The Zhitong Finance App learned that on October 30, the People's Bank of China announced the financial market performance for September 2024. According to the data, in September, the bond market issued a total of 7603.15 billion yuan of various types of bonds. Treasury bonds were issued at 1361.53 billion yuan, local government bonds were issued at 1284.32 billion yuan, financial bonds were issued at 763.87 billion yuan, corporate credit bonds were issued at 1190.83 billion yuan, credit asset-backed securities were issued at 13.18 billion yuan, and interbank deposits were issued at 2923.12 billion yuan.

In terms of interbank lending, in September, the interbank lending market traded 7.6 trillion yuan, down 24.3% year on year and 16.3% month on month; bond repurchase transactions were 127.4 trillion yuan, down 6.8% year on year and 11.4% month on month. Exchange standard securities repurchase transactions amounted to 40.7 trillion yuan, an increase of 11.2% year-on-year and a decrease of 9.0% month-on-month.

The original text is as follows:

Financial market performance in September 2024

I. Status of bond market issuance

In September, the bond market issued a total of 7603.15 billion yuan of various types of bonds. Treasury bonds were issued at 1361.53 billion yuan, local government bonds were issued at 1284.32 billion yuan, financial bonds were issued at 763.87 billion yuan, corporate credit bonds were issued at 1190.83 billion yuan, credit asset-backed securities were issued at 13.18 billion yuan, and interbank deposits were issued at 2923.12 billion yuan.

As of the end of September, the bond market had an escrow balance of 169.9 trillion yuan. Among them, the interbank market escrow balance was 149.3 trillion yuan, and the exchange market escrow balance was 20.6 trillion yuan. In terms of securities, treasury bond escrow balance is 32.7 trillion yuan, local government bond escrow balance is 44.4 trillion yuan, financial bond escrow balance is 40 trillion yuan, corporate credit bond escrow balance is 32.6 trillion yuan, credit asset-backed securities escrow balance is 1.2 trillion yuan, and interbank deposit escrow balance is 17.8 trillion yuan. Commercial bank counter bond escrow balance is $106.34 billion.

II. The operation of the bond market

In September, the interbank bond market traded 27.8 trillion yuan, with an average daily turnover of 1325.19 billion yuan, a year-on-year decrease of 3.1% and an increase of 1.1% over the previous year. A single transaction volume of 5-50 million yuan accounts for 48.4% of the total transaction amount, a single transaction volume of 90 million yuan or more accounts for 45.4% of the total transaction amount, and a single average transaction volume of 41.59 million yuan. The exchange bond market traded 2.9 trillion yuan, with an average daily turnover of 152.1 billion yuan. Commercial bank over-the-counter bonds sold 0.076 million, with a transaction amount of 64.11 billion yuan.

III. The opening of the bond market to the outside world

As of the end of September, the escrow balance of overseas institutions in the Chinese bond market was 4.43 trillion yuan, accounting for 2.6% of the escrow balance in the Chinese bond market. Among them, the escrow balance of overseas institutions in the interbank bond market was 4.39 trillion yuan; in terms of shares, overseas institutions held 2.17 trillion yuan of treasury bonds, accounting for 49.4%, 1.1 trillion yuan of interbank deposits, accounting for 25.1%, and 0.94 trillion yuan for policy bank bonds, accounting for 21.4%.

IV. The operation of the money market

In September, the interbank lending market traded 7.6 trillion yuan, down 24.3% year on year and 16.3% month on month; bond repurchase transactions were 127.4 trillion yuan, down 6.8% year on year and 11.4% month on month. Exchange standard securities repurchase transactions amounted to 40.7 trillion yuan, an increase of 11.2% year-on-year and a decrease of 9.0% month-on-month.

In September, the weighted average interest rate for interbank lending was 1.78%, an increase of 1 basis point over the previous month; the weighted average interest rate for pledged repurchases was 1.83%, an increase of 4 basis points over the previous month.

5. The operation of the bill market

In September, the amount accrued on commercial money orders was 3.2 trillion yuan, and the discount accrued amount was 2.5 trillion yuan. As of the end of September, the commercial money order acceptance balance was 19 trillion yuan, and the discounted balance was 14.2 trillion yuan.

In September, 0.106 million micro, small and medium-sized enterprises issued invoices, accounting for 93.1% of all signing companies. The amount of tickets issued by micro, small and medium-sized enterprises was 2.2 trillion yuan, accounting for 71.0% of the total amount of signed tickets. 0.122 million micro, small and medium-sized enterprises were discounted, accounting for 96.4% of the total discount companies, and the discount amount was 1.9 trillion yuan, accounting for 77.2% of the total discount accrual amount.

6. Stock Market Operation

At the end of September, the Shanghai Composite Index closed at 3336.5 points, up 494.3 points from the previous month, or 17.4%; the Shenzhen Composite Index closed at 10529.8 points, up 2181.3 points from month to month, or 26.1%. In September, the average daily trading volume of the Shanghai market was 343.24 billion yuan, up 33.1% month on month; the average daily trading volume of Shenzhen was 451.26 billion yuan, up 33.9% month on month.

7. The structure of holders in the interbank bond market

As of the end of September, there were 3,980 corporate members in the interbank bond market, all of them financial institutions. According to statistics from legal entities, there are a total of 2103 non-financial enterprise debt financing instrument holders. Looking at the size of debt holdings, the top 50 investors held 51.0% of the debt, mainly in public funds (asset management), large state-owned commercial banks (proprietary), trust companies (asset management), etc.; the top 200 investors held 83.5% of the debt. The maximum, minimum, average, and median number of non-financial enterprise debt financing instrument holders were 85, 1, 13, and 13, respectively, and only the number of non-financial enterprise debt financing instruments with 20 holders accounted for 87%.

In September, in terms of transaction size, according to statistics from legal entities, the top 50 investors in non-financial corporate debt financing instruments accounted for 59.3%, mainly in securities companies (proprietary), fund companies (asset management), and joint stock commercial banks (self-operated). The top 200 investors accounted for 90.0% of transactions.

This article was selected from the official website of the “People's Bank of China”. Zhitong Finance Editor: Jiang Yuanhua.