Bond market institutional optimization continues to advance, market-stabilization mechanism implemented, cross-market interconnection imminent.

Two bond market institutional arrangements are currently being advanced in an orderly manner: On October 26, the central bank officially launched the Bond Non-bank Significant Redemption Swap Facility (BNSF); interconnection between the interbank and exchange bond markets is already in place for implementation and can be opened after testing by relevant entities. Interviewed experts believe that the above two arrangements balance risk prevention and market connectivity, and will, while maintaining the smooth operation of the bond market, enhance market liquidity and pricing efficiency and consolidate its investment and financing function of serving the real economy.