The Zhitong Finance App learned that on July 22, the People's Bank of China announced the financial market performance for June 2026. At the end of June 2026, the Shanghai Composite Index closed at 4094.4 points, up 0.6% from the previous month; the Shenzhen Stock Exchange Index closed at 16205.6 points, up 4.0% from the previous month. In June 2026, the average daily turnover of the two markets was 3114.40 billion yuan, a decrease of 2.1% over the previous month. In June, the average daily transaction of interbank lending was 329.22 billion yuan, a year-on-year decrease of 21.9%; the average daily transaction of bond repurchases in the interbank market was 6.2 trillion yuan, a decrease of 21.0% year-on-year. At the end of June 2026, the unexpired balance of interbank loans was 0.9 trillion yuan, and the unexpired balance of interbank market bond repurchases was 10.9 trillion yuan.
The original text is as follows:
Financial market performance in June 2026
I. The operation of the money market
In June 2026, the average daily transaction of interbank lending was 329.22 billion yuan, a year-on-year decrease of 21.9%; the average daily transaction of bond repurchases in the interbank market was 6.2 trillion yuan, a decrease of 21.0% year-on-year. At the end of June 2026, the unexpired balance of interbank loans was 0.9 trillion yuan, and the unexpired balance of interbank market bond repurchases was 10.9 trillion yuan.
In June 2026, the monthly weighted average interest rate for overnight pledged repurchases (DR001) of interest rate bonds between banking sector deposit-type financial institutions was 1.38%, up 11 basis points from month to month; the DR007 weighted average interest rate was 1.45%, up 10 basis points from month to month; and the monthly weighted average interest rate for overnight pledged repurchases (R001) in the interbank market was 1.42%, up 10 basis points from month to month. In June 2026, the average daily interest rate spread between DR001 and the central bank's 7-day reverse repurchase operation interest rate was -1 basis point, and the average daily spread between R001 and DR001 was 4 basis points.
Figure 1. Interest rate trends in the money market
Figure 2 DR001 and central bank policy interest rate from January to June 2026
II. The operation of the bond market
In June 2026, net financing of government bonds was 768.33 billion yuan, a year-on-year decrease of 582.52 billion yuan; net financing of corporate bonds was 401.16 billion yuan, an increase of 158.97 billion yuan over the previous year. At the end of June 2026, the bond market had an escrow balance of 205.0 trillion yuan.
In June 2026, the cash market turnover was 45.7 trillion yuan, an increase of 19.9% over the previous year; the interbank bond market's cash turnover rate was 22.0%, up 4 percentage points from month to month; and the trading price spread for active 10-year treasury bonds was 0.45 basis points. At the end of June 2026, the yield on 10-year treasury bonds was 1.73%; the yield spread between 10-year and 1-year treasury bonds was 61 basis points, 6 basis points wider than the previous month; the spread between the yield on 3-year AAA medium-term notes and the yield on 3-year treasury bonds was 33 basis points, narrowing 3 basis points from month to month. In the first six months of 2026, panda bonds totaled 160.3 billion yuan, and 21 additional overseas institutions entered the interbank bond market.
Figure 3 Treasury bond yield trends
Figure 4 Changes in the treasury bond yield curve in June 2026
III. The operation of the derivatives market
In June 2026, the interbank RMB derivatives market turnover was 7.8 trillion yuan, an increase of 69.6% over the previous year. At the end of June 2026, the closing price (average) of the 1-year FR007 swap rate was 1.42%, unchanged from month to month.
In June 2026, the treasury bond futures market turnover was 8.6 trillion yuan, an increase of 52.2% over the previous year. At the end of June 2026, treasury bond futures holdings were 903,000 lots, an increase of 32.4% over the previous year; the closing price of the main 10-year treasury bond futures contract was 108.8 yuan, down 0.4% from the previous month.
IV. The operation of the bill market
In June 2026, the amount accrued on commercial money orders was 4.0 trillion yuan, and the discount accrued amount was 3.2 trillion yuan. At the end of June 2026, the commercial money order acceptance balance was RMB 21.9 trillion, up 13.2% year on year; the discount balance was RMB 17.3 trillion, up 16.8% year on year.
5. Operation of the gold market
At the end of June 2026, the Shanghai Gold Exchange Au (T+D) contract closed at 878.5 yuan per gram, down 10.7% from the previous month. In June 2026, the Shanghai Gold Exchange traded 6,491.2 tons of gold, an increase of 19.8% over the previous year; the Shanghai Futures Exchange traded 13,000 tons of gold, a decrease of 15.9% over the previous year.
6. The operation of the foreign exchange market
At the end of June 2026, the closing price of the RMB exchange rate against the US dollar in the interbank foreign exchange market was 6.7852, down 0.25% from the end of the previous month. The China Foreign Exchange Trading Center (CFETS) RMB Exchange Rate Index was 102.59, up 1.92% from the end of the previous month.
7. Stock Market Operation
At the end of June 2026, the Shanghai Composite Index closed at 4094.4 points, up 0.6% from the previous month; the Shenzhen Stock Exchange Index closed at 16205.6 points, up 4.0% from the previous month. In June 2026, the average daily turnover of the two markets was 3114.40 billion yuan, a decrease of 2.1% over the previous month.
8. The structure of holders in the interbank bond market
At the end of June 2026, there were 3,819 corporate members in the interbank bond market, all financial institutions. Looking at the size of debt holdings, the top 50 investors in corporate credit bonds held 54.2%, mainly in large state-owned commercial banks (proprietary), public funds (asset management), trust companies (asset management), etc.; the top 200 investors held 85.3% of the debt.
In June 2026, in terms of transaction scale, according to statistics from legal entities, the top 50 investors in credit bonds in the interbank bond market accounted for 60.8%, mainly in securities companies (proprietary), joint-stock commercial banks (proprietary), and fund companies (asset management). The top 200 investors accounted for 91.7% of transactions.
This article was selected from the official website of the “People's Bank of China”; Zhitong Finance Editor: Liu Jiayin.