Pan Gongsheng: Promote the implementation of interconnectivity between the interbank and exchange bond markets; phase out the benchmark deposit and lending rates.

Zhitong Finance APP has learned that Pan Gongsheng, Governor of the People's Bank of China, mentioned at the 2026 Financial Street Forum Annual Meeting that the interconnection between the interbank and exchange bond markets will be implemented. Interconnection between financial market infrastructures can facilitate cross-market bond issuance and trading, promote improved market liquidity and price formation, and better leverage the role of financial markets in price discovery and resource allocation. In the earlier stage, the People's Bank of China and the China Securities Regulatory Commission carried out a series of work. Currently, interconnection already meets the conditions for implementation, and it can be launched after bond market infrastructure operators and market participants conduct testing.