FILE PHOTO: People walk past the headquarters of the People's Bank of China (PBOC), the central bank, as two paramilitary police officials patrol around it in Beijing November 20, 2013. REUTERS/Jason Lee/File Photo

(ATF) – A statement released by the central bank on Sunday showed that China issued bonds worth 12 trillion yuan (about $1.7 trillion) in the first quarter, an increase of 14% year-on-year. 

The total balance was 103 trillion yuan, an increase of 4% from the end of the previous year.

At the same time, 26 foreign institutions were added to the interbank bond market in the first quarter, and the net increase in foreign institutions’ holdings was 59.07 billion yuan.

Among the bonds issued, corporate credit bonds totalled 3 trillion yuan, an increase of 35% year-on-year, while the net financing scale exceeded 1.7 trillion yuan, an increase of more than 800 billion yuan year-on-year. The volume and scale of net financing were all at historically high levels.

SMEs and private enterprises issued about 210 billion yuan of bonds, an increase of 50% year-on-year; the net financing scale was about 93 billion yuan, a record high in nearly three years.

For the complete version of this article please go to our financial site, Asia Times Financial.