The central bank: By February 2026, the average daily trading volume of interbank lending reached 429.32 billion yuan.

China Net Finance April 1 report: Yesterday, the People’s Bank of China released the February 2026 financial market operation report.

I. Performance of the Money Market

In February 2026, the average daily turnover of interbank lending was 429.2 billion yuan, a year-on-year increase of 87.1%; the average daily turnover of bond repurchase agreements in the interbank market was 7.4 trillion yuan, a year-on-year increase of 52.9%. At the end of February 2026, the outstanding balance of interbank lending not yet due was 1.0 trillion yuan, and the outstanding balance of bond repurchase agreements in the interbank market not yet due was 11.6 trillion yuan.

In February 2026, among deposit-taking financial institutions’ interbank rates, the month-weighted average yield of overnight collateralized repo (DR001) was 1.33%, basically unchanged from the previous month; the month-weighted average yield of DR007 was 1.49%, down by 2 basis points month-over-month; the month-weighted average yield of overnight repo (R001) in the interbank market was 1.41%, basically unchanged from the previous month. In February 2026, the average daily spread between DR001 and the People’s Bank of China’s 7-day reverse repo operation rate was -7 basis points, and the average daily spread between R001 and DR001 was 6 basis points.

II. Performance of the Bond Market

In February 2026, net financing of government bonds was 1401.38 billion yuan, a year-on-year decrease of 292.53 billion yuan; net financing of corporate bonds was 152.18 billion yuan, a year-on-year decrease of 18.02 billion yuan. At the end of February 2026, the bond market custody balance was 198.9 trillion yuan.

In February 2026, the成交 amount in the cash bond market was 2.33 trillion yuan, a year-on-year decrease of 21.3%; the turnover rate of cash bonds in the interbank bond market was 11.6%, down by 7 percentage points month-over-month; the bid-ask spread for actively traded 10-year government bond issues was 0.83 basis points. At the end of February 2026, the yield on 10-year government bonds was 1.78%; the yield spread between 10-year and 1-year government bonds was 46 basis points, basically unchanged month-over-month; the yield spread between 3-year AAA-rated medium-term notes and 3-year government bonds was 44 basis points, basically unchanged month-over-month.

At the end of February 2026, the custody balance of bonds in the China bond market held by overseas institutions was 3.4 trillion yuan, accounting for 1.7% of the total custody balance in China’s bond market. From January to February 2026, panda bonds累计 issued 50.44 billion yuan, with 4 additional overseas institutions entering the interbank bond market.

III. Performance of the Derivatives Market

In February 2026, the trading amount in the interbank RMB derivatives market was 3800 billion yuan, a year-on-year decrease of 11.7%. At the end of February 2026, the closing price (average) of the 1-year FR007 interest rate swap was 1.49%, down by 2 basis points month-over-month.

In February 2026, the trading amount in the government bond futures market was 6700 billion yuan, a year-on-year decrease of 18.4%. At the end of February 2026, the open interest in government bond futures was 709,000 lots, up by 32.5% year-over-year; the closing price of the 10-year government bond futures benchmark contract was 108.4 yuan, up by 0.1% month-over-month.

IV. Performance of the Bills Market

In February 2026, the amount of commercial bills accepted was 3100 billion yuan, and the amount of bills discounted was 2400 billion yuan. At the end of February 2026, the outstanding balance of commercial bills accepted was 20.8 trillion yuan, a year-on-year increase of 6.1%; the outstanding balance of discounted bills was 15.7 trillion yuan, a year-on-year increase of 8.5%.

V. Performance of the Gold Market

At the end of February 2026, the Shanghai Gold Exchange Au(T+D) contract closed at 1,142.5 yuan per gram, down 3.3% month-over-month. In February 2026, gold trading on the Shanghai Gold Exchange totaled 2813.9 tons, a year-on-year decrease of 52.9%; gold trading on the Shanghai Futures Exchange totaled 14,000 tons, a year-on-year decrease of 7.4%.

VI. Performance of the Foreign Exchange Market

At the end of February 2026, the closing price of the RMB against the US dollar in the interbank foreign exchange market was 6.8559, up 1.35% from the end of the previous month; the CFETS RMB exchange rate index was 98.58, up 1.64% from the end of the previous month.

VII. Performance of the Stock Market

At the end of February 2026, the Shanghai Composite Index closed at 4,162.9 points, up 1.1% month-over-month; the Shenzhen Component Index closed at 14,495.1 points, up 2.0% month-over-month. In February 2026, the average daily trading value across both markets was 2,293.60 billion yuan, down 24.0% month-over-month.

VIII. Holder Structure of the Interbank Bond Market

At the end of February 2026, there were 3,890 legal-person institutional members in the interbank bond market, all of which were financial institutions. By size of bond holdings, among the top 50 investors in corporate credit bonds, the share of bond holdings was 53.7%, mainly concentrated in state-owned large commercial banks (proprietary trading), public funds (asset management), and insurance-type financial institutions (asset management), among others; among the top 200 investors, the bond holdings share was 84.4%.

In February 2026, from the perspective of trading scale and according to legal-person institutions, among the top 50 investors in corporate credit bonds in the interbank bond market, the trading share was 61.1%, mainly concentrated in securities firms (proprietary trading), fund companies (asset management), and joint-stock commercial banks (proprietary trading); among the top 200 investors, the trading share was 90.8%.

(Editor: Dong Pingping)

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