Second, the average issuance period is extended. On the basis of keeping 3-10-year medium-term and long-term bonds as the main varieties, the issuance of 15-year, 20-year, 30-year and other ultra long-term varieties increased further. From January to November, the average issuing period of local bonds was 10.2 years, an increase of 4.1 years on a year-on-year basis.
Third, the liquidity of the secondary market was further improved. From January to November, the trading volume of local bonds in cash was 9.01 trillion yuan, an increase of 5.52 trillion yuan on a year-on-year basis; the turnover rate (cash bond trading volume / total custody) was 0.46 times, an increase of 0.25 times on a year-on-year basis; the scale of pledge style repo was 17.45 trillion yuan, an increase of 3.09 trillion yuan on a year-on-year basis.
Source: responsible editor of the Ministry of finance of the peoples Republic of China: Zhong Qiming, nf5619