According to data released by the central bank on September 21, the daily average turnover in interbank lending reached 316.06 billion yuan in August 2026, a year-on-year decrease of 24.6%. Meanwhile, the daily average turnover for bond repurchases in the interbank market stood at 6.5 trillion yuan, down 14.8% compared to the same period last year.
By the end of August 2026, the outstanding balance of interbank lending was 0.9 trillion yuan, while the outstanding balance of bond repurchases in the interbank market reached 9.6 trillion yuan.
At the end of August 2026, the Shanghai Composite Index closed at 3986.3 points, up 4.0% month-on-month. The Shenzhen Component Index closed at 14015.0 points, an increase of 3.2% from the previous month. In August 2026, the average daily turnover of the two major stock exchanges was 2.24145 trillion yuan, a decrease of 16.5% month-on-month.
In August 2026, net financing of government bonds totaled 1009.73 billion yuan, a year-on-year decrease of 357.46 billion yuan. Net financing of corporate bonds reached 271.25 billion yuan, an increase of 137.4 billion yuan year-on-year.
By the end of August 2026, the custody balance of the bond market amounted to 209.0 trillion yuan. The full details are as follows:
Money Market Performance in August 2026
In August 2026, the daily average turnover of interbank lending was 316.06 billion yuan, down 24.6% year-on-year. The daily average turnover of bond repurchases in the interbank market was 6.5 trillion yuan, down 14.8% year-on-year. By the end of August 2026, the outstanding balance of interbank lending was 0.9 trillion yuan, and the outstanding balance of bond repurchases in the interbank market was 9.6 trillion yuan.
In August 2026, the monthly weighted average rate of the overnight pledged repurchase for interest-rate bonds among banking deposit-taking financial institutions (DR001) was 1.38%, down 1 basis point month-on-month. The DR007 monthly weighted average rate was 1.40%, down 3 basis points. The monthly weighted average rate of the overnight pledged repurchase in the interbank market (R001) was 1.40%, a decrease of 2 basis points from the prior month.
In August 2026, the average daily spread between DR001 and the central bank's 7-day reverse repurchase operation rate was -2 basis points, while the average daily spread between R001 and DR001 was 2 basis points.
Bond Market Performance in August 2026
In August 2026, net financing of government bonds was 1009.73 billion yuan, a year-on-year decrease of 357.46 billion yuan. Net financing of corporate bonds reached 271.25 billion yuan, up 137.4 billion yuan year-on-year. By the end of August 2026, the custody balance of the bond market was 209.0 trillion yuan.
In August 2026, the trading volume in the cash bond market was 39.2 trillion yuan, up 4.8% year-on-year. The turnover rate of cash bonds in the interbank bond market was 18.3%, down 0.9 percentage points month-on-month. The bid-ask spread for the actively traded 10-year government bond was 0.15 basis points.
By the end of August 2026, the yield on 10-year government bonds was 1.69%. The yield spread between 10-year and 1-year government bonds stood at 47 basis points, narrowing by 10 basis points month-on-month. The yield spread between 3-year AAA-rated medium-term notes and 3-year government bonds was 43 basis points (excluding the impact of bond tax policies), widening by 3 basis points month-on-month.
In the first eight months of 2026, the cumulative issuance of panda bonds reached 213.98 billion yuan, with 29 new overseas institutions entering the interbank bond market.
Derivatives Market Performance in August 2026
In August 2026, the trading volume of the RMB derivatives market in the interbank market was 6.9 trillion yuan, an increase of 17.0% year-on-year. By the end of August 2026, the closing price (average) of the 1-year FR007 swap rate was 1.43%, down 1 basis point month-on-month.
In August 2026, the trading volume of the treasury bond futures market was 11.9 trillion yuan, up 12.0% year-on-year. By the end of August 2026, the open interest of treasury bond futures was 896,000 contracts, an increase of 62.0% year-on-year. The closing price of the main contract for 10-year treasury bond futures was 109.4 yuan, roughly flat month-on-month.
Bill Market Performance in August 2026
In August 2026, the issuance amount of commercial bills of acceptance was 3.4 trillion yuan, and the discount issuance amount was 2.5 trillion yuan. By the end of August 2026, the outstanding balance of commercial bills of acceptance was 22.3 trillion yuan, up 10.3% year-on-year. The outstanding balance of discounted bills was 17.8 trillion yuan, an increase of 13.3% year-on-year.
Gold Market Performance in August 2026
By the end of August 2026, the Au (T+D) contract on the Shanghai Gold Exchange closed at 961.1 yuan per gram, up 8.6% month-on-month. In August 2026, gold trading on the Shanghai Gold Exchange reached 6,707.3 tons, an increase of 66.9% year-on-year. Gold trading on the Shanghai Futures Exchange reached 17,000 tons, up 71.5% year-on-year.
Foreign Exchange Market Performance in August 2026
By the end of August 2026, the closing price of the RMB against the US dollar in the interbank foreign exchange market was 6.7198, appreciating 0.41% from the end of the previous month. The CFETS RMB exchange rate index stood at 101.87, depreciating 0.31% from the end of the previous month.
Stock Market Performance in August 2026
At the end of August 2026, the Shanghai Composite Index closed at 3986.3 points, up 4.0% month-on-month. The Shenzhen Component Index closed at 14015.0 points, an increase of 3.2% from the previous month. In August 2026, the average daily turnover of the two exchanges was 2.24145 trillion yuan, down 16.5% month-on-month.
Investor Structure of the Interbank Bond Market
By the end of August 2026, there were 3,751 institutional members in the interbank bond market, all of which were financial institutions. In terms of bond holdings, the top 50 investors in corporate credit bonds accounted for 54.2% of holdings, mainly concentrated among large state-owned commercial banks (proprietary trading), public funds (asset management), and trust companies (asset management). The top 200 investors accounted for 85.3% of holdings.
In August 2026, based on trading volume and calculated by legal entity, the top 50 investors in corporate credit bonds in the interbank bond market accounted for 62.3% of trading, mainly concentrated among securities companies (proprietary trading), joint-stock commercial banks (proprietary trading), and fund companies (asset management). The top 200 investors accounted for 91.9% of trading.
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