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Our reporter Li Minghui (chinatimes.net.cn) reports from Beijing

For two consecutive days, the National Association of Financial Market Institutional Investors (hereinafter referred to as the "NAFMII") issued a series of documents to crack down on violations in treasury bond trading.

On August 7, the National Association of Financial Market Institutional Investors launched a self-discipline investigation into four rural commercial banks in Jiangsu Province for suspected manipulation of treasury bond market prices and profit transfer. On August 8, the official website of the National Association of Financial Market Institutional Investors disclosed that some small and medium-sized financial institutions had recently been investigated for violations of treasury bond trading such as lending accounts and profit transfer.

The bond market then saw an adjustment. On August 8 and 9, Treasury bond futures fell across the board, while yields in the spot bond market rose across the board.

It is worth mentioning that on August 5, the yield of the 10-year active bond 24004 fell below 2.1%, the first time on record. As of press time on August 9, the yield of the 10-year active bond 24004 was 2.19%, up 11 basis points from its low point on August 5; the yield of the 30-year active bond 230023 was 2.37%, up 8 basis points from its low point on August 5.

A combination of measures is aimed at illegal activities in government bond trading