Significant progress has been made in the construction of the interconnection mechanism of the domestic bond market. On January 20, with the approval of the people's Bank of China and the China Securities Regulatory Commission (hereinafter referred to as the "people's Bank" and the "CSRC"), Shanghai Stock Exchange, Shenzhen Stock Exchange The national interbank lending center, China Securities Depository and Clearing Corporation and the inter-bank market clearing house Co., Ltd. (hereinafter referred to as the "two market infrastructure institutions") jointly issued the Interim Measures for the interconnection between the inter-bank bond market and the exchange bond market (hereinafter referred to as the Interim Measures). The full text of the Interim Measures contains 51 articles, covering principles, general rules, specific arrangements, monitoring and supervision, clarifying the overall arrangement and business points of the mechanism, and providing the basis and institutional space for the formulation of lower rules. According to the interim measures, on the basis of respecting the existing listing and circulation mode, existing account system and transaction settlement rules of the two markets, interconnection plans to realize order routing and nominal holding through the connection of foreground and background infrastructure, and the direction of interconnection includes "connecting banks" and "connecting exchanges". Therefore, institutional professional investors in the exchange bond market and members of the inter-bank bond market can achieve "one-point access" and participate in the cash bond subscription and trading of the other market efficiently and conveniently without bilateral account opening and changing habits. Based on the laws and characteristics of the domestic bond market, the interim measures have been formed after several rounds of consultation, adjustment and improvement. Its content fully reflects the following principles and ideas: first, comprehensive coverage. The provisions of the rules fully cover the business scope and business links, and provide sufficient principled basis for the operation of the mechanism. Second, it is implemented smoothly. In order to promote the system construction based on the principle of respecting differences and steadily promote the mechanism innovation through micro design. Third, seek practical results. We will strive to achieve appropriate regulation and service optimization, and give better play to the practical efficiency of connectivity in serving the real economy. Fourth, risk prevention. Strengthen the supervision and crackdown on abnormal transactions to ensure the healthy and long-term development of the mechanism. Next, under the guidance of the people's Bank of China and the CSRC, the two market infrastructure institutions will continue to make every effort to promote the development of technical systems and the signing of cooperation agreements, based on the joint announcement and the Interim Measures and the overall principle of "being stable, orderly and risk controllable", so as to clarify and improve the specific arrangements for business operation and strive to implement the mechanism on schedule. (outlook new era)