CCTV news: The People's Bank of China today (March 31) released the financial market operations in February 2026.

1. Money market operations

In February 2026, the average daily transaction volume of inter-bank lending was 429.32 billion yuan, a year-on-year increase of 87.1%; the average daily transaction volume of bond repurchases in the inter-bank market was 7.4 trillion yuan, a year-on-year increase of 52.9%. At the end of February 2026, the outstanding balance of inter-bank lending was 1.0 trillion yuan, and the outstanding balance of bond repurchases in the inter-bank market was 11.6 trillion yuan.

In February 2026, the monthly weighted average interest rate of overnight pledged repurchase (DR001) of interest rate bonds between banking depository financial institutions was 1.33%, basically the same as last month; the monthly weighted average interest rate of DR007 was 1.49%, down 2 basis points from the previous month; the monthly weighted average interest rate of overnight pledged repurchase (R001) in the interbank market was 1.41%, basically the same as last month. In February 2026, the average daily spread between DR001 and the central bank's open market 7-day reverse repurchase operation interest rate was -7 basis points, and the daily average spread between R001 and DR001 was 6 basis points.

2. Bond market operations

In February 2026, net financing from government bonds was 1,401.38 billion yuan, a year-on-year decrease of 292.53 billion yuan; net corporate bond financing 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 transaction volume of the spot bond market was 23.3 trillion yuan, a year-on-year decrease of 21.3%; the spot bond turnover rate of the inter-bank bond market was 11.6%, a decrease of 7 percentage points month-on-month; the buying and selling price difference of 10-year government bond active bonds was 0.83 basis points. At the end of February 2026, the 10-year government bond yield was 1.78%; the spread between the 10-year and 1-year government bond yields was 46 basis points, basically the same month-on-month; the spread between the 3-year AAA medium-term note yield and the 3-year government bond yield was 44 basis points, basically the same month-on-month.

At the end of February 2026, the custody balance of overseas institutions in China's bond market was 3.4 trillion yuan, accounting for 1.7% of the custody balance of China's bond market. From January to February 2026, a total of 50.44 billion yuan of panda bonds were issued, and 4 new overseas institutions entered the inter-bank bond market.

3. Operation of the derivatives market

In February 2026, the turnover of the RMB derivatives market in the inter-bank market was 3.8 trillion yuan, a year-on-year decrease of 11.7%. At the end of February 2026, the closing price (average) of the 1-year FR007 swap rate was 1.49%, a month-on-month decrease of 2 basis points.

In February 2026, the turnover of the government bond futures market was 6.7 trillion yuan, a year-on-year decrease of 18.4%. At the end of February 2026, the holdings of treasury bond futures were 709,000 lots, an increase of 32.5% year-on-year; the closing price of the main 10-year treasury bond futures contract was 108.4 yuan, an increase of 0.1% month-on-month.

4. Operation of the bill market

In February 2026, the acceptance amount of commercial bills was 3.1 trillion yuan, and the discount amount was 2.4 trillion yuan. At the end of February 2026, the commercial bill acceptance balance was 20.8 trillion yuan, a year-on-year increase of 6.1%; the discount balance was 15.7 trillion yuan, a year-on-year increase of 8.5%.

5. Gold market operation

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-on-month. In February 2026, the gold transaction volume of the Shanghai Gold Exchange was 2,813.9 tons, a year-on-year decrease of 52.9%; the gold transaction volume of the Shanghai Futures Exchange was 14,000 tons, a year-on-year decrease of 7.4%.

VI. Foreign exchange market operation

At the end of February 2026, the closing price of the RMB exchange rate against the US dollar in the inter-bank foreign exchange market was 6.8559, an appreciation of 1.35% from the end of the previous month. The China Foreign Exchange Trading Center (CFETS) RMB exchange rate index was 98.58, an appreciation of 1.64% from the end of the previous month.

7. Stock market operation

At the end of February 2026, the Shanghai Composite Index closed at 4162.9 points, a month-on-month increase of 1.1%; the Shenzhen Stock Exchange Component Index closed at 14495.1 points, a month-on-month increase of 2.0%. In February 2026, the average daily turnover of the two cities was 2.2936 billion yuan, a month-on-month decrease of 24.0%.

8. The holder structure of the inter-bank bond market

At the end of February 2026, there were a total of 3,890 corporate members of the inter-bank bond market, all of which were financial institutions. In terms of debt holding scale, the top 50 investors2 in corporate credit bonds accounted for 53.7% of the total, mainly in large state-owned commercial banks (self-operated), public funds (asset management), insurance financial institutions (asset management), etc.; the top 200 investors accounted for 84.4% of the total.

In February 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 61.1% of the transactions, mainly concentrated in securities companies (self-operated), fund companies (asset management), and joint-stock commercial banks (self-operated). The top 200 investors accounted for 90.8% of the transactions.

(Data sources: China Securities Regulatory Commission, State Administration of Foreign Exchange, China Central Government Bond Depository and Clearing Co., Ltd., China Foreign Exchange Trading Center and National Interbank Funding Center, Interbank Market Clearing House Co., Ltd., Shanghai Commercial Paper Exchange Co., Ltd., Shanghai Gold Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, Beijing Financial Assets Exchange)