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Since the beginning of this year, a large amount of funds have continued to flow into the bond market, driving the bond bull market. However, as long-term government bond interest rates continue to hit record lows, the market has begun to worry about the risks behind the bond bull market.

In recent times, the central bank has repeatedly warned the market of risks. At the same time, the "little essay" of the bond market has also spread widely. The market sentiment is relatively sensitive due to the interweaving of under-allocation sentiment and concerns about increased regulation. The long-short game in the bond market is still ongoing, and there are many speculations and questions in the market.

Will the central bank prohibit some small and medium-sized banks from trading in government bonds? What is the central bank's consensus range for long-term interest rates? How did the four reported rural commercial banks transfer profits through lending accounts? How is the central bank's stress test on the risk exposure of financial institutions holding bond assets going? Has the bond market adjusted in place? What will be the subsequent trend?

In response to the above hot issues, China Business News recently interviewed authoritative experts and industry insiders, and the responses are summarized as follows.

1. Is it true that several banks were “notified to prohibit government bond trading”?

Financial regulatory authorities have not prohibited small and medium-sized financial institutions from trading in government bonds.

Yicai learned from an informed source that in the context of the game between long and short sides in the bond market, some opinions deliberately stigmatize the financial management department for administrative intervention, and the "ban on treasury bond trading by small and medium-sized financial institutions" is a misunderstanding of the market's warning of risks by the financial management department. The financial management department will definitely adhere to marketization and will not replace market players. Financial institutions have the right and freedom to make independent investment decisions.