Central Bank: Will Issue Central Bank Bills for the Third Period of 2026; Spot Gold Briefly Breaks Below $4,100/oz | Financial Morning Brief

Everyday Editor | Zhang Yiming

| Tuesday, March 24, 2026 |

NO.1 Central Bank: Issuing the 2026 Third Batch of Central Bank Bills, Total Volume of 60 Billion Yuan

On March 23, the People’s Bank of China announced that on March 25, 2026 (Wednesday), it will conduct a tender for the third batch of central bank bills via the Hong Kong Monetary Authority Debt Instruments Central Settlement System (CMU) bond bidding platform. The third batch of central bank bills has a 6-month (182-day) fixed-rate interest-bearing bond, with principal and interest due at maturity. The issuance volume is 60 billion yuan, with the start date on March 27, 2026, and the maturity date on September 25, 2026. If the maturity date falls on a holiday, it will be extended accordingly.

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

NO.2 A-Share Banking Sector Declines

On March 23, the A-share banking sector declined. Agricultural Bank of China, Zhangjiagang Rural Commercial Bank, Qingnong Commercial Bank, Xiamen Bank, among others, fell over 5%, while Industrial and Commercial Bank of China, Bank of Communications, and Postal Savings Bank fell over 3%.

Comment: Changjiang Securities believes that at this point, it is still favorable to look at valuation recovery in bank stocks. After more than half a year of adjustment, valuations are low, performance trends are improving, and liquidity pressures are gradually being absorbed. Therefore, buying on dips may be a good opportunity.

NO.3 Spot Gold Price Once Fell Below $4,100/oz

On March 23, spot gold prices dropped significantly, with intraday declines reaching 8.6%, falling below $4,100 per ounce.

Comment: Guotai Haitong Securities analysis states that the recent gold correction pressure mainly stems from continued outflows of funds from the Americas. Gold, which had previously surged due to speculative interest, is now under pressure from rising real interest rates. When military conflicts actually occur, the “sell the fact” profit-taking demand weakens gold’s safe-haven attributes.

NO.4 Ping An Bank’s Ji Guangheng: 2026 Will Fully Strive to Achieve Growth Targets

On March 23, Ji Guangheng, Party Secretary and President of Ping An Bank, stated at the “2025 Annual Performance Release Conference” that in 2026, Ping An Bank will make every effort to achieve its growth targets. Although 2025 was a very challenging year for the bank, the operational results from the second half of last year, especially Q4, have begun to show some reform achievements.

Comment: In response to “how to achieve a return to growth,” Vice President Xiang Youzhi said that over the past two years, Ping An Bank has continuously promoted proactive structural adjustments. These adjustments are now basically complete, especially the significant reduction and adjustment of high-risk asset businesses. Based on this foundation, loan business in 2026 is expected to gradually align with the market’s basic pace.

NO.5 Bank of China: Strengthening Risk Prevention in the Precious Metals Market

On March 23, Bank of China issued a reminder to strengthen risk prevention in the precious metals market. Recently, global geopolitical risks have intensified, and under multiple influences, fluctuations in domestic and international precious metal prices have further increased. To protect the interests of customers holding gold savings, interest-bearing gold, account-related precious metals, and other related businesses, customers are especially advised to be aware of market risks, conduct rational investments based on their financial situation and risk tolerance, reasonably control precious metal positions, and reduce the impact of short-term price fluctuations through long-term investment to prevent capital losses caused by market volatility.

Comment: The Bank of China’s reminder on risk prevention in the precious metals market is a response to current global market instability. The escalation of geopolitical risks may lead to price fluctuations in precious metals, emphasizing the importance of risk management for investors. This not only protects customer interests but also demonstrates the bank’s risk control capabilities amid turbulent markets.

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