China News Service, March 29. According to the WeChat official account of the People's Bank of China, the People's Bank of China released the financial market operations in February 2024 on the 29th.
Bond market issuance status
In February, a total of 4,706.12 billion yuan of bonds of various types were issued in the bond market. National bonds issued 750.00 billion yuan, local government bonds issued 559.96 billion yuan, financial bonds issued 544.54 billion yuan, corporate credit bonds 1 issued 683.46 billion yuan, and interbank certificates of deposit issued 2.14766 billion yuan.
As of the end of February, the bond market custody balance was 160.0 trillion yuan. Among them, the inter-bank market custody balance is 139.1 trillion yuan, and the exchange market custody balance is 20.9 trillion yuan. In terms of bond types, the custody balance of treasury bonds is 29.7 trillion yuan, the custody balance of local government bonds is 41.1 trillion yuan, the custody balance of financial bonds is 37.9 trillion yuan, the custody balance of corporate credit bonds is 32.4 trillion yuan, and the custody balance of credit asset-backed securities is 32.4 trillion yuan. 1.7 trillion yuan, and the custody balance of inter-bank certificates of deposit is 16.0 trillion yuan. The over-the-counter bond custody balance of commercial banks was 63.51 billion yuan.
Bond market operations
In February, the inter-bank bond market's spot transaction volume was 24.3 trillion yuan, with an average daily transaction volume of 1,519.62 billion yuan, a year-on-year increase of 40.2%, and a month-on-month decrease of 0.1%. Transactions with a single transaction volume of 5-50 million yuan accounted for 48.4% of the total transaction value, transactions with a single transaction volume of more than 90 million yuan accounted for 45.3% of the total transaction value, and the average single transaction volume was 46.465 million yuan. The spot trading volume of the exchange bond market was 2.5 trillion yuan, with an average daily turnover of 169.12 billion yuan. There were 59,000 bond transactions in the over-the-counter market of commercial banks, with a transaction value of 16.47 billion yuan.
The opening up of the bond market to the outside world
As of the end of February 2024, the custody balance of overseas institutions in China's bond market was 4.00 trillion yuan, accounting for 2.5% of the custody balance in China's bond market. Among them, the custody balance of overseas institutions in the inter-bank bond market is 3.95 trillion yuan; broken down by bond types, overseas institutions hold 2.33 trillion yuan of government bonds, accounting for 59.0%, and policy financial bonds of 0.83 trillion yuan, accounting for 21.0% .
Money market operations
In February, the inter-bank money market transactions totaled 112.2 trillion yuan, a year-on-year decrease of 7.0% and a month-on-month decrease of 37.0%. Among them, pledged repurchase transactions were 105.4 trillion yuan, a year-on-year decrease of 4.6% and a month-on-month decrease of 36.7%; outright repurchase transactions were 410.42 billion yuan, a year-on-year increase of 1.7% and a month-on-month decrease of 34.0%; interbank lending transactions were 6.3 trillion yuan, A year-on-year decrease of 33.9% and a month-on-month decrease of 41.5%. The exchange's standard bond repurchase transaction volume was 30.9 trillion yuan, a year-on-year decrease of 19.3% and a month-on-month decrease of 31.8%.
In February, the monthly weighted average inter-bank pledged repurchase interest rate was 1.89%, a month-on-month decrease of 1 basis point; the monthly weighted average inter-bank lending rate was 1.85%, a month-on-month increase of 2 basis points.
Bill market operations
In February, the amount of commercial bill acceptance was 2.2 trillion yuan, and the amount of discounting was 1.7 trillion yuan. As of the end of February, the commercial bill acceptance balance was 17.5 trillion yuan and the discount balance was 12.0 trillion yuan.
In February, 88,000 small, medium and micro enterprises issued bills, accounting for 92.8% of all companies issuing bills. The amount of bills issued by small, medium and micro enterprises was 1.5 trillion yuan, accounting for 67.4% of the total amount of bills issued. There were 88,000 small, medium and micro enterprises engaged in discounting, accounting for 96.7% of all discounting enterprises, and the discounting amount was 1.3 trillion yuan, accounting for 75.5% of the total discounting amount.
stock market operation
At the end of February, the Shanghai Composite Index closed at 3015.2 points, an increase of 226.6 points or 8.1% from the previous month; the Shenzhen Composite Component Index closed at 9330.4 points, an increase of 1117.6 points or 13.6% from the previous month. In February, the average daily trading volume of the Shanghai Stock Exchange was 431.75 billion yuan, an increase of 30.8% from the previous month; the average daily trading volume of the Shenzhen Stock Exchange was 517.51 billion yuan, an increase of 30.0% from the previous month.
The structure of holders in the inter-bank bond market
As of the end of February, there were 4,024 corporate members in the inter-bank bond market, all of which were financial institutions. According to statistics from legal entities, there are a total of 2,147 non-financial corporate debt financing instrument holders2. Judging from the scale of debt holdings, the top 50 investors account for 50.7% of the debt holdings, mainly concentrated in public funds (asset management), large state-owned commercial banks (self-operated), joint-stock commercial banks (self-operated), etc.; the top 200 investors Debt holdings accounted for 82.5%. The maximum, minimum, average and median number of holders of debt financing instruments of a single non-financial enterprise are 55, 1, 13 and 12 respectively, and the number of debt financing instruments of non-financial enterprises has less than 20 holders. The proportion is 87%.
In February, in terms of transaction scale, according to statistics from legal entities, the top 50 investors in non-financial corporate debt financing instruments accounted for 62.7% of the transactions, mainly concentrated in securities companies (self-operated), joint-stock commercial banks (self-operated) and fund companies (Asset Management), the top 200 investors accounted for 91.2% of transactions.