People's Bank of China's Monetary Policy Implementation Report: Temporarily suspending the buying and selling of government bonds and resuming operations based on market supply and demand conditions.

At the beginning of the year, the situation of supply exceeding demand in the government bond market worsened further, with the 10-year government bond yield falling to a historical low of below 1.6%. In January, the People's Bank of China announced a temporary halt to buying government bonds on the open market to avoid affecting investors' asset allocations and to use other tools more to inject base currency to maintain liquidity and ensure the stable operation of the bond market. The People's Bank of China will continue to observe and evaluate the operation of the bond market from a macro-prudential perspective, monitor changes in government bond yields, and resume operations opportunistically based on market supply and demand conditions.