The People's Bank of China (PBOC) released its report on the operation of financial markets in November 2025. Data shows that in November, a total of 7017.93 billion yuan in various bonds were issued in the bond market. Specifically, treasury bonds issued amounted to 1044.42 billion yuan, local government bonds to 912.69 billion yuan, financial bonds to 1195.50 billion yuan, corporate credit bonds to 1394.88 billion yuan, credit asset-backed securities to 32.72 billion yuan, and interbank certificates of deposit to 2400.92 billion yuan. As of the end of November, the outstanding balance of bonds under custody in the bond market was 196.3 trillion yuan. Of this, the outstanding balance in the interbank market was 173.0 trillion yuan, and in the exchange market, it was 23.2 trillion yuan. By bond type, the outstanding balance of treasury bonds under custody was 40.1 trillion yuan, local government bonds 54.3 trillion yuan, financial bonds 44.6 trillion yuan, corporate credit bonds 34.8 trillion yuan, credit asset-backed securities 1.0 trillion yuan, and interbank certificates of deposit 20.3 trillion yuan. The outstanding balance of commercial bank counter bonds under custody was 274.07 billion yuan.