一财社论：完善市场化定价是国债做市的核心

Core Viewpoint - The article emphasizes the importance of improving the government bond yield curve and establishing a solid pricing foundation for the financial market, which requires addressing the benefits and drawbacks of low interest rate policies and fostering market participants' risk-taking spirit and creativity [1][4][5] Group 1: Government Bond Market Operations - The Ministry of Finance announced operations to support the market for government bonds, specifically through selling operations for the 2025 government bonds, with amounts of 270 million and 280 million respectively [1][2] - The government bond market support operations are not new, having been implemented since the issuance of the operational rules in September 2016, and are increasingly regularized due to recent changes in the financial market [1][2] - The current selling operations reflect a supply-demand imbalance in the market for key maturity government bonds, aiming to prevent excessive price increases and improve liquidity in the secondary market [2][3] Group 2: Financial Asset Distribution Changes - In July, there was a net decrease of 1.11 trillion yuan in household deposits, highlighting the significance of a healthy government bond yield curve as the distribution of household financial assets changes [2] - The shift in household asset exposure risks necessitates a more stable and predictable financial system, which places higher demands on the healthy operation of the government bond yield curve [2] Group 3: Market Pricing Mechanism - To create a healthy liquidity environment for the government bond market, it is crucial to establish a sound pricing mechanism and reduce transaction costs, allowing the yield curve to effectively cover risk exposures [3][4] - The current market's risk-averse behavior is driven by a persistent asset shortage and low policy interest rates, leading to liquidity issues in the government bond secondary market [3][4] - The article suggests that addressing low interest rates and enhancing the marginal investment return is essential for guiding changes in the government bond yield curve [4][5] Group 4: Structural Reforms - Comprehensive reforms and opening up various sectors are necessary to broaden the productive boundaries of market participants and eliminate non-market barriers to effective market operation [4][5] - The government bond market support operations are seen as a starting point, with the ultimate goal being to improve the yield curve and market pricing foundation through deeper reforms [5]