Group 1 - The Ministry of Finance announced on August 18 that it will conduct treasury bond market-making support operations to enhance liquidity in the secondary market and improve the yield curve reflecting market supply and demand [1] - The operations will involve selling two types of treasury bonds: 2.7 billion yuan of the 2025 10-year coupon bonds and 2.8 billion yuan of the 2025 12-year coupon bonds, with a competitive bidding time set for August 19 from 11:05 to 11:35 [1] - The treasury bonds involved in the operations will be merged for trading starting August 22, 2025, and the payment for the operations must be made by participating institutions by August 20, 2025 [1] Group 2 - The market-making support mechanism allows the Ministry of Finance to use buy and sell tools in the interbank bond market to support market makers for newly issued key maturity treasury bonds [1] - If there is an oversupply of a key maturity treasury bond in the secondary market, the Ministry will buy it back from market makers; conversely, if there is undersupply, it will sell an appropriate amount of treasury bonds to market makers [1] - According to the chief fixed income analyst at CITIC Securities, the treasury bond market-making support operations are regularly conducted and the August operations are considered routine measures with minimal impact on current market yields [2]
提高市场流动性、健全收益率曲线 财政部开展国债做市支持操作
Zhong Guo Zheng Quan Bao·2025-08-18 23:39