The central bank: will issue the third batch of 2026 Central Bank Bills; spot gold temporarily fell below $4,100 per ounce | Financial Morning Briefing

Every journalist edited by Zhang Yiming

| March 24, 2026, Tuesday |

**NO.1 **Central Bank: Will issue the third batch of central bank bills for 2026, with an issuance amount of 60 billion yuan

On March 23, the central bank announced that on March 25, 2026 (Wednesday), the People’s Bank of China will issue the third batch of central bank bills through the Hong Kong Monetary Authority’s debt instruments central clearing system (CMU) bond bidding platform. The third batch of central bank bills has a term of 6 months (182 days), is a fixed-rate interest-bearing bond, and will repay both principal and interest at maturity, with an issuance amount of 60 billion yuan. The interest start date is March 27, 2026, and the maturity date is September 25, 2026, with the maturity date postponed if it falls on a holiday.

Commentary: The issuance of central bank bills by the People’s Bank of China in Hong Kong not only enriches the range of high credit-rated RMB financial products in Hong Kong but also further improves the yield curve of the RMB. This move helps to enhance Hong Kong’s status as an international financial center and promotes the internationalization of the RMB.

NO.2** A-share banking sector declines**

On March 23, the A-share banking sector declined. Agricultural Bank of China, Zhangjiagang Bank, Qingnong Commercial Bank, Xiamen Bank, and others all fell by more than 5%, while Industrial and Commercial Bank of China, Bank of Communications, and Postal Savings Bank dropped by more than 3%.

Commentary: Changjiang Securities believes that at this point, it remains optimistic about the valuation recovery of bank stocks, having undergone more than six months of sufficient adjustment, with low valuations, improving performance trends, and gradually alleviating funding pressure. Therefore, buying on dips may be a good opportunity for allocation.

NO.3** Spot gold briefly drops below $4,100 per ounce**

On March 23, spot gold prices experienced a significant decline, with intraday drop reaching 8.6%, falling below $4,100 per ounce.

Commentary: Guotai Junan Securities analyzed that the current round of gold price correction pressure mainly comes from the continuous outflow of funds from the Americas. Gold, which had previously risen significantly due to speculative fund interest, is also subject to pressure from rising real interest rates. When actual military conflicts occur, the “profit-taking” demand diminishes gold’s safe-haven properties.

NO.4** Ping An Bank’s Ji Guangheng: Aiming to fully achieve growth targets in 2026**

On March 23, Ji Guangheng, Secretary of the Party Committee and President of Ping An Bank, stated at the “2025 Annual Performance Conference” that in 2026, Ping An Bank aims to fully achieve its operational goal of returning to growth. Although 2025 has been a very challenging year for Ping An Bank recently, many reform results have begun to show, especially in the second half of last year and particularly in the fourth quarter.

Commentary: In response to the question of “how to achieve a return to growth,” Ping An Bank Vice President Xiang Youzhi stated that over the past two years, Ping An Bank has continuously promoted proactive structural adjustments, and the relevant adjustments have now been basically completed, particularly with a significant reduction and adjustment of high-risk asset business. Based on this foundation, the loan business is expected to gradually keep pace with the market’s basic rhythm in 2026.

NO.5** Bank of China: Strengthening risk prevention in the precious metals market**

On March 23, Bank of China issued a reminder about strengthening risk prevention in the precious metals market. Recently, global geopolitical risks have intensified, and under multiple influencing factors, domestic and international precious metal prices have seen increased volatility. To protect the interests of customers involved in precious metal-related businesses such as accumulated gold, accumulated interest gold, and account precious metals, it is especially advised that all customers take precautions against market risks, engage in rational investments based on their financial situation and risk tolerance, reasonably control their positions in precious metals, and reduce the impact of short-term price fluctuations through long-term investments to prevent the risk of capital losses due to market volatility.

Commentary: The Bank of China’s reminder regarding risk prevention in the precious metals market is a response to the current instability in the global market. The intensification of geopolitical risks may lead to fluctuations in precious metal prices, conveying the importance of risk management to investors. This move not only protects customer interests but also demonstrates the bank’s risk control capabilities in the current turbulent market.

Disclaimer: The content and data in this article are for reference only and do not constitute investment advice. Please verify before use. Trading based on this information is at your own risk.