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on august 29, 2024, the people's bank of china conducted an open market operation spot bond buyback transaction through quantity bidding, purchasing 400 billion yuan of special government bonds from primary dealers in open market operations.

it should be noted that this central bank operation is placed in the "open market business transactions" column, and is not the "open market treasury bond trading business" that is hotly discussed in the market.

mingming, chief economist of citic securities, said that for the 400 billion yuan special treasury bonds due on august 29, 2024, the ministry of finance continued the practice of previous years and continued to adopt a rolling issuance method to issue special treasury bonds due in 2024 to relevant banks and other institutions, and the funds raised were used to repay the principal due that month. the people's bank of china purchased the treasury bonds by bidding in quantity, which was in line with previous practice.

the announcement released by the ministry of finance disclosed the relevant content in more detail. the announcement stated that the issuance of the special treasury bonds (phase i) and (phase ii) due in 2024 (hereinafter referred to as the first phase and the second phase, collectively referred to as the two phases of treasury bonds) has been completed. the terms of the first phase and the second phase are 10 years and 15 years respectively, with an issue value of 300 billion yuan and 100 billion yuan respectively, and the coupon rates are 2.17% and 2.25% respectively. the listing date and interest date of the two phases of treasury bonds are august 29, 2024.

zhang xu, chief fixed income analyst at everbright securities, said that the issuance on the 29th was a continuation of maturing bonds, and still used the model of "the finance department issues it to the bank, and the bank passes it to the central bank", so it will not affect the liquidity of the banking system and the supply and demand situation in the bond market.