The 1999 turnover for China's interbank money market amounted to 732.6 billion yuan last year, or an average 2.92 billion yuan for each of the year's 251 trading days, a 258-percent rise over the 1998 level.

The total included 329.16 billion yuan for interbank lending, up 233 percent from 1998, 395.6 billion yuan in bond repurchase agreements, up 287 percent, and 7.74 billion yuan in spot bonds, up 133 percent.

The weighted average interbank lending rate and bond-repurchasing rate were 3.07 percent and 3.04 percent in 1999, respectively, declining by 52 percentage points and 46 percentage points from 1998 figures.

Interbank trading was most active for two-day, seven-day and 60-day items, with bond repurchasing most active in terms of seven-day and 14-day varieties.

There were 319 members in China's interbank money market at the end of 1999, more than double the 1998 figure, because more financial institutions like stock companies, fund administration companies and rural credit cooperatives, were approved by the People's Bank of China to enter the interbank trading market.

The Bank of China was the largest trader for interbank lending transactions in 1999, and the Industrial and Commercial Bank of China was the leading dealer for both repurchased and spot bonds.