On February 29th, the interbank bond market ushered in new regulations. The People's Bank of China has issued a notice on matters related to counter business in the interbank bond market (hereinafter referred to as the "notice"), which will come into effect on May 1, 2024. Industry insiders have stated that the Notice will further expand the variety of over-the-counter bond investment, optimize relevant mechanism arrangements, facilitate bond investment by residents and other institutional investors, increase residents' property income, and accelerate the development of the multi-level bond market. Improving the Convenience of Counter Business in the National Interbank Bond Market Counter Business (hereinafter referred to as "Counter Business") refers to financial institutions opening bond accounts, distributing bonds, conducting bond transactions for investors through their business outlets, electronic channels, and other means, and handling bond custody and settlement, pledge registration, agency principal and interest redemption, and providing inquiries accordingly. Since 2002, in order to increase the channels for individuals and enterprises to purchase treasury bond, the People's Bank of China, together with relevant departments, has issued management rules for over-the-counter bond business, and gradually expanded the scope of securities. The over-the-counter bond has become an important mechanism arrangement for expanding residents' investment channels and an important part of China's multi-level bond market. In 2016, in order to promote the development of the bond market and expand the proportion of direct financing, the People's Bank of China formulated the "National Interbank Bond Market Counter Business Management Measures" (hereinafter referred to as the "Measures"), which comprehensively stipulated the rules of counter bond business, increased bond varieties and trading methods, and expanded investors to small and medium-sized financial institutions. The basic institutional framework of China's counter bond market was completed. Compared to the Measures, the Notice issued this time further clarifies the types and trading methods of counter business, optimizes the management rules for investor account opening, and allows overseas investors to invest through counter channels. Specifically, various types of bonds that have been traded and circulated in the interbank bond market can be invested and traded over the counter while complying with investor suitability requirements; Investors who have opened an account in the interbank bond market can open a bond account at a counter business institution; Foreign investors who are allowed to enter the interbank bond market can open bond accounts through counter operated institutions and domestic custodian banks. "Since its birth, the over-the-counter bond market has played an active role in enriching investors' investment channels, better supporting the expansion of government bond issuance and other aspects, and enhanced the ability of financial services to the real economy." Zhou Maohua, macro researcher of the financial market department of Everbright Bank, said that this new regulation provides convenience for foreign investors to participate in the domestic bond market, and is also an important measure for China to continue to promote the high-level opening of the bond market. The Chief Economist of CITIC Securities clearly believes that relaxing the restrictions on institutional investors investing in the interbank bond market through the counter has expanded the investment scope of institutional investors, increased trading varieties such as bond lending and derivatives, and attracted more institutional investors to participate in the market, improving market liquidity and activity. The Notice on Expanding Investment Channels for Residents consists of twelve articles, which clarify the scope of investors, business types and trading methods, account opening rules, and other aspects of counter business, further enhancing the convenience of counter business. It is clear that the scope of counter investors includes individual investors