respectively [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] - The trading volume of foreign institutions in the interbank bond market was approximately 1.44 trillion yuan in July, with an average daily trading volume of about 628 billion yuan [1]

Core Insights - As of the end 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 in this market [1] - Among the types of bonds held by foreign institutions, government bonds amount to 2.02 trillion yuan, representing 51.4% of the total, while interbank certificates of deposit and policy financial bonds account for 0.98 trillion yuan (24.9%) and 0.76 trillion yuan (19.3%) respectively [1] - In July, three new foreign institutional entities entered the interbank bond market, bringing the total to 1,171 foreign institutions by the end of July, with 608 entering through direct investment channels and 834 through the "Bond Connect" channel [1]