The central bank restarts the national debt trading operation, the expectations are rising, the timing may be in the fourth quarter.

In recent times, government bond futures have been continuously fluctuating downward, with the yields of active 10-year and 30-year government bonds once falling below the levels of 1.8% and 2.1% respectively. As market sentiment in the bond market has turned negative, market expectations for the People's Bank of China to resume government bond trading have once again risen. Currently, the government bond supply is strong, and the yield levels have significantly increased since the beginning of the year. Interviewees believe that, considering the overall market sentiment and government bond yield levels, the central bank is in a suitable position to resume open market government bond trading operations, but the urgency is not high at the moment. It is more favorable to restart government bond trading operations in the fourth quarter in order to release medium and long-term funds, regulate the bond market supply and demand relationship, and improve market expectations.