The results of the first batch of interest-bearing value-added tax treasury bonds issued are released.

On August 22, the Ministry of Finance completed the issuance of 10-year and 30-year government bonds. This batch of new government bonds will be included in the interest value-added tax for the first time. The market generally expected that the issuance interest rate would be about 5 to 6 basis points higher than before, and the issuance results basically met expectations. Industry insiders believe that after the new government bonds are included in the value-added tax, the interest rates have increased slightly, but overall they still remain in a reasonable range, which will help stabilize market sentiment. In the future, it is necessary to continue to pay attention to the pace of fiscal issuance and changes in cross-month liquidity.