Data released by the central bank on October 26 shows that in September 2026, average daily interbank lending turnover was 292.54 billion yuan, a year-on-year decrease of 30.5%; average daily bond repo turnover in the interbank market was 6.5 trillion yuan, a year-on-year decrease of 10.6%. At the end of September 2026, the outstanding balance of interbank lending was 0.8 trillion yuan, and the outstanding balance of bond repos in the interbank market was 11.0 trillion yuan. In September 2026, net government bond financing was 1,536.22 billion yuan, an increase of 346.96 billion yuan year-on-year; net corporate bond financing was -39.26 billion yuan, a decrease of 52.9 billion yuan year-on-year. At the end of September 2026, the custody balance of the bond market was 210.8 trillion yuan. At the end of September 2026, the Shanghai Composite Index closed at 3,842.2 points, down 3.6% month-on-month; the Shenzhen Component Index closed at 12,887.6 points, down 8.0% month-on-month. In September 2026, average daily turnover in the two markets was 1,816.97 billion yuan, down 18.9% month-on-month. The full text is as follows:
September 2026 Financial Market Operation
1. Money Market Operation
In September 2026, average daily interbank lending turnover was 292.54 billion yuan, a year-on-year decrease of 30.5%; average daily bond repo turnover in the interbank market was 6.5 trillion yuan, a year-on-year decrease of 10.6%. At the end of September 2026, the outstanding balance of interbank lending was 0.8 trillion yuan, and the outstanding balance of bond repos in the interbank market was 11.0 trillion yuan.
In September 2026, the monthly weighted average interest rate of overnight pledged repo of interest rate bonds among depository financial institutions in the banking sector (DR001) was 1.38%, basically flat month-on-month; the monthly weighted average interest rate of DR007 was 1.40%, basically flat month-on-month; the monthly weighted average interest rate of overnight pledged repo in the interbank market (R001) was 1.40%, basically flat month-on-month. In September 2026, the daily average spread between DR001 and the central bank's 7-day reverse repo operation rate in open market operations was -2 basis points, and the daily average spread between R001 and DR001 was 1 basis point.
Figure 1 Money market interest rate trend Figure 2 DR001 and central bank policy rate from January to September 2026
2. Bond Market Operation
In September 2026, net government bond financing was 1,536.22 billion yuan, an increase of 346.96 billion yuan year-on-year; net corporate bond financing was -39.26 billion yuan, a decrease of 52.9 billion yuan year-on-year. At the end of September 2026, the custody balance of the bond market was 210.8 trillion yuan. In September 2026, the spot bond market turnover was 37.6 trillion yuan, a year-on-year increase of 0.4%; the spot bond turnover rate in the interbank bond market was 16.8%, down 1.5 percentage points month-on-month; the bid-ask spread of the active 10-year government bond was 0.23 basis points. At the end of September 2026, the yield of the 10-year government bond was 1.68%; the spread between the 10-year and 1-year government bond yields was 46 basis points, narrowing by 1 basis point month-on-month; the spread between the yield of 3-year AAA-rated medium-term notes and the yield of 3-year government bonds was 35 basis points (without excluding bond tax policy factors), narrowing by 8 basis points month-on-month. In the first nine months of 2026, cumulative issuance of panda bonds was 245.05 billion yuan, and 35 new overseas institutions entered the interbank bond market.
Figure 3 Government bond yield trend Figure 4 Changes in the government bond yield curve in September 2026
3. Derivatives Market Operation
In September 2026, the turnover of the RMB derivatives market in the interbank 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%, basically flat 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, open interest in government bond futures was 957,000 lots, a year-on-year increase of 48.3%; the closing price of the main contract of 10-year government bond futures was 109.4 yuan, basically flat month-on-month.
4. Bill Market Operation
In September 2026, the acceptance amount of commercial bills was 3.9 trillion yuan, and the discount amount was 2.9 trillion yuan. At the end of September 2026, the acceptance balance of commercial bills 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. Gold Market Operation
At the end of September 2026, the Au (T+D) contract on the Shanghai Gold Exchange closed at 906.6 yuan per gram, down 5.7% month-on-month. In September 2026, gold turnover on the Shanghai Gold Exchange was 5,064.6 tons, a year-on-year increase of 7.6%; gold turnover on the Shanghai Futures Exchange was 15,000 tons, a year-on-year decrease of 12.8%.
6. Foreign Exchange Market Operation
At the end of September 2026, the closing price of the RMB against the US dollar in the interbank foreign exchange market was 6.7053, an appreciation of 0.22% from the end of the previous month, and the China Foreign Exchange Trade System (CFETS) RMB exchange rate index was 103.20, an appreciation of 1.31% from the end of the previous month.
7. Stock Market Operation
At the end of September 2026, the Shanghai Composite Index closed at 3,842.2 points, down 3.6% month-on-month; the Shenzhen Component Index closed at 12,887.6 points, down 8.0% month-on-month. In September 2026, average daily turnover in the two markets was 1,816.97 billion yuan, down 18.9% month-on-month.
8. Holder Structure of the Interbank Bond Market
At the end of September 2026, there were 3,733 legal entity members in the interbank bond market, all of which were financial institutions. From the perspective of bond holdings, the top 50 investors in corporate credit bonds held 54.1%, mainly concentrated in large state-owned commercial banks (proprietary trading), public funds (asset management), trust companies (asset management), etc.; the top 200 investors held 85.4%. In September 2026, from the perspective of transaction scale, based on legal entity statistics, the top 50 investors in corporate credit bonds in the interbank bond market accounted for 61.3% of transactions, mainly concentrated in securities companies (proprietary trading), joint-stock commercial banks (proprietary trading), and fund companies (asset management), while the top 200 investors accounted for 92.1% of transactions.
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