Central Bank: In 2025, the net financing of government bonds will be 13.8 trillion yuan, an increase of 2.5 trillion yuan compared to 2024.

The People's Bank of China released the operation of the financial market in 2025. In 2025, the net financing of government bonds was 13.8 trillion yuan, an increase of 2.5 trillion yuan from 2024; the net financing of corporate bonds was 2.4 trillion yuan, an increase of 482.3 billion yuan from 2024. By the end of 2025, the custody balance of the bond market was 196.7 trillion yuan. In 2025, the turnover of the bond market was 42.53 trillion yuan, an increase of 1.4% from 2024; the turnover rate of the bonds in the interbank bond market was 230%, a decrease of 25 percentage points from 2024; the bid-ask spread of active 10-year government bonds was 0.44 basis points. By the end of 2025, the yield of 10-year government bonds was 1.85%; the yield spread between 10-year and 1-year government bonds was 51 basis points, narrowing by 8 basis points from the end of 2024; the yield spread between 3-year AAA-rated medium-term notes and 3-year government bonds was 51 basis points, narrowing by 4 basis points from the end of 2024.