This undated photo shows a bank staff member counting 100-yuan banknotes at the Beijing Branch of the Bank of Communication in Beijing. (LI XIN / XINHUA)

BEIJING - China's bond market registered steady growth in the first quarter (Q1), providing support for the country's social and economic development as well as its fight against the novel coronavirus outbreak.

A total of 12 trillion yuan (about US$1.7 trillion) of bonds were issued in Q1, up 14 percent year on year, the People's Bank of China (PBOC) said Sunday in an online statement.

A total of 12 trillion yuan (about US$1.7 trillion) of bonds were issued in Q1, up 14 percent year on year, the People's Bank of China (PBOC) said Sunday in an online statement

The total bond balance rose 4 percent from the end of last year to 103 trillion yuan.

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The issuance of corporate credit bonds surged 35 percent year on year to 3 trillion yuan, and net financing via bonds stood at over 1.7 trillion yuan, according to the PBOC.

Private enterprises issued bonds worth around 210 billion yuan in Q1 with net financing hitting about 93 billion yuan, a record high in nearly three years.

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By the end of March, 822 overseas institutional investors had entered the inter-bank bond market, holding 2.26 trillion yuan of bonds, the PBOC data showed.