Core Viewpoint - The Central Securities Depository announced the launch of a centralized bond lending service on October 10, 2025, aimed at enhancing market liquidity and settlement efficiency, approved by the People's Bank of China [1] Group 1: Centralized Bond Lending Service - The centralized bond lending service will be jointly provided by the Central Securities Depository and the Interbank Lending Center, offering an automatic bond lending service in the interbank bond market [1] - Lenders will voluntarily set parameters and establish a pool of lendable bonds, which will be utilized when borrowers face insufficient bonds on the settlement date [1] - The service will be available to all members of the interbank bond market, with asset management products requiring their asset managers to handle the transactions [1]

Group 1 - The core viewpoint of the article is the introduction of a centralized bond lending service aimed at enhancing market liquidity and improving settlement service efficiency, approved by the People's Bank of China [1] Group 2 - The centralized bond lending service will be jointly launched by the Central Government Securities Depository and Clearing Co., Ltd. and the National Interbank Funding Center on October 10, 2025 [1] - This service will provide an automatic bond lending service in the interbank bond market, allowing lenders to set parameters and establish a lending pool voluntarily [1] - When a borrower faces a shortfall of payable bonds on the settlement date, they can initiate a centralized bond lending instruction through the interbank funding center's local currency trading platform [1] - The Central Government Securities Depository and Clearing Co., Ltd. will automatically match and facilitate bond lending from the lending pool, while also providing collateral management and settlement services [1] - The centralized bond lending service will be available to all members of the interbank bond market, with asset management products requiring their asset managers to handle the business on their behalf [1]