PANews reported on October 27th that at the 2025 Financial Street Forum Annual Meeting, People's Bank of China Governor Pan Gongsheng stated that last year, the People's Bank of China implemented the instructions of the Central Financial Work Conference and began trading treasury bonds in the secondary market. This was an important measure to enrich the monetary policy toolbox, enhance the financial functions of treasury bonds, leverage the treasury bond yield curve as a pricing benchmark, and improve the coordination between monetary and fiscal policies. It also contributed to the reform and development of my country's bond market and enhanced the market-making and pricing capabilities of financial institutions. In practice, the People's Bank of China flexibly conducts two-way treasury bond trading operations based on the needs of base money supply, taking into account factors such as bond market supply and demand and changes in the yield curve shape, to ensure smooth monetary policy transmission and stable financial market operations. Earlier this year, the People's Bank of China suspended treasury bond trading due to significant pressure from supply and demand imbalances in the bond market and the accumulation of market risks. Currently, the bond market is operating well overall, and the People's Bank of China will resume open market treasury bond trading.