China News Service, October 26. According to the People's Bank of China website, the People's Bank of China announced on the 26th the operation of the financial market in September 2026.
1. Money market operations
In September 2026, the average daily transaction volume of interbank lending was 292.54 billion yuan, a year-on-year decrease of 30.5%; the average daily transaction volume of bond repurchases in the inter-bank market was 6.5 trillion yuan, a year-on-year decrease of 10.6%. At the end of September 2026, the outstanding balance of inter-bank lending was 0.8 trillion yuan, and the outstanding balance of bond repurchases in the inter-bank market was 11.0 trillion yuan.
In September 2026, the monthly weighted average interest rate of overnight pledged repurchase (DR001) of interest rate bonds between banking depository financial institutions was 1.38%, basically the same as the previous month; the monthly weighted average interest rate of DR007 was 1.40%, basically the same as the previous month; the monthly weighted average interest rate of the overnight pledged repurchase (R001) in the interbank market was 1.40%, basically the same as the previous month. In September 2026, the daily average interest rate difference between DR001 and the central bank's open market 7-day reverse repurchase operation interest rate was -2 basis points, and the daily average interest rate difference between R001 and DR001 was 1 basis point.
2. Operation of bond market
In September 2026, net financing from government bonds was 1.53622 billion yuan, a year-on-year increase of 346.96 billion yuan; net corporate bond financing was -39.26 billion yuan, a year-on-year decrease of 52.9 billion yuan. At the end of September 2026, the bond market custody balance was 210.8 trillion yuan.
In September 2026, the transaction volume of the spot bond market was 37.6 trillion yuan, a year-on-year increase of 0.4%; the spot bond turnover rate in the inter-bank bond market was 16.8%, a month-on-month decrease of 1.5 percentage points; the bid-ask spread of the 10-year government bond active bonds was 0.23 basis points. At the end of September 2026, the 10-year treasury bond yield was 1.68%; the spread between the 10-year and 1-year treasury bond yields was 46 basis points, narrowing 1 basis point month-on-month; the spread between the 3-year AAA medium-term note yield and the 3-year treasury bond yield was 35 basis points (not excluding bond tax policy factors), narrowing 8 basis points month-on-month. In the first nine months of 2026, a total of 245.05 billion yuan of panda bonds were issued, and 35 new overseas institutions entered the interbank bond market.
3. Operation of derivatives market
In September 2026, the turnover of the RMB derivatives market in the inter-bank market was 7.4 trillion yuan, a year-on-year increase of 48.7%. At the end of September 2026, the closing price (average) of the 1-year FR007 swap rate was 1.43%, which was basically the same month-on-month.
In September 2026, the turnover of the government bond futures market was 7.4 trillion yuan, a year-on-year decrease of 24.0%. At the end of September 2026, the holdings of treasury bond futures were 957,000 lots, a year-on-year increase of 48.3%; the closing price of the main 10-year treasury bond futures contract was 109.4 yuan, which was basically the same month-on-month.
4. Operation of bill market
In September 2026, the acceptance amount of commercial bills will be 3.9 trillion yuan, and the discount amount will be 2.9 trillion yuan. At the end of September 2026, the commercial bill acceptance balance was 22.5 trillion yuan, a year-on-year increase of 11.9%; the discount balance was 17.9 trillion yuan, a year-on-year increase of 15.5%.
5. Operation of gold market
At the end of September 2026, the Shanghai Gold Exchange Au (T+D) contract closed at 906.6 yuan per gram, a month-on-month decrease of 5.7%. In September 2026, gold transactions on the Shanghai Gold Exchange were 5,064.6 tons, a year-on-year increase of 7.6%; gold transactions on the Shanghai Futures Exchange were 15,000 tons, a year-on-year decrease of 12.8%.
6. Operation of the foreign exchange market
At the end of September 2026, the closing price of the RMB against the US dollar in the inter-bank foreign exchange market was 6.7053, an appreciation of 0.22% from the end of the previous month, and the China Foreign Exchange Trading Center (CFETS) RMB exchange rate index was 103.20, an appreciation of 1.31% from the end of the previous month.
7. Stock market operations
At the end of September 2026, the Shanghai Composite Index closed at 3842.2 points, a month-on-month decrease of 3.6%; the Shenzhen Stock Exchange Component Index closed at 12887.6 points, a month-on-month decrease of 8.0%. In September 2026, the average daily turnover of the two cities was 1.81697 billion yuan, a month-on-month decrease of 18.9%.
8. Structure of holders in the inter-bank bond market
At the end of September 2026, there were 3,733 legal persons in the interbank bond market, all of which were financial institutions. In terms of debt holding scale, the top 50 investors2 in corporate credit bonds accounted for 54.1% of the total, mainly in large state-owned commercial banks (self-operated), public funds (asset management), trust companies (asset management), etc.; the top 200 investors accounted for 85.4% of the total.
In September 2026, in terms of transaction scale, according to statistics from legal entities, the top 50 investors in corporate credit bonds in the inter-bank bond market accounted for 61.3% of the transactions, mainly concentrated in securities companies (self-operated), joint-stock commercial banks (self-operated), and fund companies (asset management). The top 200 investors accounted for 92.1% of the transactions.
