Central Bank: Net financing of government bonds will reach 13.8 trillion yuan by 2025, an increase of 2.5 trillion yuan compared to 2024.

On February 11th, the central bank released the operation of the financial market in 2025. In 2025, the net financing of government bonds was 13.8 trillion yuan, an increase of 2.5 trillion yuan from 2024; the net financing of corporate bonds was 2.4 trillion yuan, an increase of 482.3 billion yuan from 2024. By the end of 2025, the custodial balance of the bond market was 196.7 trillion yuan. In 2025, the turnover of the spot market was 425.3 trillion yuan, an increase of 1.4% from 2024; the turnover rate of spot bonds in the interbank bond market was 230%, a decrease of 25 percentage points from 2024; the active trading spread for 10-year government bonds was 0.44 basis points. At the end of 2025, the yield of 10-year government bonds was 1.85%; the yield spread between 10-year and 1-year government bonds was 51 basis points, narrowing by 8 basis points compared to the end of 2024; the yield spread between the 3-year AAA-rated medium-term notes and the 3-year government bonds was 51 basis points, narrowing by 4 basis points compared to the end of 2024.