Accumulation of Streamers, Stability and Progress: Review of the Development of China's Securities Industry in 2023 and Outlook for 2024

Report Producer: Deloitte

In 2023, global inflationary pressures have eased, market expectations of interest rate cuts by major central banks have increased, and 10-year Treasury yields in advanced economies have fallen sharply. At the end of the year, the U.S. 10-year Treasury yield closed at 3.88%, down 110 basis points from its mid-October high, while the German and British 10-year Treasury yields closed at 2.02% and 3.62%, respectively, 49 and 18 basis points lower than the end of 2022.

In 2023, bond trading will be active, and the market size will grow steadily. As of the end of 2023, the custody balance of China's bond market was 157.9 trillion yuan, a year-on-year increase of 9.1%. Among them, the interbank bond market, the exchange market custody balance was 137.0 trillion yuan and 20.9 trillion yuan respectively, and the total bond holdings of foreign institutions were 3.72 trillion yuan, accounting for 2.4% of the total scale of China's bond market. Bond market yields fluctuated to the downside and term spreads narrowed as funding costs continued to reduce funding costs to stimulate effective demand.

At the end of 2023, the yields on 3-year, 5-year, 7-year, and 10-year treasury bonds will be 2.29%, 2.4096, 2.53%, and 2.56%, respectively, down 11 points from the end of 2022. 24 pcs. 29, 28 basis points, in February 2023, the reform of the stock issuance registration system was officially implemented, covering all kinds of public offerings, which is of great significance for improving the function of the capital market and supporting innovative development strategies.

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