The main object in the open-market operations in China at present is the bonds issued by the central bank, and in the future it should be national debt.
现阶段中国公开市场业务操作对象主要是央行票据,未来中国公开市场业务的操作对象应该以国债为主。
In addition to slashing interest rates, the central bank has been buying bank bonds through its open-market operations to help bring down interest rates.
除大幅降息外,央行还一直在通过公开市场操作买入银行债券,以便帮助利率回落。
However, at that point, it would still be true that open-market operations involving reserves and bills would not matter.
而然,在2%这个点,包含準备金和中期国债的公开市场操作是无效的结论可能仍然是正确的。