1. The People's Bank of China (PBOC): Will continue to implement a moderately loose monetary policy and increase counter-cyclical and cross-cyclical adjustments.
2. The PBOC: Conducted 400 billion yuan of Medium-term Lending Facility (MLF) operations on December 25.
3. The Ministry of Finance plans to issue 2025 book-entry discount (82nd tranche) treasury bonds, with a total face value of 60 billion yuan through competitive bidding.
4. The China Securities Regulatory Commission (CSRC) Bond Department: In the first 11 months, enterprises in provinces along the exchange market support channel issued nearly 700 billion yuan of corporate bonds.
5. The Shanghai Stock Exchange (SSE) released a special guideline for bond trusteeship business to "shift course" to proactive credit management; several pilot securities firms have already implemented practical cases.
6. This year, land reserve special bonds have been issued exceeding 540 billion yuan, and some regions have already started the 2026 land acquisition work.
7. The SSE released the "Shanghai Stock Exchange Bond Ongoing Business Guideline No. 5 – Corporate Bond Trusteeship Management".
8. The Ministry of Finance issued 2025 book-entry discount (82nd tranche) treasury bonds.
9. Japan may significantly reduce its issuance of ultra-long-term government bonds, potentially hitting a 17-year low.
10. Issuance this year increased by 20% year-on-year, with the outstanding amount of corporate bonds on the Shanghai Stock Exchange approaching 14 trillion yuan.
11. Bank of China completed the issuance of 50 billion yuan of write-down Tier 2 capital bonds.
12. Demand at the auction of Japanese two-year government bonds is lower than the 12-month average.
