Group 1 - The Ministry of Finance announced on August 18 that it will conduct treasury bond market-making support operations to enhance liquidity in the secondary market and improve the yield curve reflecting market supply and demand [1] - The operations will involve selling two types of treasury bonds: 2.7 billion yuan of the 2025 10-year coupon bonds and 2.8 billion yuan of the 2025 12-year coupon bonds, with a competitive bidding time set for August 19 from 11:05 to 11:35 [1] - The treasury bonds involved in the operations will be merged for trading starting August 22, 2025, and the payment for the operations must be made by participating institutions by August 20, 2025 [1] Group 2 - The market-making support mechanism allows the Ministry of Finance to use buy and sell tools in the interbank bond market to support market makers for newly issued key maturity treasury bonds [1] - If there is an oversupply of a key maturity treasury bond in the secondary market, the Ministry will buy it back from market makers; conversely, if there is undersupply, it will sell an appropriate amount of treasury bonds to market makers [1] - According to the chief fixed income analyst at CITIC Securities, the treasury bond market-making support operations are regularly conducted and the August operations are considered routine measures with minimal impact on current market yields [2]

Group 1 - The Ministry of Finance announced on August 18 the implementation of treasury bond market-making support operations to enhance liquidity in the secondary market and improve the yield curve reflecting market supply and demand [1] - The operation will involve selling two types of treasury bonds: 2.7 billion yuan of the 2025 coupon-bearing bond (10th issue) and 2.8 billion yuan of the 2025 coupon-bearing bond (12th issue), with a competitive bidding time set for August 19 from 11:05 to 11:35 [1] - The treasury bonds involved in the operation will be merged for trading starting August 22, 2025, and the payment for the operation must be made by participating institutions by August 20, 2025 [1] Group 2 - The chief fixed income analyst at CITIC Securities, Zeng Yu, indicated that the treasury bond market-making support operations are conducted regularly and that the current operation is a routine measure with minimal impact on market yields [2]

Group 1 - The Ministry of Finance has announced operations to support the market-making of government bonds, aimed at enhancing liquidity in the secondary market and establishing a yield curve that reflects market supply and demand [1] - The operations will involve two types of government bonds: the 2025 10th issue and the 2025 12th issue, with operation amounts of 2.7 billion yuan and 2.8 billion yuan respectively [1] - The competitive bidding for the bonds will take place on August 19, 2025, with specific times allocated for each bond type [1] Group 2 - The bidding limits for the bonds have been set, with a price fluctuation range of 0.03 yuan for both bond types, and maximum bid prices of 40 yuan for the 10th issue and 35 yuan for the 12th issue [2] - The bonds will be listed for trading starting August 22, 2025, and participating institutions must deposit the operation funds into the designated account by August 20, 2025 [3] - Other operational matters will follow the guidelines set forth in previous notifications from the Ministry of Finance and the People's Bank of China [3]