Zhong Guo Ji Jin Bao·2025-10-12 10:58Core Viewpoint - The Central Securities Depository and the Interbank Lending Center have jointly launched a centralized bond lending business to enhance market liquidity and efficiency in the interbank bond market [1][6]. Group 1: Business Launch Details - The centralized bond lending business was launched on October 10, with 78 institutions participating in the initial phase, including major state-owned banks, joint-stock banks, city commercial banks, foreign banks, rural commercial banks, and securities companies [1][5]. - The first day of operation saw the bond pool scale exceed 1.3 trillion yuan, covering various types of bonds such as government bonds, local government bonds, policy bank bonds, and corporate bonds [5][6]. Group 2: Participant Institutions - The initial participants include five major state-owned banks, seven joint-stock banks, 27 city commercial banks, one foreign bank, 15 rural commercial banks, and 21 securities companies [1][2][3][4]. Group 3: Operational Mechanism - The centralized bond lending service allows lenders to set parameters and specify available bonds for lending, creating a bond pool. Borrowers can initiate lending requests through the interbank lending platform when they face shortfalls on settlement days [6][7]. - The lending period is set between one to three days, with rates based on historical transaction fees adjusted for extreme data [6][7]. Group 4: Market Impact - This innovation is expected to mitigate settlement risks, enhance market functionality, improve trading efficiency, and significantly reduce negotiation costs for bond lending [7][8].