Securities Times: Expectations for the central bank to restart government bond trading operations are rising, with the timing potentially in the fourth quarter.

Recently, the national treasury futures have continued to fluctuate and decline, with the yield of the 10-year and 30-year national treasury active bonds once falling below the 1.8% and 2.1% levels, respectively. At a time when the bond market sentiment is low, market expectations for the People's Bank of China to restart national treasury trading operations have risen again. Currently, the government bond supply is relatively large and the national bond yield level has risen significantly since the beginning of the year. Interviewees believe that, considering the overall market sentiment and national bond yield levels, the conditions for the central bank to restart open market national treasury trading operations are appropriate, but the urgency is not strong at the moment. It is more likely that national treasury trading operations will restart in the fourth quarter, in order to release medium to long-term funds, adjust the supply and demand relationship in the bond market, and improve market expectations.