BRIEFING

Open market operation

In December, the central bank held four repo operations with the trading volume reaching 20 billion yuan, and issued 14 central bank papers valued at 215 billion yuan. For the whole year, the central bank carried out 43 repo operations with a trading volume of 333 billion yuan; it offered 100 central bank papers valued at 1.50715 trillion yuan.

Bond issuing

In December, the Ministry of Finance offered an issue of book-entry treasury bond amounting to 25.66 billion yuan. The China Development Bank (CDB) gave six issues of financial bonds with a value of 70 billion yuan. The Agricultural Development Bank of China (ADBC) issued 12.8 billion yuan worth of one financial bond. The China Construction Bank (CCB) launched 16.7 billion yuan worth of subordinated bonds.

In 2004, the Ministry of Finance offered 14 book-entry T-bonds with the value reaching 441.39 billion yuan, up 63.51 billion yuan from 2003. The CDB issued 25 financial bonds worth of 360 billion yuan. The other two financial banks, The Export and Import Bank of China (EIBC) and the ADBC gave three and four issues of financial bonds valued at 34 billion yuan and 40.8 billion yuan respectively. The Bank of China issued two subordinated bonds with a value of 26.07 billion yuan. The CCB presented five issues of subordinated bonds valued at 40 billion yuan.

Bond listing

In December, listed on the national interbank bond market were 14 central bank papers, two treasury bonds, two CDB bonds, one EXIM bond, one ADBC bond, and one China Railway bond, with a total value of 342.87 billion yuan.

Market members

By the end of December 2004, members in the national interbank funding market and bond market totaled 1,037 with 119 new entrants this year, among which 882, including 97 newcomers this year, were connected to the interbank lending and bond trading system; 451 institutions signed agreement this year with the CFETS for outright repo business; members in the national interbank FX market was added by 9 this year to a total of 353 members. The members of www.chinacp.com.cn amounted to 1027, including 136 new members this year.The quatation and supervision usersof www.chinamoney.com.cn amounted to 10736.