From the beginning of 2004 to end-March of 2005, bonds issued in the inter-bank market reached RMB3561.7 billion yuan accumulatively, increasing by RMB1535.7 billion yuan over the end of 2003. By the end of this March, the stock value of bonds in inter-bank bond market amounted to RMB5214.3 billion yuan, growing by RMB1859.2 billion yuan over the end of 2003, up 35.65 percent.
It is interesting to note that the OECD (2005, 2006) identified the deviation of the actual rent-to-price ratio from the fundamental ratio based on the long-term historical average ratio, employing the inverse of user cost as a proxy to the price-to-rent ratio, as the user cost equates the expected cost of owning a house with the cost of renting.