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The custody balance in China’s bond market reached 196.7 trillion yuan (approximately 28 trillion U.S. dollars) by the end of 2025, according to data from the People’s Bank of China. The central bank’s financial market report for 2025 revealed that net government bond financing totaled 13.8 trillion yuan last year, marking an increase of 2.5 trillion yuan compared to 2024.
Corporate bond net financing stood at 2.4 trillion yuan, reflecting a year-over-year rise of 482.3 billion yuan. By the close of 2025, the custody holdings of foreign institutions in the Chinese bond market amounted to 3.5 trillion yuan, making up 1.8 percent of the total market.
In the course of 2025, the total issuance of Panda bonds reached 183.06 billion yuan, and 56 new foreign entities entered the interbank bond market.




