China’s combined margin financing and securities lending balance across the Shanghai, Shenzhen and Beijing exchanges rose for a sixth straight session to a record CNY 3.000971 trillion as of June 23, according to Jiemian News, citing Wind data. The total increased by CNY 5.94 billion from the previous trading day; margin financing outstanding was CNY 2.978993 trillion (+CNY 6.137 billion) while securities lending was CNY 21.978 billion (-CNY 197 million).

The balance climbed from CNY 2.0002 trillion on August 5, 2025 to above CNY 3 trillion in less than a year. Turnover also stayed elevated, with combined Shanghai and Shenzhen trading value exceeding CNY 3 trillion for eight consecutive sessions as of June 24.

Choice data showed margin trading turnover on June 23 reached CNY 355.177 billion, or 10.25% of A-share turnover. The Shanghai, Shenzhen and Beijing exchanges raised the minimum margin ratio for new margin-buying contracts to 100% from 80% effective January 14. China Galaxy Securities strategist Yang Chao said overall leverage remains controllable, while risks are concentrated in crowded sectors such as semiconductors, communications and AI.