Central Bank: The average daily trading volume of the Shanghai Stock Exchange increased by 0.1% month-on-month in January, while the average daily trading volume of the Shenzhen Stock Exchange decreased by 9.5% month-on-month.

On February 29th, the central bank released the financial market operation situation for January 2024. At the end of January, the Shanghai Composite Index closed at 2788.6 points, down 186.4 points from the previous month, a decrease of 6.3%; the Shenzhen Component Index closed at 8212.8 points, down 1311.9 points from the previous month, a decrease of 13.8%. In January, the average daily trading volume in the Shanghai market was 330.5 billion yuan, an increase of 0.1% from the previous month; the average daily trading volume in the Shenzhen market was 398.04 billion yuan, a decrease of 9.5% from the previous month. One, the issuance of bonds In January, various types of bonds worth 53.0941 trillion yuan were issued in the bond market. The issuance included 7.5 trillion yuan of government bonds, 3.8445 trillion yuan of local government bonds, 5.984 trillion yuan of financial bonds, 12.7059 trillion yuan of corporate credit bonds, 52.1 billion yuan of credit asset-backed securities, and 22.8546 trillion yuan of interbank deposits. As of the end of January, the custody balance of the bond market was 159.3 trillion yuan. The custody balance in the interbank market was 138.3 trillion yuan, and the custody balance in the exchange market was 21 trillion yuan. In terms of bond types, the custody balance included 29.4 trillion yuan of government bonds, 40.8 trillion yuan of local government bonds, 38.1 trillion yuan of financial bonds, 32.3 trillion yuan of corporate credit bonds, 1.8 trillion yuan of credit asset-backed securities, and 15.7 trillion yuan of interbank deposits. The custody balance of commercial bank counter bonds was 635.5 billion yuan. Two, bond market operation In January, the spot turnover in the interbank bond market was 33.5 trillion yuan, with a daily average turnover of 15.2185 trillion yuan, an increase of 71.6% year-on-year and 13.3% month-on-month. Transactions with a single volume of 500-5000 million yuan accounted for 48.6% of the total turnover, and transactions with a single volume of over 90 million yuan accounted for 44.8% of the total turnover, with an average single transaction volume of 4581.9 million yuan. The spot turnover in the exchange bond market was 3.9 trillion yuan, with a daily average turnover of 176.88 billion yuan. The bond turnover in the commercial bank counter market was 87,000 transactions with a turnover of 309.3 billion yuan. Three, bond market opening to foreign institutions As of the end of January 2024, the custody balance of foreign institutions in the Chinese bond market was 3.92 trillion yuan, accounting for 2.5% of the total custody balance. Among them, the custody balance of foreign institutions in the interbank bond market was 3.87 trillion yuan; in terms of bond types, foreign institutions held 2.33 trillion yuan of government bonds, accounting for 60.2%, and 0.84 trillion yuan of policy financial bonds, accounting for 21.7%. Four, money market operation In January, the total turnover in the interbank money market was 178 trillion yuan, an increase of 65.9% year-on-year and 14.3% month-on-month. Among them, the turnover of repurchase agreements was 166.6 trillion yuan, an increase of 72.0% year-on-year and 16.1% month-on-month; the turnover of outright repurchase agreements was 622.1 billion yuan, an increase of 118.7% year-on-year and 36.0% month-on-month; the turnover of interbank borrowing was 10.9 trillion yuan, an increase of 6.4% year-on-year and a decrease of 8.3% month-on-month. The turnover of exchange standard securities repurchase was 45.2 trillion yuan, an increase of 47.9% year-on-year and 11.8% month-on-month. In January, the monthly weighted average interest rate for interbank repurchase agreements was 1.90%, a decrease of 1 basis point month-on-month; the monthly weighted average interest rate for interbank borrowing was 1.83%, an increase of 5 basis points month-on-month. Five, bill market operation In January, the acceptance amount of commercial drafts was 2.7 trillion yuan, and the discount amount was 1.8 trillion yuan. As of the end of January, the balance of commercial drafts accepted was 18.1 trillion yuan, and the balance of discounts was 12.5 trillion yuan. In January, 100,000 small and micro enterprises issued bills, accounting for 92.3% of all bill-issuing enterprises, with an issuance amount of 1.8 trillion yuan, accounting for 67.0% of the total bill issuance amount. There were 90,000 small and micro enterprises discounting bills, accounting for 96.2% of all discounting enterprises, with a discount amount of 1.4 trillion yuan, accounting for 76.8% of the total discount amount. Six, stock market operation At the end of January, the Shanghai Composite Index closed at 2788.6 points, down 186.4 points from the previous month, a decrease of 6.3%; the Shenzhen Component Index closed at 8212.8 points, down 1311.9 points from the previous month, a decrease of 13.8%. In January, the average daily trading volume in the Shanghai market was 330.5 billion yuan, an increase of 0.1% from the previous month; the average daily trading volume in the Shenzhen market was 398.04 billion yuan, a decrease of 9.5% from the previous month. Seven, holder structure of the interbank bond market As of the end of January, there were a total of 4020 legal entity members in the interbank bond market, all of which were financial institutions. According to legal entity statistics, there were a total of 2141 non-financial corporate debt financing instrument holders. The top 50 investors held 50.6% of the debt, mainly consisting of public funds (asset management), large state-owned commercial banks (proprietary), and joint-stock commercial banks (proprietary); the top 200 investors held 82.3% of the debt. The maximum, minimum, average, and median number of holders of non-financial corporate debt financing instruments were 54, 1, 13, and 12 respectively, with the percentage of non-financial corporate debt financing instruments holders below 20 accounting for 88%. In January, in terms of trading volume, according to legal entity statistics, the top 50 investors in non-financial corporate debt financing instruments accounted for 62.8% of the transactions, mainly concentrated in securities firms (proprietary), fund companies (asset management), and joint-stock commercial banks (proprietary), with the top 200 investors accounting for 90.5% of the transactions. (Data source: China Securities Regulatory Commission, China Central Depository & Clearing Co., Ltd., National Interbank Funding Center, China Central Depository & Clearing Co., Ltd. Guangzhou Center, Shanghai Commercial Paper Exchange Co., Ltd., Shanghai Stock Exchange, Shenzhen Stock Exchange, Beijing Financial Assets Exchange) This article is from the official website of the People's Bank of China, edited by GMTEight: Wang Jie.