Core Viewpoint - The article discusses the phenomenon of "zero interest rate" in the bill market, primarily driven by banks' need to meet credit scale assessments, leading to a significant increase in demand for bills at the end of the month or quarter [2][5]. Group 1: Market Dynamics - As of November 11, the bill market continues to show a buyer-dominated pattern with demand exceeding supply, resulting in a daily decline in interest rates by 2-10 basis points [3]. - The recent "ticket grabbing war" among banks in the fourth quarter has led to a sharp drop in bill rates, with the three-month national bank bill rate falling to 0.01% on October 31 [4][5]. - The trend of declining bill rates has been observed for five consecutive years, typically reaching new lows in the fourth quarter, with zero interest rates appearing earlier each year [5]. Group 2: Investment Behavior - Despite the low returns associated with near-zero bill rates, banks are still eager to invest in these low-risk assets due to a shortage of safe investment options and the pressure to meet credit targets [3][5]. - The significant drop in bill rates at the end of October indicates a clear trend of banks increasing their bill purchases to fill credit gaps, with short-term bills seeing rates drop from 1.2% to 0% [6]. Group 3: Future Outlook - Future credit expansion is expected to focus on two main areas: the implementation and expansion of policy financial tools, and banks assisting local government financing vehicles in repaying operational debts [7].