In 1996, the Central Bank for the first time the head office to buy 14 commercial banks face value of 290 million yuan of treasury bonds, to start open market operations. But so far, open market operations is still immature, but also failed to become the country's main monetary policy tool. And the national debt margin trading business, discount and rediscount business, mortgage business are considered not able to effectively carry out together, resulting in debt does not objectively reflect the degree of scarcity of funds, also failed to form a reasonable and flexible bond interest rate structure, in order to other securities issued to provide credit rating, interest rate fluctuations the size of frame of reference, but can not make bond interest rates as capital market and money market benchmark interest rate.