We need to consider whether it is necessary to regulate some interest rates or to set narrow floating bands on these interest rates. III. Gradually establishing effective benchmark yield curve  Market-based interest rate reform will contribute importantly to the formation of effective benchmark yield curve.
At present, there are insufficient varieties of debt instruments in the market, the maturity structure is inappropriate, and the yield of debt instrument has not been fully determined by the market. For example, there are relatively few types of short-term bond in the market, and the long-term yield seems to be too low.