GF SEC research reports indicated that on July 1, the central bank decided to conduct national bond borrowings for some open market business primary dealers. The national bond borrowing operation is similar to the equity market's "margin trading," and this start means that the central bank's toolbox is further diversified and may be for the ease of carrying out national bond trading operations in the next phase. By first starting the borrowing operation to borrow long-term/ultra-long-term national bonds, followed by the national bond selling operation, it will provide more "bullets" and "space" for policy regulation of long-term interest rates. For asset prices, national bond borrowing operations and subsequent possible sell-off operations may lead to upward adjustments in the centers of long-term interest rates, forming a negative logic for interest-sensitive assets such as bonds and dividend assets; however, the move is beneficial to boost the returns of banks, insurance, and other financial institutions' allocation of fixed-income assets, conducive to stabilizing the US-China interest rate differential and exchange rate, thus benefiting the yuan's comparative price advantage.