Citibank Securities' chief economist Mingming said that the way the central bank conducts national bond borrowing operations and even subsequent sales of national bonds has become further clarified. The central bank's adoption of a credit-based borrowing method means that the central bank will not provide collateral to banks that lend national bonds, which also means that the process of borrowing securities will not achieve liquidity injection. In addition, the central bank has indicated that it will adopt an open-ended borrowing method, which means that the central bank's control over the yield curve will not be limited to a certain time limit. Compared to preventing low long-term yields, the central bank's intention may be to fully control an upward sloping yield curve. (Shanghai Securities News)