The range of market participants expanded from just commercial banks to all kinds of institutional investors, and products on the market have been diversified from government securities and policy financial bonds to a much larger collection including government securities, central bank bills, policy financial bonds, commercial bank financial bonds, enterprise bonds, short-term financing bills, asset-backed securities, bonds issued by international development institutions, U.S.
Dollar-denominated bonds, and etc. In China, the inter-bank market is a typical OTC market.