一季度货币政策报告专栏为何强调加强债券市场建设？专家：从制度建设角度防范利率风险

Core Viewpoint - The People's Bank of China emphasizes the importance of strengthening the bond market and supporting its healthy development in the monetary policy execution report for Q1 2025 [1] Group 1: Bond Market Development - The bond market in China has developed rapidly in recent years, significantly enhancing support for the real economy [1] - Despite the lack of credit risk in government bonds, there is a persistent interest rate risk that investors face due to fluctuations in market interest rates [1] - Recent declines in long-term government bond yields are partially attributed to the impact of U.S. tariff policies, leading to increased market uncertainty and heightened risk aversion [1] Group 2: Risk Management and Institutional Improvements - There is a need for institutional improvements to prevent interest rate risks, particularly in the context of the current investor structure where large banks hold a significant amount of bonds but mainly to maturity [2] - Encouraging large banks to engage more in bond trading could help maintain market supply-demand balance and promote reasonable bond pricing [2] - The current tax system provides advantages for certain financial institutions in short-term trading of government bonds, indicating areas for potential improvement [2]