Core Viewpoint - The article emphasizes the importance of improving the government bond yield curve as a foundation for the financial market, highlighting recent measures taken by the Ministry of Finance to enhance liquidity in the secondary market for government bonds [2][3]. Summary by Sections Government Bond Market Operations - The Ministry of Finance announced operations to support the market for government bonds, specifically selling 2.7 billion yuan of 2025 10-year bonds and 2.8 billion yuan of 2025 12-year bonds to improve liquidity and reflect market supply and demand [2][3]. Current Market Conditions - The article discusses the ongoing asset shortage and declining policy interest rates, which have increased investor preference for government bonds, leading to a liquidity squeeze in the bond market [2][3][4]. - In July, there was a net decrease of 1.11 trillion yuan in household deposits, indicating a shift in financial asset distribution among residents [3]. Importance of a Healthy Yield Curve - A well-functioning government bond yield curve is crucial for the stability and predictability of the financial system, especially as household asset exposure risks change [3][4]. - The Ministry of Finance's operations aim to balance supply and demand in the market, preventing excessive price increases and ensuring that the yield curve reflects market conditions [3][4]. Challenges in the Market - The article identifies two main issues contributing to the current market's risk-averse behavior: low policy interest rates leading to credit tightening and insufficient capacity to generate effective risk assets, exacerbating the asset shortage [4][5]. - The focus on safe assets like government bonds has resulted in liquidity problems in the secondary market, as investors prefer to hold rather than trade these securities [4][5]. Recommendations for Improvement - To enhance the government bond yield curve and market pricing mechanisms, it is essential to address low interest rates and promote a more open economic environment that encourages risk-taking and innovation among market participants [5][6]. - The article advocates for comprehensive reforms to eliminate barriers to market efficiency and foster a competitive legal market order, ultimately improving investment returns and addressing the asset shortage [5][6].

要真正健全国债收益率曲线，完善市场的定价之基，根本上需在货币金融政策上正视低利率政策的损 益，并真正立足于经济社会的开放，释放市场主体的冒险精神和创造力。 完善国债收益率曲线是金融市场的立业之基。 为支持国债做市，提高国债二级市场流动性，健全反映市场供求关系的国债收益率曲线，18日财政部发 布《关于开展2025年8月份国债做市支持操作有关事宜的通知》。本次操作方向为随卖，操作券种为 2025年记账式附息（十期）国债和2025年记账式附息（十二期）国债，操作额分别为2.7亿元和2.8亿 元。 国债做市支持操作并非新业务，早在2016年9月30日财政部、中国人民银行印发《国债做市支持操作规 则》以来，就在市场上实施。当前这种日益常规化的国债做市支持操作，之所以被市场关注，与最近金 融市场的诸多变化有直接关系。 当前国内直接投资市场出现的一些发展态势，例如持续承压的资产荒，以及日益压低的政策利率等，不 断提高投资者对国债等固定收益市场的黏度。市场投资者日益浓重的损失规避效应，在压低国债收益率 曲线的同时，也增加了国债市场的流动性压抑。 当下市场出现的新情况，正好发生在居民金融资产搬家的热浪风口。7月居民存款净减少1 ...