Daily Spot Turnover Sets Record on Chinese Money Market

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Last updated at: (Beijing Time) Wednesday, March 12, 2003

Daily Spot Turnover Sets Record on Chinese Money Market

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The business volume of the spot bond trade on China's interbank market hit 10.22 billion yuan (1.23 billion US dollars) Monday, according to statistics provided by the Shanghai-based National Interbank Borrowing Center.

It is the first time the turnover of the spot bond trade broke the 10-billion-yuan (1.2 billion US dollars) mark since China's interbank borrowing and bond market was launched in 1996, sources with the center said.

Since the beginning of this year, the interbank spot bond market has become more and more robust, with its turnover soaring continuously.

The business volume stood at 54.451 billion yuan (6.56 billion US dollars) in January and 67.463 billion yuan (8.13 billion US dollars) in February, which figures combined are 350 times the level for the first two months of last year.

By March 10, this year's spot bond turnover reached 164.797 billion yuan (19.86 billion US dollars), or 39.7 percent of the turnover for the whole of last year, well above the 57.6 billion yuan (6.94 billion US dollars) level in the first quarter of last year.

The briskness of spot bond trade is attributable to a downward adjustment of interest rates on the interbank market and a growth in effective demand among investors, according to analysts with the center.

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