On December 30, the People's Bank of China publicized the punishment for the recent illegal operation of the bond market, and imposed administrative punishment on three institutions and related personnel, including Hunan Xupu Rural Commercial Bank Co., Ltd. The reporter learned that the People's Bank of China has established a mechanism for regular monitoring and administrative law enforcement of the inter-bank market. It will continue to check the clues of transactions suspected of violating laws and regulations, and carry out investigation and punishment according to the verification. On the same day, the administrative punishment information released by the People's Bank of China showed that three institutions, Hunan Xupu Rural Commercial Bank Co., Ltd., Tianjin Xintang Currency Brokerage Co., Ltd. and Shanghai East Asia Futures Co., Ltd., were punished for violating the regulations on inter-bank bond market management and other illegal acts, with fines ranging from more than 11 million yuan to more than 36 million yuan. In addition, the People's Bank of China also imposed administrative penalties on the relevant personnel of these three institutions. The reporter learned that recently, the People's Bank of China found that some institutions participating in the inter-bank bond market had abnormal trading behavior in its monitoring. Through in-depth screening and research on relevant clues, it preliminarily determined that three institutions were suspected of violating the relevant regulations on inter-bank bond trading, and immediately put them on file for investigation. After investigation, it was found that the institutions involved in the case all have internal control mechanisms, corporate governance deficiencies or failures, and have engaged in several behaviors that violate the management regulations of the interbank bond market, such as lending bond accounts to transfer benefits and evading regulatory and internal control regulations for others. In recent years, the overall operation of China's bond market has been stable, and the market activity and trading volume have steadily increased. According to the data of the People's Bank of China, by the end of November 2024, China's bond market had a balance of 173 trillion yuan, ranking second in the world. 1156 foreign investors entered the Chinese bond market, holding 4.2 trillion yuan of bonds. With a large influx of funds into the bond market, some risk issues have attracted market attention. On December 30th, the Traders Association organized a symposium for some market investment institutions to listen to the opinions and suggestions of market members on promoting the healthy and standardized development of the financial market. The Traders Association stated that the next step will be to comprehensively strengthen self-discipline management, vigorously promote the development of the derivatives market, and promote the standardized and healthy development of the market. For small and medium-sized financial institutions found to have inadequate corporate governance and weak risk control capabilities during the investigation, regulatory authorities will be promptly notified. It is understood that the People's Bank of China will continue to adhere to the principles of marketization and rule of law, strengthen the construction of the bond market, support normal and compliant transactions, and "zero tolerance" for market violations, resolutely maintain market order and promote high-quality development of the bond market. (New Society)