The China Interbank Bond Market (CIBM) (Chinese: 银行间债券市场) is the largest domestic bond market in China and, as of 2022, is the second-largest in the world, only trailing the United States bond market. The CIBM has over US$21.5 trillion in outstanding volume as of the end of 2022. The CIBM was formed in 1997 after the People's Bank of China (PBOC) mandated commercial banks to move their bond trading out of the stock exchanges and into an interbank market operating through an electronic trading system.