China PBOC financial market operations
China PBOC financial market operations cover monthly interbank repo, bond financing, bills and gold.
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| Indicator | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 11-2025 | 10-2025 | 09-2025 | 08-2025 | 07-2025 | 06-2025 | 05-2025 | 04-2025 | 03-2025 | 02-2025 | 01-2025 | 11-2024 | 10-2024 | 09-2024 | 08-2024 | 07-2024 | 06-2024 | 05-2024 | 04-2024 | 03-2024 | 02-2024 | 01-2024 | 11-2023 | 10-2023 | 09-2023 | 08-2023 | 07-2023 | 06-2023 | 05-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bond issuance in the month2 | ||||||||||||||||||||||||||||||||||||||
| Net financing through government bonds | 10,097.3 | 13,176.4 | 7,683.3 | 12,235.5 | 9,041.1 | 11,657.8 | 14,013.8 | 9,763.9 | ||||||||||||||||||||||||||||||
| Net financing through enterprise bonds | 2,712.5 | 4,535.9 | 4,011.6 | 1,680.4 | 4,519.9 | 3,909.7 | 1,521.8 | 5,032.6 | ||||||||||||||||||||||||||||||
| Bonds in custody (end of month)2 | ||||||||||||||||||||||||||||||||||||||
| Bonds in custody, whole market | 2,090,000 | 2,074,000 | 2,050,000 | 2,026,000 | 2,007,000 | 2,000,000 | 1,989,000 | 1,977,000 | 1,963,000 | 1,946,000 | 1,931,000 | 1,920,000 | 1,904,000 | 1,885,000 | 1,872,000 | 1,849,000 | 1,831,000 | 1,805,000 | 1,782,000 | 1,735,000 | 1,713,000 | 1,699,000 | 1,679,000 | 1,663,000 | 1,650,000 | 1,635,000 | 1,614,000 | 1,608,000 | 1,600,000 | 1,593,000 | 1,569,000 | 1,553,000 | 1,539,000 | 1,528,000 | 1,515,000 | 1,503,000 | 1,493,000 | |
| Bonds held by foreign institutions | 32,000 | 34,000 | 34,000 | 36,000 | 38,000 | 38,000 | 39,000 | 40,000 | 43,000 | 44,000 | 45,000 | 44,000 | 43,000 | 42,000 | 41,900 | 42,900 | 44,300 | 45,600 | 45,000 | 43,500 | 42,700 | 40,900 | 40,500 | 40,000 | 39,200 | 35,400 | 32,900 | 32,500 | 32,400 | 33,000 | 33,300 | 32,500 | ||||||
| Bond trading2 | ||||||||||||||||||||||||||||||||||||||
| Cash bond trading volume, whole market | 392,000 | 414,000 | 457,000 | 367,000 | 441,000 | 436,000 | 233,000 | 361,000 | ||||||||||||||||||||||||||||||
| Interbank cash bond turnover ratio | 18.3 | 19.2 | 22 | 18 | 21.9 | 21.9 | 11.6 | 18.1 | ||||||||||||||||||||||||||||||
| Money market4 | ||||||||||||||||||||||||||||||||||||||
| Interbank lending, daily average turnover | 3,160.6 | 3,232.9 | 3,292.2 | 4,172.8 | 4,614.8 | 4,507.7 | 4,293.2 | 4,937.5 | ||||||||||||||||||||||||||||||
| Interbank bond repo, daily average turnover | 65,000 | 65,000 | 62,000 | 74,000 | 84,000 | 82,000 | 74,000 | 85,000 | ||||||||||||||||||||||||||||||
| Interbank lending outstanding (end of month) | 9,000 | 10,000 | 9,000 | 10,000 | 11,000 | 8,000 | 10,000 | 8,000 | ||||||||||||||||||||||||||||||
| Interbank bond repo outstanding (end of month) | 96,000 | 98,000 | 109,000 | 101,000 | 105,000 | 112,000 | 116,000 | 120,000 | ||||||||||||||||||||||||||||||
| Derivatives market4 | ||||||||||||||||||||||||||||||||||||||
| Interbank RMB derivatives trading volume | 69,000 | 67,000 | 78,000 | 50,000 | 71,000 | 85,000 | 38,000 | 54,000 | ||||||||||||||||||||||||||||||
| 1-year FR007 interest rate swap, closing (monthly mean) | 1.43 | 1.44 | 1.42 | 1.42 | 1.45 | 1.49 | 1.49 | 1.51 | ||||||||||||||||||||||||||||||
| Treasury bond futures trading volume | 119,000 | 83,000 | 86,000 | 99,000 | 83,000 | 71,000 | 67,000 | 69,000 | ||||||||||||||||||||||||||||||
| Treasury bond futures open interest (end of month) | 89.6 | 99.5 | 90.3 | 90.3 | 90.3 | 75.8 | 70.9 | 74.8 | ||||||||||||||||||||||||||||||
| Commercial bill market4 | ||||||||||||||||||||||||||||||||||||||
| Commercial bills accepted in the month | 34,000 | 39,000 | 40,000 | 44,000 | 46,000 | 35,000 | 31,000 | 35,000 | 40,000 | 39,000 | 35,000 | 33,000 | 37,000 | 35,000 | 35,000 | 37,000 | 34,000 | 29,000 | 30,000 | 37,000 | 31,000 | 32,000 | 29,000 | 32,000 | 34,000 | 36,000 | 32,000 | 29,000 | 22,000 | 27,000 | 35,000 | 27,000 | 27,000 | 30,000 | 30,000 | 24,000 | 23,000 | |
| Commercial bills discounted in the month | 25,000 | 32,000 | 32,000 | 37,000 | 41,000 | 27,000 | 24,000 | 26,000 | 31,000 | 33,000 | 26,000 | 25,000 | 31,000 | 28,000 | 29,000 | 31,000 | 26,000 | 25,000 | 20,000 | 30,000 | 25,000 | 25,000 | 22,000 | 26,000 | 29,000 | 30,000 | 26,000 | 22,000 | 17,000 | 18,000 | 28,000 | 22,000 | 19,000 | 23,000 | 25,000 | 18,000 | 18,000 | |
| Outstanding accepted commercial bills (end of month) | 223,000 | 221,000 | 219,000 | 220,000 | 215,000 | 207,000 | 208,000 | 210,000 | 209,000 | 203,000 | 201,000 | 202,000 | 199,000 | 193,000 | 200,000 | 201,000 | 195,000 | 196,000 | 199,000 | 193,000 | 190,000 | 190,000 | 188,000 | 181,000 | 178,000 | 181,000 | 179,000 | 176,000 | 175,000 | 181,000 | 185,000 | 183,000 | 183,000 | 182,000 | 178,000 | 177,000 | 180,000 | |
| Outstanding discounted bills (end of month) | 178,000 | 177,000 | 173,000 | 172,000 | 166,000 | 157,000 | 157,000 | 160,000 | 162,000 | 158,000 | 155,000 | 157,000 | 156,000 | 148,000 | 152,000 | 152,000 | 146,000 | 145,000 | 145,000 | 144,000 | 143,000 | 142,000 | 140,000 | 135,000 | 129,000 | 130,000 | 126,000 | 121,000 | 120,000 | 125,000 | 132,000 | 129,000 | 127,000 | 128,000 | 124,000 | 121,000 | 122,000 | |
| Gold market3 | ||||||||||||||||||||||||||||||||||||||
| Shanghai Gold Exchange Au(T+D) close (end of month) | 961.1 | 884.6 | 878.5 | 984 | 1,014 | 1,015.7 | 1,142.5 | 1,164 | ||||||||||||||||||||||||||||||
| Gold trading volume, Shanghai Gold Exchange | 6,707.3 | 6,942.7 | 6,491.2 | 5,521.8 | 5,633.7 | 5,675.4 | 2,813.9 | 5,970.2 | ||||||||||||||||||||||||||||||
| Gold trading volume, Shanghai Futures Exchange | 17,000 | 13,000 | 13,000 | 11,000 | 13,000 | 19,000 | 14,000 | 18,000 | ||||||||||||||||||||||||||||||
| FX and stock markets2 | ||||||||||||||||||||||||||||||||||||||
| CFETS RMB exchange rate index (end of month) | 101.87 | 102.19 | 102.59 | 100.66 | 100.17 | 100.87 | 98.58 | 96.99 | ||||||||||||||||||||||||||||||
| Shanghai and Shenzhen stock markets, daily average turnover | 22,414.5 | 26,858.8 | 31,144 | 31,824.9 | 23,437.9 | 23,141.2 | 22,936 | 30,171.3 |
Latest reading
The series on this page is monthly and runs from Jan 2022 to Aug 2026. Source: People's Bank of China — Financial Market Operations.
About this data
China PBOC financial market operations cover monthly interbank repo, bond financing, bills and gold. Published monthly by the People's Bank of China, the dataset tracks bond custody, interbank RMB derivatives, treasury futures and the CFETS RMB exchange rate index since 2015. Measures report daily average turnover, monthly transaction flows and end-of-month outstanding balances for interbank lending, commercial bills and gold.
Frequently asked questions
- What is the latest figure for China PBOC financial market operations?
- The latest reading is 223,000 100 million yuan, for Aug 2026. That is +0.9% from Jul 2026 and +10.4% from a year earlier.
- Is China PBOC financial market operations at a high or a low right now?
- The reading of 223,000 100 million yuan is the highest in data going back to Jan 2022.
- How far back does the China PBOC financial market operations data go?
- The series on this page is monthly and runs from Jan 2022 to Aug 2026. Source: People's Bank of China — Financial Market Operations. Every series in the table can be charted over its full history and downloaded as CSV or Excel.
- What is reported in China's financial market operations statistics?
- The People's Bank of China's monthly financial market operations release tracks liquidity and trading volumes across China's wholesale markets. It covers interbank lending and bond repo, government and enterprise bond financing, bond custody, treasury futures, commercial bills, gold trading and stock turnover.
- How should trading volumes and balances be interpreted in China financial market operations?
- China financial market operations series distinguish between flow indicators and stock balances. Interbank lending, bond repos and stock trading are reported as daily average turnover, while commercial bill acceptance and bond issuance reflect monthly flows, and bond custody and bill holdings are recorded as end-of-month outstanding balances.
- What is the difference between interbank lending and bond repo in China's money market?
- In China's interbank market, interbank lending consists of uncollateralized short-term loans between eligible financial institutions, whereas bond repurchase agreements (repo) are secured transactions backed by bonds as collateral. Both indicators track daily average turnover and end-of-month outstanding balances to gauge interbank liquidity.