As at the end of 2019, China's bond markets recorded a total cash bond trading volume of RMB217.4 trillion, comprising RMB209 trillion in the China Inter-bank Bond Market ("CIBM") and RMB8.4 trillion trading volume in the exchange-traded bond market. Foreign institutional investors reached a total of RMB5.3 trillion in cash bond trading in 2019, representing a 66% year-over-year increase, but accounting for only slightly over 2% of the total bond trading volume in China. Among the types of bonds in which foreign institutional investors invested, transaction volumes of policy bank bonds, government bonds, and interbank certificates of deposit accounted for 43%, 33%, and 20%, respectively.