Our bond services mainly include bond trading and bond repurchase.

　　a) Bond trading refers to a transaction in which the Bank and the counterparty transfer the bonds at an agreed price.

　　b) Bond repurchase refers to a short-term financing service between the Bank and other participants in the national inter-bank bond market, and is a financing activity in which the repurchase party returns the funds to the reverse repurchase party according to the total principal and interest calculated at the agreed repo rate at a specified date in the future and the reverse repurchase party returns the original pledged bonds to the repurchase party, while the repurchase party (the borrower) pledges the bonds to the reverse repurchase party (the lender) for financing.