As the China government bond (CGB) futures market develops steadily, CGB futures play an increasingly important role in creating yield curves that more accurately reflect market supply and demand and serving the high-quality development of the capital market, particularly the bond market. To further improve the operation of the CGB futures market, facilitate medium- to long-term investments in CGB futures, and promote the tiered structure and refined management of market makers for CGB futures, China Financial Futures Exchange (CFFEX) issued the Circular on Releasing the List of Primary, General, and Reserve Market Makers for China Government Bond Futures on January 25, 2022, approving eight securities companies, including China Merchants Securities Co., Ltd., as primary market makers; four securities companies, including Guotai Junan Securities Co., Ltd., as general market makers; and Ping’an Securities Co., Ltd. as reserve market maker.

CFFEX introduced the CGB futures market-making mechanism on May 16, 2019. Market makers have since duly performed their quoting obligations, playing a positive role in improving liquidity, pricing efficiency, and market stability. The introduction of a new management structure is conducive to fostering a multi-tier market maker community to further enhance market operation.

Next, under the leadership of the China Securities Regulatory Commission (CSRC), CFFEX will continue prioritizing stability while pursuing progress, implementing the CSRC's principle of "Four Awes" and "One Synergy", prudently carrying out the tasks assigned by the CPC CSRC Committee on deepening capital market reform, improving the trading mechanism, strengthening the management of market makers, and further promoting the quality and efficiency of market making. Through these efforts, CFFEX will maintain a safe and stable financial futures market and further promote its functioning.