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].

Group 1 - The core viewpoint emphasizes the importance of improving the government bond yield curve as a foundation for the financial market [1][2] - The Ministry of Finance has initiated operations to support the market for government bonds, specifically through selling operations for 2025 government bonds, with amounts of 270 million and 280 million respectively [1][2] - The current market conditions, including a significant decrease in household deposits and an increase in non-bank deposits, highlight the need for a healthy government bond yield curve to ensure financial stability [2] Group 2 - The government bond market is experiencing liquidity issues due to a strong preference for safe assets among investors, driven by an ongoing asset shortage [3][4] - The Ministry of Finance's selling operations aim to address supply-demand imbalances in the market, preventing excessive price increases and ensuring liquidity [2][3] - A comprehensive approach is needed to reform and open up various sectors, removing barriers to market efficiency and enhancing the marginal return on investments [4][5]

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 ...