China has released the Financial Market Report for November 2025. Important points are given below:
1. Bond Issuance
In November, the bond market saw a total issuance of RMB7017.93 billion. The issuances of treasury bonds, local government bonds, financial bonds, corporate credit bonds, credit-asset-backed securities, and interbank certificates of deposit (CDs) reached RMB1044.42 billion, RMB912.69 billion, RMB1195.50 billion, RMB1394.88 billion, RMB32.72 billion, and RMB2400.92 billion, respectively. As of end-November, outstanding bonds held in custody amounted to RMB196.3 trillion, including RMB173.0 trillion in the interbank bond market and RMB23.2 trillion in the exchange bond market.
By bond type, treasury bonds, local government bonds, financial bonds, corporate credit bonds, credit-asset-backed securities, and interbank CDs in custody recorded outstanding amounts of RMB40.1 trillion, RMB54.3 trillion, RMB44.6 trillion, RMB34.8 trillion, RMB1.0 trillion, and RMB20.3 trillion, respectively. Commercial bank over-the-counter (OTC) bonds in custody recorded an outstanding amount of RMB274.07 billion.
2. Bond Market
In November, cash bond trading in the interbank bond market saw a turnover of RMB30.5 trillion, with the daily average standing at RMB1.5 trillion, up by 7.6 percent year on year and by 3.2 percent month on month. Of the total turnover, transactions with each trade between RMB5 million and RMB50 million accounted for 47.9 percent, while those with each trade above RMB90 million made up 45.2 percent. The average value per trade was RMB41.549 million.
The turnover of cash bond trading in the exchange bond market was RMB3.8 trillion, averaging RMB188.87 billion per day. A total of 81,000 transactions were done in the commercial bank OTC bond market, registering a turnover of RMB86.04 billion.
3. Bond Market Opening-up
As of end-November, overseas institutions held RMB3.6 trillion, or 1.9 percent, of the outstanding bonds in custody in China’s bond market. Specifically, their holdings in the interbank bond market amounted to RMB3.6 trillion. By bond type, overseas institutions held RMB2.0 trillion, or 56.2 percent, of treasury bonds, RMB0.7 trillion, or 19.1 percent, of interbank CDs, and RMB0.8 trillion, or 21.1 percent, of policy bank bonds.
4. Money Market
In November, transactions in the interbank lending market totaled RMB7.4 trillion, down by 17.3 percent year on year but up by 9.6 percent month on month. Bond repo transactions totaled RMB149.8 trillion, posting a year-on-year decrease of 6.8 percent but a month-on-month increase of 13.9 percent. Repo transactions of exchange-traded standardized bonds reached RMB53.7 trillion, up by 12.3 percent year on year and by 15.4 percent month on month. In November, the monthly weighted average interest rate on interbank lending rose by 2.5 bps month on month to 1.42 percent, and that on pledged repos climbed by 3.2 bps month on month to 1.44 percent.
5. Bill Market
In November, commercial drafts that were accepted totaled RMB4.0 trillion while those discounted amounted to RMB3.1 trillion. As of end-November, the outstanding amounts of accepted commercial drafts and those discounted stood at RMB20.9 trillion and RMB16.2 trillion, respectively.
In November, a total of 111,000 micro, small, and medium-sized enterprises (MSMEs) issued bills, accounting for 93.5 percent of all the issuing enterprises. Bills issued by MSMEs reached RMB3.0 trillion, making up 74.8 percent of the total bill issuance. Of all the enterprises that discounted bills, 128,000, or 96.6 percent, were MSMEs. The bills they discounted registered RMB2.4 trillion, accounting for 78.1 percent of the total amount of discounted bills.
6. Stock Market
At end-November, the SSE Composite Index closed at 3888.6, down by 66.2 points, or 1.7 percent, month on month, while the SZSE Component Index closed at 12984.1, down by 394.1 points, or 2.9 percent, month on month. In November, the average daily turnover on the Shanghai Stock Exchange fell by 16.0 percent month on month to RMB808.05 billion, while that on the Shenzhen Stock Exchange declined by 7.9 percent month on month to RMB1089.77 billion.
7. Structure of Bond Holders in the Interbank Bond Market
As of end-November, there were 3,987 institutional investors in the interbank bond market in terms of incorporated entities, all of which were financial institutions. By the size of bond holdings, the top 50 investors in corporate credit bonds, mainly including large state-owned commercial banks (proprietary), publicly offered funds (asset management), and insurance financial institutions (asset management), accounted for 53.4 percent of such holdings, while the top 200 investors held 84.6 percent.
The biggest, smallest, average, and median numbers of holders for a corporate credit bond were 117, 1, 12 and 12, respectively. Of the total number of such credit bonds, 88.5 percent were held by no more than 20 investors.
In November, based on the trading volume of corporate credit bonds by incorporated entities, the top 50 investors, mainly including securities companies (proprietary), fund companies (asset management), and joint-stock commercial banks (proprietary), conducted 60.69 percent of such transactions, while the transactions by the top 200 investors accounted for 91.37 percent.
