Briefing

Open market operation

In March, the People's Bank of China issued 14 central bank papers with a maximum of 280 billion yuan, up 125 billion yuan from the previous month. As four bonds fell through, the real issuing volume was 238.1 billion yuan, the highest since the issuing of the central bank paper in April 2003. The net retirement of cash was about 169.28 billion yuan. The bidding manner for central bank paper resumed volume bidding rather than price bidding.

Bond issuing

In March, the Ministry of Finance announced its 2004 issuing plan for visible treasury certificates, and issued the first book-entry bond this year with a value of 38.16 billion yuan. The China Development Bank added 15 billion yuan of bonds to 04CDB03, issued in February of this year. The China Development Bank and the China Export & Import Bank published a list of financial bond underwriting syndicates for 2004.

Bond listing

In March, listed on the national interbank bond market were 14 central bank papers, one treasury bond and two bonds issued by the China Development Bank.

Market members

By the end of March, members of the national interbank funding market and bond market totaled 943, among which 818 were connected to the network. The national interbank forex market had a total of 347 members. The members of www.chinacp.com.cn amounted to 936.