Foreign institutions held 3.19 trln yuan of China interbank bonds at end-August

The headline number is less telling than the share: foreign holdings at roughly 1.7% of total interbank custody underline how marginal overseas participation in China's onshore bond market remains, even after years of opening channels. What matters is whether this reflects structural caution or simply the still-early stage of access. Watch whether the ratio drifts higher in coming PBOC disclosures, since direction, not the level, is the more meaningful signal for onshore market integration.