China's Interbank bond market grows 80 times in eight years

China's interbank bond market has seen its aggregated tradable bonds expand nearly 80 times from 72.3 billion yuan (about 8.74 billion US dollars) in 1997 to 5.4 trillion yuan (about 652.96 billion US dollars) by May.

Citing an anonymous official with the People's Bank of China, the country's central bank, Friday's China Securities Daily reported that repurchase transactions alone have reached 5.5 trillion yuan (about 665 billion US dollars) between January and May, almost 180 times as much as the 30.7 billion yuan (about 3.71 billion US dollars) for 1997.

Over the same period, cash bond transactions hit 2 trillion yuan (about 241.84 billion US dollars), nearly 2,070 times as much as 966 million yuan (about 116.8 million US dollars) for 1997.

As of May, more than 7.3 trillion yuan (about 882.7 billion US dollars) of account bonds have been issued through interbank bond market so far, taking up 90 percent of the total, said the newspaper.

Source: Xinhua